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Santander Bank Review 2023

Updated January 10, 2023
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At a glance

3.5
Rating: 3.5 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 2.8 stars out of 5

Checking

Rating: 3.6 stars out of 5

Savings

Rating: 3 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 and New Hampshire.

Highlights

  • Free Checking
Compare offers
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 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. 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

  • Checkmark

    Santander Bank operates 481 branches almost exclusively in the Northeast.

  • Checkmark

    Santander offers three checking accounts, two savings accounts 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 is below the national average for savings annual percentage yields (APYs).

  • 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 bank products

3.0
Rating: 3 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. This account can be opened either online or at a branch.

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

  • Checkmark

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

  • Checkmark

    The Youth Savings account charges no monthly fee.

Cons

  • Both savings accounts pay an APY below the national average.

  • 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
3.30
%
APY
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

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

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.