Member FDIC.
Santander Bank
Bottom Line
Santander is somewhat of a hybrid between an online and branch-based bank, and offers a few competitive account types, such as the combination of its Select Checking and Money Market accounts.
Pros
- Strong checking account for high-balance customers
- Some excellent CD yields
- A strong money market account
- Branches located throughout the Northeast
Cons
- Several subpar accounts
- Lack of APY transparency
- Branches only in a few areas
Our bank and credit union methodology
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
Is Santander Bank right for you?
This bank may be a good option for you if:
- You live by a Santander Bank branch.
- You want to open a high-yield CD at your bank.
- You want to earn interest on checking deposits and have over $25,000 to deposit.
Bank fees
| Santander Bank Fee | Charge |
|---|---|
| Monthly maintenance fee | $0 to $25 depending on account type |
| Non-Bank ATM fee | $3 domestic, $6 international |
| Overdraft fee | $15 |
| Outgoing wire transfer fee | $25 domestic, $40 international |
| Paper statement fee | $3 |
Data source: Santander Bank.
Savings accounts
The Santander® Savings account is a no-frills savings account. It may be worth opening if you have $25 and can waive the monthly fee. You can do so by opening a Santander checking account, maintaining a $100 savings account balance, or by being younger than 26 years old. It's convenient to do your saving and checking in one place. That said, the APY is much worse than competitors. If you can swing another Santander account, it may be worth doing.
Ratings Methodology
Rates asof Aug 05, 2024
Santander® Savings
Member FDIC.
- Fee is easy to waive
- No minimum balance
- Over 2,000 free ATMs
- Extremely low APY
- No ATM reimbursem*nt
The Santander® Savings account has a low and easily waivable monthly fee, and has free ATM access at more than 2,000 locations. However, with a near-zero APY, it isn't competitive with most of the other savings accounts we cover.
Compare savings rates
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings OnSoFi'sSecure Website. Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | up to 4.60%² Rate infoYou can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.Min. to earn: $0 | New customers can earn up to a $300 bonus with qualifying direct deposits!¹ | Open Account for SoFi Checking and Savings OnSoFi'sSecure Website. |
Open Account for American Express® High Yield Savings OnAmerican Express'sSecure Website. Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 4.25% Rate info4.25% annual percentage yield as of August 5, 2024Min. to earn: $1 | N/A | Open Account for American Express® High Yield Savings OnAmerican Express'sSecure Website. |
Open Account for Capital One 360 Performance Savings OnCapital One'sSecure Website. Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 4.25% Rate infoSee Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY)is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.Min. to earn: $0 | N/A | Open Account for Capital One 360 Performance Savings OnCapital One'sSecure Website. |
Certificates of deposit
There isn't much transparency around the offers or rates of Santander Bank CDs. It features a couple of popular CD terms with special rates on its website, but for anything else, you'll need to speak with a banker. Plus, CDs can only be opened in a branch, not online.
Having said that, for the popular CD terms disclosed on its website (currently 6-month and 12-month), its APYs are quite competitive with CD rates at top banks.
Rates as of July 25, 2024
APY = Annual Percentage Yield
Santander Bank CD
Bottom Line
Santander Bank features just two CD rates and terms on its website and they are quite competitive. However, the longest term you'll find is 10 months, and you'll need to visit a Santander Bank location to open your CD.
MINIMUM DEPOSIT $500
| 6 Mo. APY | 1 Yr. APY |
|---|---|
| 5.15% | 5.00% |
Compare Santander CD rates
CD yields are at their highest level in years, and it's important to compare several before you choose one.
Rates as of July 25, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Discover® Bank CD Member FDIC. | APY:4.70% | Term:1 Year | Min. Deposit:$2,500 | Open Account for Discover® Bank CD OnDiscover Bank'sSecure Website. |
LendingClub CD Member FDIC. | APY:5.20% | Term:10 Months | Min. Deposit:$2,500 | Open Account for OnSecure Website. |
Quontic CD Member FDIC. | APY:5.05% | Term:6 Months | Min. Deposit:$500 | Open Account for OnSecure Website. |
Checking accounts
Santander Bank offers three different types of checking accounts.
