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Santander Bank Review 2022

Updated December 2, 2022
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At a glance

3.6
Rating: 3.6 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.4 stars out of 5

Checking

Rating: 3.8 stars out of 5

Savings

Rating: 2.8 stars out of 5

About Bankrate Score

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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 and New Hampshire.

Highlights

  • Free Checking
Compare offers
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 3.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 3.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
FDIC Insured through Cross River Bank
Savings Account
3.50
%
APY
Rating: 3.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

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

Pros

  • Checkmark

    Santander Bank operates 487 branches almost exclusively in the Northeast.

  • Checkmark

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

  • Checkmark

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

Cons

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

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

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

Santander Bank bank products

2.8
Rating: 2.8 stars out of 5
Bankrate Score

Santander Bank savings overview

Santander Bank offers two savings accounts: Santander Savings and Santander Youth Savings. The Santander Savings account requires either a Santander checking account or a $100 average daily balance to avoid a $1 monthly fee.

Pros

  • Checkmark

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

  • Checkmark

    The Santander Savings Account has no minimum balance requirement.

Cons

  • The Santander Savings account pays an APY that’s below the national average.

  • Even though it has no minimum balance requirement, the Santander Savings account requires account holders to have either a Santander checking account or at least an average daily balance of $100 to avoid the $1 monthly service fee.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 3.6 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

Santander Bank’s app is highly rated, earning 4.7 stars in the Apple App Store and 4.2 stars on Google Play. Customers can use the app to send and receive funds via Zelle.

Customers seeking assistance can speak with a live agent by phone from 8 a.m. to 8 p.m. Eastern time, seven days a week. Live chat is unavailable. Santander’s network of 2000-plus ATMs includes those located in CVS Pharmacy stores, mainly in the Northeast.

About Santander Bank

Santander Bank operates 487 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 operates a network of more than 2,000 ATMs.

Santander Bank is a subsidiary of Banco Santander SA, based in Madrid.

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.