Santander Bank Review 2021

Published March 2021 by Matthew Goldberg

AT A GLANCE
3.6

Bankrate Score

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Free Checking

Santander Bank is best for those that live near a branch in Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island, Connecticut and New Hampshire -- the states with the most Santander branches.

  • Savings
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    2.8
  • Checking
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    3.6
  • CDs
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    3.4
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Overall

    3.6

    Bankrate Score

    Santander Bank has branches mainly in the Northeast. Its biggest presence is in Massachusetts, where it has nearly 200 locations.

    What we like

    • Santander Bank has 1,000 ATMs in CVS Pharmacy locations.

    • It has locations around the Northeast.

    • Santander offers five checking options, two savings accounts and three money market accounts.

    • The bank posts wait times on its website.

    What we don't

    • Santander Bank doesn’t offer 24/7 phone customer service.

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

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

    Savings accounts

    2.8

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Santander Bank has two savings accounts: an account called the Santander Savings Account and the Santander Youth Savings Account. With the Santander Savings Account, you need to either have a Santander checking account or have a $100 average daily balance in this savings account to avoid paying the $1 monthly fee.

    What we like

    • You only need $25 to open the Santander Savings Account.

    • The Santander Savings Account doesn’t have a minimum balance requirement.

    What we don't

    • The Santander Savings account has an annual percentage yield (APY) that’s below the national average.

    • Even though it doesn’t have a minimum balance requirement, the Santander Savings account does require either having a Santander checking account or at least an average daily balance of $100 in order to avoid the $1 monthly service fee.

    Checking accounts

    3.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Santander Bank has a Simply Right checking account that doesn’t have a minimum balance requirement and you only need $25 to open the account. But you do need to make at least one transaction per month in order to waive the $10 monthly maintenance fee.

    Santander Bank customers have Zelle to send money to others and access to online bill pay.

    The Student Value Checking account gives students, ages 14-25 years old, an account that doesn’t have a monthly service fee.

    The Santander Select Checking account gives customers $30 of reimbursements per service fee period for out-of-network ATM fees. But those that don’t keep at least $150,000 in bank deposits or investments at Santander Investment Services would pay a $75 monthly service fee.

    What we like

    • All you need to do to waive the Simply Right Checking account’s monthly service fee is make at least one transaction once per calendar month. A transaction can be a deposit, payment, transfer or a withdrawal.

    • You only need $25 to open the Simply Right Checking account or the Basic Checking account.

    What we don't

    • There’s a $10 monthly maintenance fee on the Simply Right Checking account.

    • Santander Bank charges you $3 for using out-of-network ATMs in the U.S.

    • The Simply Right Checking account doesn’t earn interest.

    CD rates

    3.4

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Santander Bank has a 15-month CD and an 18-month CD on its website. Both only require $500 to open a CD. The 18-month CD earns a yield a little higher than the national average for that term of CD. The CD allows you to transfer your interest into a different account.

    Santander Bank also offers at least eight terms of CDs at its branches, with terms ranging from three months to five years. These terms all have a $500 minimum to open them.

    What we like

    • You only need $500 to open a CD.

    • You can transfer CD interest earned to another account.

    What we don't

    • Santander Bank only displays a 15-month CD and an 18-month CD prominently on its website.

    • Branch CD rates weren’t found on the bank’s website during our review.

    Bank experience

    Santander Bank customers can use Zelle to send and receive funds. Another benefit is that Santander Bank has ATMs in around 1,000 CVS Pharmacy locations.

    The Santander Bank app is rated 4.7 stars on iOS and 4.2 stars on Google Play.

    About Santander Bank

    Santander Bank has around 572 branches and around 2.1 million customers. Santander Bank has most of its locations in Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island, Connecticut, New Hampshire and one branch in Florida.

    Santander Bank is a wholly-owned subsidiary of Banco Santander, S.A., which is based in Madrid, according to Santander Bank’s website.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    About the author Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Expertise Banking and insurance Experience Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He is on the organization’s training and finance committees. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Education Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth