- Overall Rating
- Pros and Cons
- Savings
- Checking
- CD
- Money Market Account
- About Santander Bank
- FAQs
- Methodology
- How Santander Bank Compares
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Compare Santander Bank accounts
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Santander® Bank, N.A. Savings Account
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Santander Bank, N.A. Money Market Savings Account
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Santander Bank, N.A. Simply Right® Checking Account
Editor's Rating
3.75/5
Annual Percentage Yield (APY)
0.03%
Minimum deposit
$25
Editor's Rating
3.25/5
Annual Percentage Yield (APY)
0.03% to 0.05%
Minimum deposit
$25
Editor's Rating
3.5/5
Annual Percentage Yield (APY)
None
Minimum deposit
$25
Editor's Rating
3.5/5
Annual Percentage Yield (APY)
Varies by location
Minimum deposit
$500
Santander Bank, FDIC Insured
On Santander Bank's site. Santander Bank, FDIC Insured
On Santander Bank's site. Santander Bank, FDIC Insured
On Santander Bank's site. Santander Bank, FDIC Insured
Santander Bank Review: Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 3.75 |
| Checking | 3.5 |
| CD | 3.5 |
| Money market | 3.25 |
| Trustworthiness | 3 |
| Total | 3.5 |
Santander Bank Pros and Cons
| Pros | Cons |
|
|
Santander® Bank, N.A. Savings Account Review
Santander® Bank, N.A. Savings Account
Santander Bank, FDIC Insured
Fees
$1 monthly service fee
Annual Percentage Yield (APY)
0.03%
Minimum Opening Deposit
$25
Pros
- Low $1 monthly service fee
- Easy to waive monthly service fee
- $0 domestic out-of-network ATM fee for people under the age of 26
Cons
- Low APY
- $25 opening deposit
- $3 out-of-network ATM fee for anyone above the age of 26
Product Details
- Access to over 443 branches and 2,000 ATMs in the East Coast
- Waive $1 monthly service fee by opening a Santander checking account or by maintaining a $100 balance in your savings account or for account owners under the age of 26
- Member FDIC
You might like the Santander Savings Account if you're looking for a savings account with low fees. The monthly service fee is just $1, which is lower than what most brick-and-mortar banks charge. It's also easy to waive the $1 monthly service fee completely — just open a Santander checking account or maintain a $100 minimum balance or for account owners under the age of 26.
The main downside is that Santander pays a low interest rate, though.
Santander Bank, N.A. Simply Right® Checking Account Review
Santander Bank, N.A. Simply Right® Checking Account
On Santander Bank's site. Santander Bank, FDIC Insured
Insider’s Rating
3.5/5
Fees
$10 monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$25
Pros
- Easy to waive monthly service fee
- Free overdraft protection when linked to another Santander account
- Waives overdraft fees if you overdraw $100 or less through Santander Safety Net
Cons
- $25 opening deposit
- $10 monthly service fee
- $2 domestic out-of-network ATM fee for people under the age of 26
- $3 out-of-network ATM fee for people above the age of 26
- $15 overdraft fee
Product Details
- Access to over 443 branches and 2,000 ATMs in the East Coast
- Waive $10 monthly fee by making one transaction per month and for account owners under the age of 26
- Free overdraft protection when linked to another Santander account
- FDIC insured
Santander has several checking accounts, but the Santander Bank, N.A. Simply Right® Checking Account is the one that makes it easiest to waive monthly bank maintenance fees. The monthly charge is $10 unless you make one transaction per month, which is much more lax than most banks' requirements or for account owners under the age of 26.
Santander reduced its overdraft transfer fee from $35 to $15 in November 2022. You can also link the checking account to another Santander account so funds transfer to keep you from overdrawing. There aren't any overdraft protection transfer fees involved.
Santander Bank, N.A. CD Review
Santander Bank, N.A. CD
Insider’s Rating
3.5/5
Annual Percentage Yield (APY)
Varies by location
Minimum Opening Deposit
$500
Pros
- $500 minimum deposit
- Option to roll earned interest into another Santander account
Cons
- Few rates are posted online
- No terms over 5 years
- High early withdrawal penalties
Insider’s Take
Santander Bank has a 1-year promotional CD with a competitive interest rate that could be a good option if you live in CT, DE, MA, NH, NJ, NY, PA, RI, or select areas in Florida (Miami-Date, Monroe, Broward counties and select areas in Collier County).
Product Details
- Access to over 443 branches and 2,000 ATMs in the East Coast
- Terms ranging from 3 months to 5 years
- 3-months interest early withdrawal penalty for terms of 1 year or less; 6 months interest for terms of more than 1 year but less than 5 years; 12 months interest for terms of 5 years or more
- Rates depend on branch location, except for promotional rates advertised on the Santander website
- Member FDIC
Santander advertises rates for its promotional CDs on its website, but you can't find most CD rates online. You'll have to ask about rates when you visit a branch to open a CD. This can make it hard to shop around online and compare APYs before choosing a bank.
