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Santander Bank Review 2024

Updated January 3, 2024
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At a glance

3.7
Rating: 3.7 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.8 stars out of 5

Checking

Rating: 3.8 stars out of 5

Savings

Rating: 2.8 stars out of 5

About Bankrate Score

Overview

Santander Bank operates primarily in the Northeast and is best suited to those living near a branch in Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island, Connecticut, Delaware, New Hampshire and Miami, Florida.

Highlights

  • Free Checking
  • Top CD Rates
  • Highly Rated App
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/29/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 5/29/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.
Bank logo
Member FDIC
Savings Account
5.30
%
APY
APY
Info
As of 5/29/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No account fees, unlimited withdrawals, better for the planet

Overall

Santander Bank has branches mainly in the Northeast. Its biggest presence is in Massachusetts, where it has nearly 200 locations. The bank’s offerings include a variety of savings and checking accounts, along with several terms of CDs. Some accounts can be opened online, while others need to be opened in person at branches. Those seeking a high-yield savings account won’t find it here, however, as the account earns below the national average.

Pros

  • Checkmark

    Santander Bank operates 420 branches almost exclusively in the Northeast.

  • Checkmark

    Santander offers three checking accounts, one savings account and CDs in a wide range of terms.

  • Checkmark

    Appointments to open accounts and other banking needs can be booked on Santander’s website.

Cons

  • Those living outside of the Northeast or Miami will probably want to bank elsewhere.

  • The Santander Savings Account rate is below the national average for annual percentage yields (APYs).

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Santander Bank banking products

2.8
/5
Rating: 2.8 stars out of 5
See methodology Compare savings rates
SCORE BREAKDOWN
APY offering:
0.03%
Rating: 1 stars out of 5
1/5
Info
Minimum balance to earn interest:
$25.00
Rating: 5 stars out of 5
5/5
Info
Monthly service fee:
$1.00
Rating: 4 stars out of 5
4/5
Info
Minimum balance to avoid fee:
$100.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Great
Rating: 5 stars out of 5
5/5
Info

Santander Bank savings overview

The Santander Savings account requires either a Santander checking account or a $100 average daily balance to avoid a $1 monthly fee. In addition, the fee is waived if the owner of the account is under age 26. This account can be opened either online or at a branch.

There’s a low $25 minimum opening deposit requirement. While there’s a $3 out-of-network ATM fee, account holders under age 26 get ATM fees waived. The account’s APY is minimal.

Pros

  • Checkmark

    Only $25 is needed to open the Santander Savings Account.

Cons

  • The savings account pays an APY below the national average.

  • To avoid the $1 monthly fee, account holders need to have either an average daily minimum balance of $100 or a Santander checking account, or to be under 26 years of age.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Santander Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/29/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

Bank fees

Fee Charged
Overdraft fee $15
Non-sufficient funds fee $0
Monthly maintenance fee $10 for Simply Right Checking account when requirements are not met
Out-of-network ATM fee $3 for Simply Right Checking account; $2 when account owner is under 26 years old
Paper statement fee $3 for Simply Right Checking; $0 for savings accounts

About Santander Bank

Santander Bank operates 420 branches, nearly all of which are in eight Eastern states: Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island, Connecticut, Delaware and New Hampshire. It also has a branch in Miami and provides a network of more than 2,000 ATMs.

Santander Bank is a subsidiary of Banco Santander SA, based in Madrid. It was founded in 1857 when Queen Isabella II of Spain signed a Royal Decree authorizing its incorporation. Today, the bank has $89.5 billion in assets in the U.S. and 149 million customers globally, according to its website.

Customer experience

Santander Bank’s app is highly rated. It earned 4.7 stars in the Apple App Store and 4.4 stars on Google Play. Customers can use the app to send and receive funds via Zelle.

Customer service by phone. Customers seeking assistance can speak with a live agent by phone from 8 a.m. to 8 p.m. Eastern time, Monday through Saturday. The bank’s site provides estimated call wait times. Live chat is unavailable. 

Limited ATM network. Santander’s network of 2,000-plus ATMs includes those located in CVS Pharmacy stores, mainly in the Northeast.

Scored slightly below average by J.D. Power for customer satisfaction. Among banks in the New England region included in J.D. Power’s 2023 Retail Banking Satisfaction Study, Santander scored 621 points on a 1,000-point scale for overall customer satisfaction. The regional average was listed as 630.

How Santander Bank compares to other banks

Santander Bank vs. TD Bank

Both Santander Bank and TD Bank have origins that date back to the 1800s, and both currently maintain branches in the eastern U.S. TD Bank has a wider reach, however, with more than 1,100 branches in 16 states. By comparison, Santander only has around 420 branches in nine states. TD Bank offers nearly 2,700 ATMs, while Santander offers more than 2,000.

The savings accounts from both Santander and TD Bank earn yields that are near rock-bottom, although Santander’s account pays a slightly higher APY. Both banks offer a number of CD terms that earn high yields, while TD Bank requires a slightly lower minimum deposit to open a CD. However, to earn the highest yield for TD Bank’s CDs, you must also have a checking account with the bank — Santander doesn’t have such a requirement. Both banks offer multiple checking accounts.

Santander Bank FAQs

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.