At a glance

3.9

Bankrate Score

CDs

Checking

Savings

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

Santander Bank operates primarily in the Northeast and is best suited to those living near a branch in Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island, Connecticut, Delaware, New Hampshire and Miami, Florida.

Highlights

Top CD Rates
Free Checking
Highly Rated App

Overall

Santander Bank has branches mainly in the Northeast. Its biggest presence is in Massachusetts, where it has nearly 200 locations. The bank’s offerings include a variety of savings and checking accounts, along with several terms of CDs. Some accounts can be opened online, while others need to be opened in person at branches. Those seeking a high-yield savings account won’t find it here, however, as the account earns below the national average.

Pros

Santander Bank operates 420 branches almost exclusively in the Northeast.
Santander offers three checking accounts, one savings account and CDs in a wide range of terms.
Appointments to open accounts and other banking needs can be booked on Santander’s website.

Cons

Those living outside of the Northeast or Miami will probably want to bank elsewhere.
The Santander Savings Account rate is below the national average for annual percentage yields (APYs).

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Santander Bank banking products

2.8

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

0.03%

1/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance for APY:

$25.00

5/5

The lowest deposit amount an account must have before it can earn interest.

Monthly service fee:

$1.00

4/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$100.00

5/5

The lowest balance an account must maintain in order to avoid a fee.

Access to funds:

Great

5/5

A procedure that allows an individual or organization to access and manage the funds of another account holder.

FEATURES

0.03% APY

APY last updated between 12/11 and 12/17.

$25 minimum balance for APY

$25 minimum deposit to open

Santander Bank savings overview

The Santander Savings account requires either a Santander checking account or a $100 average daily balance to avoid a $1 monthly fee. In addition, the fee is waived if the owner of the account is under age 26. This account can be opened either online or at a branch.

There’s a low $25 minimum opening deposit requirement. While there’s a $3 out-of-network ATM fee, account holders under age 26 get ATM fees waived. The account’s APY is minimal.

Pros

Only $25 is needed to open the Santander Savings Account.

Cons

The savings account pays an APY below the national average.
To avoid the $1 monthly fee, account holders need to have either an average daily minimum balance of $100 or a Santander checking account, or to be under 26 years of age.

Rate history for Santander Bank's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Santander Bank

APY

APY last updated between 12/11 and 12/17.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Santander Bank

APY

APY last updated between 12/11 and 12/17.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

4.3

/5

See methodology Compare CD rates

SCORE BREAKDOWN

APY offering:

3.75%

4/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less.

Minimum deposit:

$500.00

5/5

The minimum deposit amount a financial institution requires in order to open a CD.

Range of term lengths:

3 mos – 5 yrs

5/5

A designated amount of time that funds must be held within a CD.

Early withdrawal penalty:

Average

3/5

A penalty incurred when funds have been withdrawn from a CD before its maturity date.

Offer no-penalty or bump-up CDs:

No

0/5

A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date.

Offer IRA CDs:

No

0/5

An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.

FEATURES

0.25% – 4.15% APY

APY last updated between 12/11 and 12/17.

$500 minimum balance for APY

$500 minimum deposit to open

3 months – 5 years

Santander Bank CD overview

Santander Bank offers CDs with terms ranging from three months to five years. CDs need to be opened in person at a branch, and a $500 minimum deposit is required. Rates for the nine-, 13- and 18-month CDs are highly competitive. Rates were only posted for these three terms on the bank’s website at the time of this review.

The bank also offers Small Business CDs, some of which earn rates that are well above the national average CD rates.

Pros

Highly competitive yields are earned by some personal CD terms, including those of nine, 13 and 18 months.
Small Business CDs are also offered, many of which earn high yields.
Only $500 is required to open a CD.
CDs come in a wide range of terms.

Cons

CDs cannot be opened online.
Rates for some personal CDs weren’t posted on the bank’s website during Bankrate’s review.

Rate history for Santander Bank's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Santander Bank

APY

APY last updated between 12/11 and 12/17.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Santander Bank

APY

APY last updated between 12/11 and 12/17.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

3.8

Bankrate Score

Compare top checking rates

Santander Bank checking overview

Santander Bank’s Simply Right Checking account, which Bankrate scored for this review, doesn’t require a minimum balance and just $25 to open. You can avoid the $10 monthly maintenance fee if you make at least one transaction a month or if you’re under 26 years of age. Those under 26 also get a $1 discount on the $3 out-of-network ATM fee.

