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Santander Bank Review: A Solid Regional Bank for Savings and Checking

Review Updated
Matt Frankel, CFP®
Cole Tretheway
By: Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®
Writer, Analyst

Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.

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 and  Cole Tretheway
Cole Tretheway
Cole Tretheway

Cole Tretheway is a full-time personal finance writer whose articles have been featured on The Ascent and The Motley Fool. He has a degree in English with a Certificate in Professional and Technical Communication from California Polytechnic University, SLO.

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Our Banking Experts

Ashley Maready
Check IconFact Checked Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Offer image for
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 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

Santander Bank gives you two savings accounts to choose from.

Openbank High Yield Savings

Openbank High Yield Savings is Santander Bank's premium savings account. It offers an extremely competitive APY, one of the best we've seen, and there's no monthly fee. Unlike the standard savings account, there are a couple requirements you must meet to open this account.

For one thing, you must deposit $500 minimum to open the account. For another, you must not already have an open account with Santander Bank. This bank account is 100% digital, so you can't walk into Santander Bank branches for help or order checks.

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Ratings Methodology
Rates as of Nov 02, 2024

Openbank High Yield Savings

Member FDIC.
APY
5.25%
Min. To Earn APY
$0.01
  • Competitive APY
  • No monthly account fee
  • FDIC insured
  • No branch access; online only

The Openbank High Yield Savings account could be right for you if you're a digital native and comfortable managing your account 100% online. This account sacrifices some of Santander's extra features in favor of offering you an extremely high rate with low fees. It's a good deal, if it meets your needs.

  • 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.

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
up to 4.20%²
Rate info Circle with letter I in it. You 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
4.00%
Rate info Circle with letter I in it. 4.00% annual percentage yield as of November 2, 2024
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

4.00%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Oct. 23, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

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 Nov. 1, 2024

APY = Annual Percentage Yield

Offer image for Santander Bank CD
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
Read Review
6 Mo. APY 1 Yr. APY
5.00% 4.50%

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 Nov. 1, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.10% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.00% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.60% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure 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 reimbursements 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.

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Ratings Methodology
Rates as of Nov 02, 2024

Santander® Select Checking

Member FDIC.
APY
Undisclosed
Min. To Earn APY
N/A
  • Interest bearing
  • Excellent ATM reimbursement
  • 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 reimbursement 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 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 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
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

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

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.

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Ratings Methodology
Rates as of Nov 02, 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 reimbursement
  • No monthly fees
  • Rate transparency is lacking
  • Only available to Santander®
    Select Checking 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 reimbursement, which is a rare feature of branch-based bank accounts.

  • 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®

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.

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.