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Santander Bank could be a good fit if you want a brick-and-mortar bank with low monthly fees. For more competitive savings rates, though, consider one of the best high-yield savings accounts with an online bank. If you live outside of the Santander Bank footprint, you can also consider getting Openbank High-yield savings, which is available through the bank's online division.
Santander Bank Review: Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 3.5 |
| Checking | 4 |
| CD | 3.75 |
| Money market | 3.25 |
| Trustworthiness | 3 |
| Total | 3.5 |
Santander Bank Pros and Cons
| Pros | Cons |
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Santander® Bank, N.A. Savings Account Review
$1 monthly service fee
0.03%
$25
- 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
- Low APY
- $25 opening deposit
- $3 out-of-network ATM fee for anyone above the age of 26
- 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
$10 monthly service fee
None
$25
- 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
- $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
- 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
Varies by location
$500
- $500 minimum deposit
- Option to roll earned interest into another Santander account
- Few rates are posted online
- No terms over 5 years
- High early withdrawal penalties
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).
Santander Bank, N.A. CD- 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
$10 monthly service fee
0.03% to 0.05%
$25
- Higher APY for first 6 months
- Earn higher APY with higher balance
- Low $25 opening deposit
- Find higher APY elsewhere
- Especially low APY for balances under $10,000
- $10 monthly fee
- No debit card
- No paper checks
- 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.
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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 FDIC for 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
Yes, Santander is a legitimate bank. It is a Member FDIC bank, which means your insured deposits are safe should the bank shut down.
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.
The Santander® Bank, N.A. Savings Account pays 0.03% APY.
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.
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.
Why You Should Trust Us: How we Reviewed Santander Bank
For our Santander Bank Review, used our bank account methodology to rate bank products and services. We rate bank accounts from one to five stars.
For each type of bank account, we look at ethics, security, customer support, miscellaneous features, 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.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
