Santander Bank
Checking Fees
Savings APY
Our Rating
CDs APY Range
Established in January 1907 and headquartered in Wilmington, Delaware, Santander Bank offers a wide range of deposit accounts with low initial requirements for checking.
They also provide an automatic savings feature and the option to waive monthly fees. Some accounts can be opened online, while others require in-person visits to branches. However, the bank’s savings account rates are only average, and they impose high overdraft fees.
Moreover, Santander’s presence is concentrated on the East Coast, boasting over 480 branches and 2,000 ATMs, primarily found in Massachusetts, New Jersey, Pennsylvania, New York, and Rhode Island. Santander Bank has been selected as one of our top banks in New York, Massachusetts, and New Jersey.
Three Types Of Checking Options
Santander Bank offers three different checking account options with varying features and fees:
Santander Select® Checking | Simply Right® Checking | Student Value Checking | |
|---|---|---|---|
Monthly maintenance fee | $25 | $10 | $0 |
How to waive the Monthly Fee | Minimum combined balance of $25,000 in bank deposits | Any transaction posted to the account. | / |
Debit Card
| Santander Select World Debit Mastercard®
| Santander Debit
Mastercard® | Santander Debit Mastercard®
|
Interest Bearing | Yes | No | No |
Domestic non-Santander ATM fee | $0 | $3 | $2 |
Minimum opening
deposit | $25
| $25
| $10 |
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Santander® Select Checking
Santander® Select Checking offers comprehensive financial support for those seeking prosperity and future planning.
It includes benefits like no monthly fee with a $25,000 combined balance, no minimum balance required, and fee waivers for Santander ATMs worldwide. There are no charges for international transactions, expedited replacement cards, and various statement delivery options.
The account also earns interest and grants access to expert advice from financial specialists. Customers receive priority servicing and access to additional services like Select checks, wire transfers, and premium rates for a Money Market Savings account.
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Simply Right® Checking
Simply Right® Checking offers a straightforward solution for everyday banking needs. The account includes an easy-to-waive $10 Monthly Fee, which can be avoided with just one transaction per calendar month, like a deposit, withdrawal, transfer, or payment.
There is no minimum balance requirement, and the account can be opened with a $25 minimum deposit. While the account does not earn interest, customers have the option of paper or paperless statements with a $3 fee for paper statements. Domestic non-Santander ATM withdrawals incur a $3 fee as well.
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Student Value Checking
The Student Value Checking account is tailored for students aged 14-25, offering a convenient on-the-go banking solution.
There are no monthly fees or minimum balance requirements. Students aged 18-25 can open an account online, while those aged 14-17 need a legal guardian to open the account in-branch. The account has a reduced cash withdrawal fee of $2 for non-Santander ATMs, and no fees for domestic and international incoming wire transfers.
However, it does not earn interest. Paperless statements are free, but there is a $3 fee for paper statements. With this account, students can manage their finances efficiently and save on various transaction fees.
Santander Savings Account: Low Rates
The Santander® Savings account has $25 minimum deposit but APY is low – only 0.01% .
You can avoid the $1 monthly service charge with any personal Santander checking account or with a $100 average daily balance in the Santander Savings account.
Santander® Savings account | |
|---|---|
Savings APY | 0.01%
|
Savings Fees | $1
Waived with any personal Santander checking account or with a $100 average daily balance in the Santander Savings account
|
Minimum Deposit | $25 |
The account provides digital tools like automated transfers, Alerts, and more to facilitate goal-oriented saving. Direct Deposit allows employers to deposit a portion of your paycheck directly into the savings account.
Auto Save enables scheduled transfers from Santander checking or external accounts. Alerts via email and text help manage balance and account activity efficiently.
CDs: Competitive Rates But High Minimum
Santander Bank offers a range of CDs with terms spanning from three months to five years.
