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Santander Bank Review 2022

Published February 2022 by Matthew Goldberg

AT A GLANCE
3.6

Bankrate Score

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Free Checking

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.

  • Checking
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    3.8
  • Savings
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    2.8
  • CDs
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    3.4
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    LendingClub

    Member FDIC

    Savings account

    1.26 % APY

    $ 0

    Min. balance for APY

    Barclays

    Member FDIC

    Savings account

    1.10 % APY

    $ 0

    Min. balance for APY

    Live Oak Bank

    Member FDIC

    Savings account

    1.05 % APY

    $ 0

    Min. balance for APY

    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 operates 487 branches almost exclusively in the Northeast.

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

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

    What we don't

    • 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).

    Checking accounts

    3.8

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.10 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Santander Bank’s Simply Right Checking account has no minimum balance requirement and requires just $25 to open. One transaction a month is required to waive the $10 monthly maintenance fee.

    The Student Value Checking account offers an account for students ages 14-25 that has no monthly service fee.

    The Santander Select Checking account reimburses customers up to $30 each period for out-of-network ATM fees, but those customers who fail to keep at least $25,000 in bank deposits or investments at Santander Investment Services pay a $25 monthly service fee.

    In November 2021, Santander changed its overdraft policy to give its customers a $100 cushion before an overdraft fee would be assessed. It also no longer assesses customers a $12 fee for overdraft protection.

    Santander’s mobile banking app includes Zelle, which allows customers to send money to others and access online bill payments.

    What we like

    • The Simply Right Checking account requires just one deposit, payment, transfer or withdrawal a month to avoid the monthly service fee.

    • Only $25 is required to open either the Simply Right Checking or Basic Checking account.

    What we don't

    • A $10 monthly maintenance fee on the Simply Right Checking account applies if no transactions are made.

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

    • The Simply Right Checking account earns no interest.

    Savings accounts

    2.8

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    LendingClub

    Member FDIC

    Savings account

    1.26 % APY

    $ 0

    Min. balance for APY

    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.

    What we like

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

    • The Santander Savings Account has no minimum balance requirement.

    What we don't

    • 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.

    CD rates

    3.4

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    2.50 % APY

    18mo

    Term

    $ 0

    Min. deposit

    Santander Bank offers both 15-month and 18-month CDs on its website. Each requires $500 to open. The 18-month CD earns a yield slightly higher than the national average for the term. Interest earned on CDs can be transferred to a separate account.

    Santander Bank also offers at least 12 terms of CDs at its branches, with terms ranging from three months to five years, each requiring a minimum $500 opening deposit.

    What we like

    • Only $500 is required to open a CD.

    • Interest earned on CDs can be transferred to another account.

    What we don't

    • Santander Bank only displays rates for its 15-month and 18-month CDs on its website.

    • Branch CD rates weren’t posted on the bank’s website during Bankrate’s review.

    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.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. 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 banking 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. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also 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 chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. 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