Santander Bank Review 2025
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At a glance
Overview
Santander Bank’s account options are only available if you live within the bank’s eight-state branch network in the Northeast or the Miami metro area. You can open some of its savings and checking accounts online, but you’ll have to go into a branch for other accounts, including certificates of deposit (CDs). This added inconvenience may be just as well if you’re someone looking for high rates because you generally won’t find them here except for a few short-term CDs.
Highlights:
Highly Rated App Low Min DepositHighlights:
CDs
Checking
Savings
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
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.
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 = 4.1/5
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 = 4.2/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
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.
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.
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.
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.
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.
Overall
Santander Bank is headquartered in Spain and has an international footprint. In the U.S., the bank primarily serves customers in eight states: Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island, along with part of the Miami metro area. Compared with other large banks, Santander has a relatively small U.S. branch network of just under 400 locations.
The bank offers a full product suite of savings, checking and CDs but you’ll have to visit a branch to open some of them.
Santander also owns and operates Openbank, an online-only division that offers a competitive high-yield savings account.
Pros
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Santander Bank operates around 400 branches almost exclusively in the Northeast.
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The bank offers competitive APYs on a few short-term CDs.
Cons
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You won’t be able to open an account if you don’t live in the bank’s operational footprint.
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Only some accounts can be opened online.
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Relatively small network of 2,000 ATMs.
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The Santander Savings Account rate is well below the national average for annual percentage yields (APYs).
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The bank’s branch footprint has been shrinking, closing nearly 200 locations in the past five years.
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Santander Bank banking products
Santander Savings Account
Pros
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Only $25 is needed to open the Santander Savings Account.
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Low monthly fee of $1 (which can be waived).
Cons
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The savings account pays basically no interest.
The interest rate on this account is very low. Check out Bankrate's picks for the best high-yield savings accounts to find better rates.
Santander certificates of deposit
Pros
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Competitive yields are available on some short-term CDs.
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Only $500 is required to open a CD.
Cons
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You have to go to a branch to open one, which is unusual compared with other banks that have an easy online application process.
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Santander doesn’t advertise any alternative CD types such as no-penalty CDs or bump-up CDs.
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Rates are only listed for three terms online.
Santander only publicly posts rates for its three-, six- and 12-month CDs. If you want to see what other CDs they offer, and the rates, you have to speak to a banker. Which is just as well since you have to go into a branch to open a CD anyways.
Santander Simply Right checking
Pros
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The bank is part of the Zelle network, which makes it easy to send and receive payments with friends.
Cons
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There is a $10 monthly fee, though you can avoid it by completing one transaction each month.
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You’ll pay a $3 fee each time you use an out-of-network ATM (or $2 if any account owner is 25 or younger).
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The bank still charges a $15 overdraft fee, although this is much lower than other big banks.
Santander's Simply Right checking account, which was scored for this review, has a comparatively high $10 monthly fee. You can avoid it by making one transaction per calendar month, which is a fairly low bar to clear, but that fee may not be worth the risk if this won’t be your main checking account or you don’t use your debit card regularly.
Bank fees
| Fee | Charged |
|---|---|
| Overdraft fee | $15 |
| Non-sufficient funds fee | $0 |
| Monthly maintenance fee | $1-$25 |
| Out-of-network ATM fee | $2-$3 |
| Paper statement fee | $0-$3 |
Customer experience
Customer support
Customer service by phone. Customers seeking assistance can speak with a live agent by phone at 877-768-2265 from 8 a.m. to 8 p.m. Eastern time, Monday through Saturday. Unlike some competitors, Santander does not offer a live chat option. If you live on the West Coast, those hours may not be the most convenient for handling banking issues Monday through Friday.
Limited ATM network. Santander’s network of 2,000-plus ATMs is much smaller than most big banks and shared ATM networks.
Scored below average by J.D. Power for customer satisfaction. Among banks in the New England region included in J.D. Power’s 2025 Retail Banking Satisfaction Study, Santander scored seventeen points below the average but still outpaced some banks, including M&T Bank and Bank of America.
Digital experience
Santander Bank’s app is highly rated. It earned 4.8 stars in the Apple App Store and 4 stars on Google Play. Customers can use the app to send and receive funds via Zelle.
Santander’s website is helpful and transparent. The website does a good job of being transparent about fees and rates and general information, including helpful FAQs at the bottom of every product’s page.
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.
