Santander Bank Review

Pros Explained

• Large array of deposit accounts: If you like having options, then Santander Bank should likely satisfy you. It has several checking and savings account options depending on your needs.
• Low initial deposit on checking account: Each checking account through Santander Bank requires an initial deposit, but most of them are low, with none of them more than $25, except for the student checking account which only requires $10.
• Automatic savings feature: Customers can set up automatic transfers to their savings account to build up savings faster.
• Waivable monthly fees: Most Santander bank accounts charge monthly fees, but almost all of them can be waived by meeting specific requirements, which vary with each account.

Cons Explained

• Average rates on savings accounts: Santander’s savings accounts come with decent rates, which are on par with other local brick-and-mortar banks.
• Expensive overdraft fees: Be sure there are enough funds in your account to avoid running into Santander Bank’s $15 overdraft fees. They can be charged up to three times a day and there is a sustained overdraft fee of another $15 each day for up to five days.
• Limited number of branches and ATMs: Santander Bank is only located in the Northeast region of the U.S., with 485 branches and roughly 2,000 ATMs across nine states.
• Fees for out-of-network ATMs: If you end up using an ATM outside of Santander’s network, you are charged a fee by Santander Bank and possibly by the ATM owner too.

Who Is Santander Bank Best For?

Santander Bank is a good fit for customers looking for full-service banking and online and mobile account management. It may appeal even more to those who:

• Like having a host of bank account options at their fingertips
• Don’t mind monthly fees as long as they can be waived
• Live in the Northeast region of the U.S.

What Does Santander Bank Offer?

Santander offers several different deposit accounts:

• Three checking accounts
• Two savings accounts
• Two Money Market accounts
• Certificates of Deposit (CDs) (terms range from three months to five years)
• Cash back credit card

The Federal Deposit Insurance Corporation (FDIC) insures all bank accounts through Santander Bank for up to $250,000 per depositor.

Checking Accounts

There are four checking accounts available with Santander Bank:

Basic Checking is an entry-level checking account with a $3 monthly fee that can’t be waived. It has a $25 minimum opening deposit but doesn’t have an ongoing balance requirement.

Santander Bank’s only checking account with no monthly fee, Student Value Checking, is for students ages 14 to 25 and only requires a $10 minimum opening deposit. Once you turn 26, it gets converted to another checking account.

Simply Right Checking features a $10 monthly fee that can be waived with just one transaction per month. It requires an initial $25 deposit but has no ongoing balance requirements.

This top-of-the-line account also earns interest, but it’s unclear just how much. Select Checking accounts can only be opened at specific Santander branches by a Select banker. It features a steep $75 monthly fee that can be waived with $150,000 in combined deposits and select investment balances. Select Checking customers also receive a dedicated banker and a team of specialists for personalized banking service. It requires an initial $150 deposit.

Savings Accounts

There are only two choices when it comes to Santander Bank savings accounts: one for students and one for everybody else.

Although it’s an interest-bearing account, Santander Bank’s main savings account, Santander Savings, only earns a 0.03% APY, compared to the national rate of 0.33%. You won’t make money from this savings account regardless of your account balance. It just can’t compete with the best savings accounts. It has no minimum balance requirements, but you do need at least a $25 initial deposit to open it. There’s also a $1 monthly fee, which is waived when paired with a checking account or an average daily balance of $100 in your savings account.

Youth Savings is Santander Bank’s other savings account and is meant for individuals under 18 years old. It has no monthly fee and only a $10 opening deposit requirement.

Both savings accounts carry a $3 fee each time you use an out-of-network ATM plus any fees charged by the ATM owner.

Money Market Accounts

The highest interest rates earned at Santander Bank are reserved for its two money market accounts.

Money Market Savings has no minimum balance requirement, but you do need an initial deposit of $25 to open one. It has a $10 monthly fee that can be waived with a Santander checking account or a $10,000 average daily balance in your money market account.

The bank’s top-tier money market account, Select Money Market Savings, can only be opened at specific Santander branches. It requires a Select Checking account and a $25 minimum opening deposit.

Rates on Santander Bank’s money market accounts vary based on your location. The following rates were quoted for New York City on March 17, 2021.

CDs

Santander offers CDs with terms from three months to five years. You’ll need to visit your local branch to get current interest rates. A $500 minimum deposit is required.

Santander customers have the option of what to do with interest earned from CDs. You can either keep it in your CD account to compound or transfer it to another bank account.

Customers are subject to early withdrawal penalties if they take out funds before their CDs reach maturity. Once they do, you can withdraw funds without a penalty or reinvest them in another CD.

Credit Card

Besides bank accounts, Santander also offers one consumer credit card. With the Santander Ultimate Cash Back credit card, customers earn cash back at rates comparable to many competing cards. The card also offers an introductory annual percentage rate (APR) offer on purchases and balance transfers. There is no annual fee, and there are no foreign transaction fees.

Other Financial Products Offered by Santander

Santander Bank offers other popular financial solutions like:

• Home Equity Lines of Credit (HELOCs)
• Personal loans
• Fixed-rate mortgages
• Adjustable-rate mortgages
• Home refinancing
• Veterans Affairs (VA) loans
• Federal Housing Administration (FHA) loans
• Mutual Funds
• Asset allocation
• Managed investment strategies
• Retirement and investment planning
• Annuities
• Life insurance
• Business solutions
• Commercial solutions

Santander Bank Customer Service

Santander Bank customer service comes mainly through phone support, available at 877-768-2268 between 8 a.m. and 8 p.m. EST Monday through Saturday.

In-person help is also available if you live near a local Santander Bank branch. There are currently branches in nine states:

• Connecticut
• Delaware
• Florida
• Massachusetts
• New Hampshire
• New Jersey
• New York
• Pennsylvania
• Rhode Island

How to Bank Through Santander Bank

Customers can apply for some Santander Bank accounts online. Applicants must be at least 18 years old and U.S. citizens or resident aliens with a Social Security number or an Individual Taxpayer Identification Number (ITIN). You will also need a credit or debit card handy to fund the new account.

Other accounts, such as Select Checking and Select Money Market Savings, require you to apply in person at specific bank branches with Select staff.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs.

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