Santander® Select Checking
Santander® Select Checking is the bank's premier checking account. It's worth looking into if you can get the monthly fee waived by maintaining a $25,000 balance. Perks include $0 cash withdrawal fees at ATMs in the U.S. and abroad, plus reimbursem*nts for surcharge fees charged by non-Santander ATMs. You can get your card replaced for $0 if you lose it (standard accounts are charged $30 for debit card replacement). Paper statement fees are waived.
This is an interest-bearing account, but Santander doesn't disclose the APY on its website.
Ratings Methodology
Rates asof Aug 05, 2024
Santander® Select Checking
Member FDIC.
APY
Undisclosed
Min. To Earn APY
N/A
- Interest bearing
- Excellent ATM reimbursem*nt
- No minimum balance requirement
- High monthly fee (and balance requirement to waive it)
The Santander® Select Checking account is an interest-bearing account with an excellent ATM fee reimbursem*nt policy. Because of its above-average monthly fee and balance-based waiver, it is best suited for people with over $25,000 in Santander accounts.
Santander Simply Right® Checking
Santander Simply Right® Checking is excellent for getting your monthly fee waived. You can do so by making a single transaction per month. However, the account lacks perks. Checking accounts don't need to be fancy to cover the essentials.
Santander® Essential Checking
Santander® Essential Checking is ideal if you have less than $25,000 to deposit. If you're younger than 26 or at least 65 years old, the monthly fee is waived. Perks of this account include reduced ATM fees ($2.50) and reduced paper statement fees ($2).
Though the monthly fee is low, many competitor checking accounts have done away with monthly fees entirely. If you can't get the fee waived, you may want to bank elsewhere.
Compare checking accounts
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for E*TRADE Max-Rate Checking OnE*TRADE'sSecure Website. Member FDIC. Rating image, 4.25 out of 5 stars. 4.25/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 3.00% Min. to earn: $0.01 | N/A | Open Account for E*TRADE Max-Rate Checking OnE*TRADE'sSecure Website. |
Open Account for Discover® Cashback Debit OnDiscover Bank'sSecure Website. Member FDIC. Rating image, 5.00 out of 5 stars. 5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 0% Min. to earn: N/A | Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account') | Open Account for Discover® Cashback Debit OnDiscover Bank'sSecure Website. |
Money market accounts
Santander Bank offers two money market accounts we cover below.
Santander® Select Money Market Savings
Santander® Select Money Market Savings is the bank's premier money market account. There is no monthly fee, but you can only open it with a Santander® Select Checking account, which charges a monthly fee on balances lower than $25,000.
Ratings Methodology
Rates asof Aug 05, 2024
Santander® Select Money Market Savings
Member FDIC.
Monthly Fee
$0
Min. Balance
$25 to open, then $0
APY
Undisclosed
Min. To Earn APY
$0.01
- Competitive APY
- ATM fee reimbursem*nt
- No monthly fees
- Rate transparency is lacking
- Only available to Santander®
SelectChecking customers - Can only be opened in person
While it's only for certain customers, the Select Money Market Savings account is a competitive money market account. It has a competitive APY and offers excellent ATM fee reimbursem*nt, which is a rare feature of branch-based bank accounts.
Santander® Money Market Savings
Santander® Money Market Savings may be worth opening if you can get the fee waived. You can do so by opening a checking account with Santander or by maintaining a $10,000 account balance. The account pays interest, though not nearly as much as competitors.
Customer experience
Santander Bank reviews are about average for brick-and-mortar banks, which is to say, poor.
Customer reviews
Online customer reviews for Santander Bank are poor. Like most brick-and-mortar banks, Santander's Trustpilot rating is between one and a three. It scores better than Capital One (1.3) and worse than SoFi® (4.5). On the plus side, the A- Better Business Bureau (BBB) rating indicates Santander responds to customer complaints.