The Santander Select Checking account reimburses customers up to $30 each period for out-of-network ATM fees. The account charges a $25 monthly service fee that can only be waived by keeping at least $25,000 in bank deposits or investments at Santander Investment Services.

When it comes to overdrafts, Santander gives customers a $100 cushion before a $15 overdraft fee is assessed. The fee is only charged if the customer doesn’t pay off the overdrawn amount within five days. No fee is charged for overdraft protection transfers.

Santander’s Essential Checking account doesn’t require a minimum balance and waives the $4 monthly fee if you’re under age 26 or over age 65. This account provides no overdraft coverage and as such, no overdraft fees are charged. A $10 minimum opening deposit is required.

Santander’s mobile banking app allows customers to access online bill payments and use Zelle to send money to others.

Pros

The Simply Right Checking account requires just one deposit, payment, transfer or withdrawal a month to avoid the monthly service fee. The fee is also waived for account owners under 26 years of age.
Only $25 is required to open either the Simply Right Checking or Select Checking account.
Customers get five days to pay off an overdrawn balance before incurring a fee, and a fee is only assessed if the overdrawn amount is over $100.

Cons

The Simply Right Checking account charges $3 for using out-of-network ATMs in the U.S.
The minimum balance to waive the Select Checking monthly fee is steep.

Bank fees

Fee	Charged
Overdraft fee	$15
Non-sufficient funds fee	$0
Monthly maintenance fee	$10 for Simply Right Checking account when requirements are not met
Out-of-network ATM fee	$3 for Simply Right Checking account; $2 when account owner is under 26 years old
Paper statement fee	$3 for Simply Right Checking; $0 for savings accounts

Customer experience

Santander Bank’s app is highly rated. It earned 4.7 stars in the Apple App Store and 4.4 stars on Google Play. Customers can use the app to send and receive funds via Zelle.

Customer service by phone. Customers seeking assistance can speak with a live agent by phone from 8 a.m. to 8 p.m. Eastern time, Monday through Saturday. The bank’s site provides estimated call wait times. Live chat is unavailable.

Limited ATM network. Santander’s network of 2,000-plus ATMs includes those located in CVS Pharmacy stores, mainly in the Northeast.

Scored slightly below average by J.D. Power for customer satisfaction. Among banks in the New England region included in J.D. Power’s 2023 Retail Banking Satisfaction Study, Santander scored 621 points on a 1,000-point scale for overall customer satisfaction. The regional average was listed as 630.

About Santander Bank

Santander Bank operates 420 branches, nearly all of which are in eight Eastern states: Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island, Connecticut, Delaware and New Hampshire. It also has a branch in Miami and provides a network of more than 2,000 ATMs.

Santander Bank is a subsidiary of Banco Santander SA, based in Madrid. It was founded in 1857 when Queen Isabella II of Spain signed a Royal Decree authorizing its incorporation. Today, the bank has $89.5 billion in assets in the U.S. and 149 million customers globally, according to its website.

How Santander Bank compares to other banks

Compare different account types offered by Santander Bank. Annual percentage yields (APYs) shown were updated between Dec. 11, 2024 and Dec. 17, 2024.

Selected bank Santander Bank savings account Member FDIC Bankrate score Rating: 2.8 stars out of 5 2.8 Bankrate Savings rating = 2.8/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Wells Fargo savings account Member FDIC Bankrate score Rating: 2.9 stars out of 5 2.9 Bankrate Savings rating = 2.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Dec. 11, 2024 and Dec. 17, 2024.
0.03%	0.01%
Minimum balance for APY
$25.00	$25.00
Estimated earnings Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$15	$5

The Santander Savings account requires either a Santander checking account or a $100 average daily balance to avoid a $1 monthly fee. In addition, the fee is waived if the owner of the account is under age 26. This account can be opened either online or at a branch. There’s a low $25 minimum opening deposit requirement. While there’s a $3 out-of-network ATM fee, account holders under age 26 get ATM fees waived. The account’s APY is minimal.	The Wells Fargo Platinum Savings account has check-writing privileges. That might give you more payment flexibility than with other savings accounts. The bank doesn’t offer a debit card for this account.

