Santander Bank Review

A wide array of bank accounts but specific to the Northeast United States

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With more than 575 branches spread over nine states, Santander Bank has developed into a banking leader in the Northeast region of the U.S. With many deposit accounts and other personal, business, and commercial banking solutions, Santander Bank is a viable banking choice for many consumers.

  • Pros & Cons
  • Company Overview
Pros & Cons
  • Large array of deposit accounts

  • Low initial deposit on checking account

  • Automatic savings feature

  • Waivable monthly fees

  • Average rates on savings accounts

  • Expensive overdraft fees

  • Limited number of branches and ATMs

  • Fees for out-of-network ATMs

Company Overview
  • Year Founded 1902
  • Official Website
  • Banking Products Offered Savings, checking, CDs, MMA, credit cards
  • Customer Support Phone line: Everyday, 8 a.m. and 8 p.m. ET: 877-768-2265.

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 $150.
  • 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: None of Santander’s savings accounts come with great 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 hefty $35 overdraft fees.
  • Limited number of branches and ATMs: Santander Bank is only located in the Northeast region of the U.S., with 575 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:

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.

Santander Bank Checking Accounts
Account Name Minimum Opening Deposit  Monthly Fee APY
Student Value Checking $25 $0 None
Basic Checking $25 $3 None 
Simply Right Checking $25 $10 None 
Select Checking  $25 $25 None
(As of July 11, 2021)

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, half the national rate of 0.06%. 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.

Santander Bank Savings Accounts
Account Name  Minimum Opening Deposit Monthly Fee APY
Santander Savings $25 $1 0.03%
Youth Savings $10 $0 NA
(As of July 11, 2021)

Money Market Accounts

The highest interest rates earned at Santander Bank are reserved for its three 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.

Santander Bank Money Market Accounts
Account Name Minimum Opening Deposit  Monthly Fee APY 
Money Market Savings $25 $10 0.05%
Select Money Market Savings  $25 $0 0.10%
(As of July 11, 2021)


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:

Santander Bank Customer Service

Santander Bank customer service comes mainly through phone support, available at 877-768-2265 between 7 a.m. and 9 p.m. CT Monday through Friday and 7 a.m. to 5 p.m. CT Saturdays. Customers can also fill out an inquiry form on Santander’s website for general questions.

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.


If you happen to live in the Northeast U.S., Santander Bank provides full-service banking with a wide array of personal banking products to fit most needs. If you live outside of that area, there’s not much benefit to banking through Santander Bank. If you’re looking for accounts that earn high-yield savings rates, you may be better off opting for an online bank instead. They are able to offer much higher rates because they have lower overhead costs.


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Article Sources
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  1. U.S. Federal Deposit Insurance Corporation. "Weekly National Rates and Rate Caps - Weekly Update."

  2. Internal Revenue Service. "Individual Taxpayer Identification Number."