Santander Bank Review 2023
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At a glance
CDs
Checking
Savings
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 and New Hampshire.
Highlights
- Free Checking
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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 well below the national average.
Pros
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Santander Bank operates 481 branches almost exclusively in the Northeast.
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Santander offers three checking accounts, two savings accounts and CDs in a wide range of terms.
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Appointments to open accounts and other banking needs can be booked on Santander’s website.
Cons
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Those living outside of the Northeast or Miami will probably want to bank elsewhere.
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The Santander Savings Account is below the national average for savings annual percentage yields (APYs).
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Although a money market account is offered, you’ll need a Santander checking account to qualify for it. (For this reason, Bankrate didn’t score Santander’s money market account in this review.)
Santander Bank banking products
Santander Bank savings overview
The Youth Savings account is available to those under the age of 18, requires a minimum opening deposit of just $10, and charges no monthly fee.
Pros
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Only $25 is needed to open the Santander Savings Account.
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The Youth Savings account charges no monthly fee.
Cons
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Both savings accounts pay an APY below the national average.
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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.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank experience
Santander Bank’s app is highly rated, earning 4.7 stars in the Apple App Store and 4.3 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, Monday through Saturday. Live chat is unavailable. Santander’s network of 2,000-plus ATMs includes those located in CVS Pharmacy stores, mainly in the Northeast.
About Santander Bank
Santander Bank operates 481 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
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.