- Better Business Bureau rating: A-
- Trustpilot rating: 1.5
Yelp reviews indicate that customer service is poor in-person and over the phone. Customers complain about long wait times, old machines, and slow service. One customer mentioned that the bank is very convenient for simple transactions as opposed to checks or international transfers. Your experience at in-person locations may vary by branch.
You can contact Santander Bank for remote banking help by calling 1-877-768-2265 from 8 a.m. to 8 p.m. ET, Monday through Saturday. You can walk into the nearest bank branch for in-person help.
Mobile app
Mobile app reviews for Santander Bank are mostly positive. Recent reviews indicate the app sometimes glitches, but it mostly works fine. The biggest recurring issue seems to be with mobile check deposits, a common issue among banking apps. The overall sentiment is that the app is similar to other banking apps and seems to be getting better over time.
The app lets you open accounts, view balances, manage cards, and more. You can use Face ID to log in with iPhones, a convenient security feature. You can see all your account balances from your home screen and easily navigate to Zelle to send money to friends from the app.
- App Store rating: 4.7 out of 5 stars
- Google Play rating: 4.4 out of 5 stars
Physical locations
Santander Bank is primarily a branch-based bank, with locations throughout the Northeast and some in Southeast Florida, and many branches are conveniently located inside CVS Pharmacy stores. You can withdraw money from over 2,000 Santander ATMs spread across the Northeast.
How does Santander Bank compare?
No bank is perfect for everyone, and Santander Bank is no exception. Here are a couple of alternatives that might be a better fit.
Santander Bank vs. SoFi® Bank
If you aren't worried about being able to visit a banking branch, SoFi® could be a great fit for you. The bank offers a combination savings and checking account that is one of the best in the business, and has one of the highest APYs. SoFi® also offers a user-friendly investment platform, a variety of loan types, and excellent relationship benefits.
Santander Bank vs. Capital One Bank
Capital One is a great combination of a branch-based financial institution and a high-yield online bank. It offers some excellent savings accounts and CDs, as well as some excellent checking account products. Capital One is best known for its credit cards, but it offers a full range of lending products as well.
Review sources
- https://www.santanderbank.com/documents/330001/0/Personal-Deposit-Account-Fee-Schedule.pdf/e53dea69-c999-e529-26fb-beccf6e518e1
- https://www.santanderbank.com/personal/savings/certificates-of-deposit
- https://www.santanderbank.com/personal/checking/select-checking
- https://www.santanderbank.com/personal/checking/simply-right-checking
- https://www.santanderbank.com/personal/checking/essential-checking
- https://www.santanderbank.com/personal/savings/select-money-market-savings
- https://www.santanderbank.com/personal/savings/select-money-market-savings
- https://www.bbb.org/us/ma/boston/profile/holding-company/santander-bank-0021-189352
- https://www.trustpilot.com/review/santanderbank.com
- https://www.yelp.com/biz/santander-bank-brooklyn
- https://www.yelp.com/biz/santander-bank-andover?osq=Santander+Bank&override_cta=Get+information
- https://www.santanderbank.com/personal/resources/get-in-touch
- https://apps.apple.com/us/app/santander-bank-us/id613009563?platform=iphone
- https://play.google.com/store/apps/details?id=com.sovereign.santander
FAQs
Yes, Santander Bank offers a mobile banking app, which features mobile check deposit, online bill pay, account alerts, and more. It offers access to the Zelle money transfer platform, and has a high rating in the App Store.
Some types of deposit accounts can be opened through Santander Bank online. It is primarily designed to be a branch-based bank, but does offer a few of its products to be opened online. However, many are restricted to residents of certain states.
Santander Bank is a safe place to put your money. The bank is FDIC insured up to the typical limit ($250,000 per eligible account). If something happens to the bank, your money is covered up to FDIC limits.