Only $25 is needed to open the Santander Savings Account	You can access your money through an ATM card with this account. The Platinum Savings account offers yields higher than the national average at all tiers.	N/A
The savings account pays an APY below the national average To avoid the $1 monthly fee, account holders need to have either an average daily minimum balance of $100 or a Santander checking account, or to be under 26 years of age	You’ll need at least $1 million to earn Well Fargo’s top Platinum Savings account yield. But you can get that at other online banks with no minimum balance. There’s a $12 monthly service fee if you don’t keep at least $3,500 in the Platinum Savings account.	N/A

APY offering: 0.03% 1/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance for APY: $25.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $1.00 4/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $100.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Great 5/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY offering: 0.01% 1/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance for APY: $25.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $5.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $300.00 4/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Great 5/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. A procedure that allows an individual or organization to access and manage the funds of another account holder. Bankrate does not currently track additional product details for this bank.

Selected bank Santander Bank CD Member FDIC Bankrate score Rating: 4.3 stars out of 5 4.3 Bankrate CD rating = 4.3/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable Northpointe Bank CD Member FDIC Bankrate score Rating: 4.2 stars out of 5 4.2 Bankrate CD rating = 4.2/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Dec. 11, 2024 and Dec. 17, 2024.
3.75%	3.25%
Minimum deposit
$500.00	$1,000.00
Term
1 yr	1 yr

Santander Bank offers CDs with terms ranging from three months to five years. CDs need to be opened in person at a branch, and a $500 minimum deposit is required. Rates for the nine-, 13- and 18-month CDs are highly competitive. Rates were only posted for these three terms on the bank’s website at the time of this review. The bank also offers Small Business CDs, some of which earn rates that are well above the national average CD rates.	Northpointe Bank offers a broad range of CDs. Terms range from seven days to five years. All except one special term require a $1,000 minimum deposit. Most terms offer okay yields, but higher APYs can easily be found elsewhere.

Highly competitive yields are earned by some personal CD terms, including those of nine, 13 and 18 months Small Business CDs are also offered, many of which earn high yields Only $500 is required to open a CD CDs come in a wide range of terms	Northpointe Bank has many CDs to choose from. The $1,000 minimum deposit is relatively standard.	N/A
CDs cannot be opened online Rates for some personal CDs weren’t posted on the bank’s website during Bankrate’s review	Standard CD yields range from low to OK. The 11-month CD Special, which offers the highest yield, requires a $25,000 deposit to open.	N/A

APY offering: 3.75% - 1 yr 4/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $500.00 5/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 3 mos - 5 yrs 5/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Average 3/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: No 0/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY offering: 3.25% - 1 yr 4/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $1,000.00 4/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 1 mo - 5 yrs 5/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Good 4/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: No 0/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. The minimum deposit amount a financial institution requires in order to open a CD. A designated amount of time that funds must be held within a CD. A penalty incurred when funds have been withdrawn from a CD before its maturity date. A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. An IRA account which consists of CDs that typically earns fixed interest over a specified period of time. Bankrate does not currently track additional product details for this bank.

Learn more: The best banks of 2024

Santander Bank FAQs

Santander Bank is best for customers who prefer in-person banking and live in the mainly northeastern states where the bank maintains branches. Some of Santander’s accounts, such as its CDs, need to be opened in a branch.
Yes, Santander Bank is FDIC-insured up to the amount allowed by law: $250,000 per depositor, per account.
Santander Bank is federally chartered with the FDIC and is a well-established regional bank with roots dating back to 1857.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Santander Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about Santander Bank

Santander Bank banking products

Santander Bank savings overview

Pros

Cons

Rate history for Santander Bank's Savings account

Santander Bank CD overview

Pros

Cons

Rate history for Santander Bank's CD accounts

Santander Bank checking overview

Pros

Cons

Bank fees

Customer experience

About Santander Bank

How Santander Bank compares to other banks

Santander Bank FAQs

Who is Santander Bank best for?

Is Santander Bank safe?

Is Santander Bank a legitimate bank?

Review methodology

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