Santander Bank CD Rates

By
Carissa Rawson
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Carissa Rawson is a personal finance and credit cards expert who has been featured in numerous publications, including Forbes, Business Insider, and The Points Guy. Carissa earned a bachelor's degree from the American Military University and has an MBA from Norwich University, an M.S. from the University of Edinburgh, and is currently pursuing an MFA from National University.
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Updated May 26, 2023
Fact checked by
Lars Peterson
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Fact checked by Lars Peterson
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With nearly 15 years of experience as a writer and editor in personal finance and small business, Lars Peterson has written and edited for The Balance, Wise Bread, US News, and Amex OPENForum, among others. His 20+ years as an editor and writer have included roles in book publishing, marketing, technical writing, travel, and personal finance. Lars Peterson joined Investopedia in 2023 after four years as an editor with The Balance.
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Santander Bank CD Rates

Santander Bank may not be a name with which you’re familiar. Although it serves millions of customers globally, the bank only entered the U.S. in 2010 with its acquisition of Sovereign Bank. Despite this, Santander offers a full suite of banking products, including loans, credit cards, and certificates of deposit (CDs) for both consumers and small businesses.   

Take a look at Santander Bank CD rates, the key features for this product, and how it fares against the competition.

Santander Bank Personal CD Account Overview

CD Term APY Minimum Deposit
9 months 3.25% $500
12 months 5.00% $500

Santander Bank Business CD Account Overview

CD Term APY Minimum Deposit
3–5 months 4.00% $500
6–7 months 1.01% $500
8–11 months 4.25% $500
12 months 4.50% $500
13–17 months 0.10% $500
18–23 months 4.25% $500
24–35 months 0.15% $500

Santander CD Account: Key Features

APY Range 0.10%–5.00%
Minimum Deposit $500
Term Range 3–35 months
Early Withdrawal Penalty Terms of 1 year or less: 3 months' interest on the amount withdrawn Terms of 1–5 years: 6 months' interest on the amount withdrawn Terms of 5+ years: 12 months’ interest on the amount withdrawn
Grace Period for Penalty-Free Withdrawals After Maturity 7 days 

Santander’s 12-month personal certificate of deposit (CD) offers a high APR for savers, especially compared to the national average, which is just 1.54% for a yearlong CD. 

To open a CD, you’ll need to make an appointment at a Santander branch located in either the Northeast U.S. or Miami, Florida. These products are not offered online. 

There are 473 Santander branches located within the United States, although you won’t find any west of the Mississippi.

About Santander Bank

Santander Bank may not have locations scattered around the country, but many of its banking products are available no matter where you live. 

However, it appears that nationwide access is limited to wealth management, corporate banking, and auto finance rather than consumer banking. This means that CDs are only going to be available to those who have local Santander banks rather than throughout the country. 

In terms of customer satisfaction, Santander Bank is underwhelming. In the 2023 J.D. Power Retail Banking Satisfaction survey, Santander ranked 11th out of 17 banks rated in the New York tri-state area.

Compare Savings Account Rates

Are Santander CD Accounts Available in All States?

Santander’s website notes that it provides banking services nationwide, but limits those to auto finance, corporate banking, and wealth management. It doesn’t offer CD accounts to savers located outside the Northeast U.S. or Miami, Florida.

Is Santander FDIC Insured?

Yes, Santander is FDIC insured. This means if you choose to open a CD with Santader, it’ll receive federal protection up to $250,000 if something goes awry.

Is There an Early Withdrawal Penalty for Santander CD Accounts?

Yes, there is an early withdrawal penalty for any Santander CD account that you open. Penalties vary based on the length of your CD:

  • Terms of 1 year or less: 3 months' interest on the amount withdrawn
  • Terms of 1–5 years: 6 months' interest on the amount withdrawn
  • Terms of 5+ years: 12 months’ interest on the amount withdrawn

Can You Ladder CDs at Santander Bank?

CD laddering is the practice of opening certificates of deposit with varying maturity dates. The intent behind this is to earn higher interest than you would with a savings account while still keeping your money fairly liquid. This is possible to do at Santander.

Article Sources
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  1. Santander Bank. "Small Business Certificates of Deposit."

  2. Santander Bank. "Certificates of Deposit."

  3. FDIC. "National Rates and Rate Caps."

  4. Santander. "About Us."

  5. J.D. Power. “U.S. Retail Bank Customers: Stressed and Looking to Their Bank for Help, J.D. Power Finds.”