To open a CD account, you must visit a branch in person, and a minimum deposit of $500 is required. While CD rates vary based on location, Santander’s website displays rates for two promotional CDs that offer high yields. Here you can compare CD rates for 12 months with other banks.
For instance, in Connecticut, Delaware, and Pennsylvania, customers can avail an APY of 4.00% for a 6-month CD and 4.00% for a 13-month CD. However, rates for other terms are not disclosed and are exclusively available to existing customers.
Santander Bank CDs | |
|---|---|
6 Month | 4.00% |
13 Month | 4.00% |
Minimum Deposit | $500 |
Money Market: Decent Rates But High Balance Required
The Santander® Select Money Market Savings offers competitive rates at 0.03% APY for new customers with a $50,000 minimum daily balance.
There is no monthly fee, and no minimum balance requirement. ATM withdrawals with the Santander® Select World Debit Mastercard® are fee-free at over 30,000 Santander ATMs worldwide, and up to $30 in surcharge fees from other institutions at non-Santander ATMs are rebated per service fee period.
The account requires a minimum opening deposit of $25 and is interest-bearing. Statement delivery options include free paperless or paper statements. The account is exclusively available to Santander® Select Checking clients.
Santander® Select Money Market Savings | |
|---|---|
Money Market APY | 0.03% |
Santander Bank Lending And Credit
Santander bank doesn’t offer a variety of options when it comes to credit and lending products. It has a credit card, personal loans and mortgage services that are handled by Rocket Mortgage.
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Santander Credit Card
The Santander® Ultimate Cash Back® Card offers 3% cash back on qualified purchases up to $20,000 for 12 months in addition to a 0% introductory rate for both purchases and balance transfers. There are no annual, foreign transactions, returned payments, or cash advance fees.
After the initial 12-month period, you continue to earn unlimited 1.5% cash back on qualified purchases.
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Personal Loans
Santander offers personal loans with flexible terms and rates to suit various needs, such as debt consolidation and home improvements. Applying online is quick, with the possibility of same-day funding.
The loans range from $5,000 to $50,000, with terms spanning from 3 to 7 years for manageable monthly payments. Notably, there are no origination fees, closing fees, or prepayment penalties. Additionally, customers can save 0.25% on their interest rate by setting up automatic payments from a deposit account.
The pre-qualification process has no impact on the individual’s credit score, enabling them to check rates and loan availability effortlessly.
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Mortgage
Santander doesn’t offer mortgage products directly and partnered with Rocket Mortgage to handle all mortgage activities. If you’re looking for home equity loans, refinance or HELOC, Santander bank is not the right bank.
FAQs
Can I open a joint account?
Yes, you can open a joint account at Santander Bank, either in person at a branch or online. To add a joint owner to your existing account, all parties must visit a Santander branch together and provide their address, Social Security numbers, and both government-issued ID and a secondary form of identification.
Can I open a savings account online?
All savings accounts can be opened at a Santander Bank branch, and the Santander® Savings account can be opened online. The online application process typically takes around 15 minutes, provided you have all the necessary information.
Can I use my savings for overdraft protection?
Yes, you have the option to use your savings account for overdraft protection.
Can I make a direct deposit to my savings account?
Absolutely, you can set up direct deposits into your savings account by providing your savings account number and routing number on the direct deposit form.
Can a person under 18 open a savings account?
Yes, minors under the age of 18 can open an account with a parent or legal guardian as the co-owner. The Santander® Youth Savings account is an decent option for children under 18 to start saving.
How do I close my Santander checking account?
To close your account, you can visit a local branch or call a Customer Service representative at 877-768-2265 between 8 AM – 8 PM ET.
How We Rate And Review Banks: Our Methodology
The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:
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Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank’s product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank’s offerings, crucial for meeting customers’ diverse financial needs.
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Account Features (30%): This category delves into the features and benefits accompanying each bank’s accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.
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Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank’s performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank’s commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
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Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution’s overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.