One unique perk is that you can request Santander to roll your earned interest into another Santander account rather than back into your CD, which is useful if you need money for a specific purpose.
Santander Bank, N.A. Money Market Savings Account Review
Santander Bank, N.A. Money Market Savings Account
Insider’s Rating
3.25/5
Fees
$10 monthly service fee
Annual Percentage Yield (APY)
0.03% to 0.05%
Minimum Opening Deposit
$25
Pros
- Higher APY for first 6 months
- Earn higher APY with higher balance
- Low $25 opening deposit
Cons
- Find higher APY elsewhere
- Especially low APY for balances under $10,000
- $10 monthly fee
- No debit card
- No paper checks
Product Details
- Access to over 443 branches and 2,000 ATMs in the East Coast
- Waive $10 monthly fee by opening a Santander checking account, OR maintaining an average balance of $10,000
- Earn higher APY for the first 6 months if your balance is $10,000 or more
- Member FDIC
Santander Bank, N.A. Money Market Savings Account operates on a tiered system, so the higher your balance, the higher your interest rate. You'll earn the highest interest rate if you have at least $10,000 in your account.
Compare today's checking accounts
About Santander Bank
Santander has over 473 branches and 2,000 ATMs on the East Coast. There are branches in nine states, including the following:
- Connecticut
- Delaware
- Florida (only in Miami)
- Massachusetts
- New Hampshire
- New Jersey
- New York
- Pennsylvania
- Rhode Island
The Santander mobile app has received 4.7 out of 5 stars in the Apple store and 4.4 out of 5 stars in the Google Play store.
You can call customer service 24/7. Santander also has separate customer support numbers for hearing- and speech-impaired customers.
Santander accounts are insured by the FDICfor up to $250,000, or $500,000 if you have a joint account.
Is Santander Bank Trustworthy?
We typically include ratings by the Better Business Bureau to evaluate how a bank handles customer disputes. Santander has an NR "No Rating" from the BBB because it is responding to previously closed complaints.
Santander has not had any recent public controversies.
Santander Bank FAQs
Is Santander Bank legit?
Yes, Santander is a legitimate bank. It is a Member FDIC bank, which means your insured deposits are safe should the bank shut down.
Does Santander Bank have free checking?
Santander Bank has a free checking account called Santander Value Checking. This checking account is specifically for students between the age ages of 14 and 25.If you don't qualify for Santander Value Checking, Santander Bank, N.A. Simply Right® Checking Account lets you waive the account's $10 monthly service fee if you make one transaction each month.
How much interest does Santander pay on its savings account?
The Santander® Bank, N.A. Savings Account pays 0.03% APY.
Is Santander bank a good bank?
Santander might be worthwhile if you're looking for a brick-and-mortar bank in the East Coast that makes it easy to waive monthly service fees. For example, you can waive monthly service fees on the Santander Bank, N.A. Simply Right® Checking Account by making one transaction per month. This is much more lenient than most banks' requirements.
Methodology: How we Reviewed Santander Bank
For our Santander Bank Review, used our bank account methodology to rate bank products and services.
For each type of bank account, we look at ethics, customer support, and mobile apps as set criteria. Other factors we'll consider depend on the specific account we're reviewing. For example, we look at interest rates for savings accounts and overdraft protection for checking accounts.
How Santander Bank Compares
Santander Bank Review vs. TD Bank Review
There are plenty of ways to waive monthly fees with TD Bank, but they're not quite as lax as Santander's requirements.
If you suspect you'll need to use out-of-network ATMs, then you might like the TD Bank Beyond Checking Account. This account doesn't charge out-of-network ATM fees, and if your balance is at least $2,500, then TD Bank will reimburse any fees charged by the provider.
If you either a) live in a state in the East Coast where there isn't a Santander Bank, or b) travel along the East Coast regularly, then you may prefer TD Bank.
Santander Bank Review vs. Citizens Bank Review
Citizens Bank is another solid option for people looking for a bank with low fees. One Deposit Savings from Citizens charges a $4.99 monthly service fee, but you just need to make one deposit per month to have it waived.
If you want to open a money market account, then you'll probably prefer Santander. Citizens Bank only pays 0.01% Annual Percentage Yield (APY) on its Citizens Bank Personal Money Market Account, and Santander pays 0.03% to 0.05% APY depending on your account balance.
Citizens Bank is also prominent in the East Coast, and it has a presence in a few Midwest states, too. If you just want a savings and checking account, then your choice between Santander and Citizens may come down to which has a location closer to your home.
Laura Grace Tarpley, CEPF
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is an expert in mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She worked on Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors.She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU.
Sophia Acevedo
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
Evelyn He
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
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