Pros Explained

• Large array of deposit accounts: Santander Bank should satisfy you if you like having options. It offers several checking and savings accounts depending on your needs.
• Low initial deposit on checking accounts: Each of Santander's checking accounts requires an initial deposit, but most of them are low. None are more than $25. The student checking account only requires $10.
• Automatic savings feature: Customers can set up automatic transfers to their savings accounts to build up savings faster.
• Waivable monthly fees: Most Santander bank accounts charge monthly fees, but almost all of them can be waived by meeting specific requirements. These can vary by account.

Cons Explained

• Average rates on savings accounts: Santander’s savings accounts come with decent rates. They're on par with other local brick-and-mortar banks.
• Expensive overdraft fees: Be sure you have enough funds in your account to avoid running into Santander Bank’s $15 overdraft fees. They can be charged up to three times a day, and there's a sustained overdraft fee of another $15 each day for up to five days.
• Limited number of branches and ATMs: Santander Bank is only located in the Northeast region of the U.S., with 485 branches and roughly 2,000 ATMs across nine states.
• Fees for out-of-network ATMs: You're charged a fee by Santander Bank and possibly by the ATM owner as well if you use an ATM outside of Santander’s network.

Who Is Santander Bank Best For?

Santander Bank is a good fit for custo⛦mers who are looking for full-service banking and online and mobile account management. It may appealᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚ even more to those who:

• Like having a host of bank account options at their fingertips
• Don’t mind monthly fees as long as they can be waived
• Live in the Northeast region of the U.S.

What Does Santander Bank Offer?

Santander offers several deposit accounts:

• Three checking accounts
• Two savings accounts
• Two money market accounts
• Certificates of deposit (CDs) in terms ranging from three months to five years
• Cash back credit card

Checking Accounts

Santander Bank offers three checking accounts: Student Value Checking, Simply Right Checking, and Select Checking.

Student Value Checking

Student Value Checking is Santander Bank’s only checking account with no monthly fee. It's for students who are ages 14 to 25, and it only requires a $10 minimum opening deposit. The account is converted to another checking account when you reach age 26.

Simply Right Checking

Simply Right Checking features a $10 monthly fee that can be waived with just one transaction per month. It requires an initial $25 deposit, but it has no ongoing balance requirements.

Select Checking

This top-of-the-line account also earns interest, but it’s unclear just how much. Select Checking accounts can only be opened at specific Santander branches by a Select banker. It features a $25 monthly fee, but this can be waived with $25,000 in combined deposits and select investment balances. Select Checking customers also receive access to a dedicated banker and a team of specialists for personalized banking service. This account requires an initial $25 deposit.

Savings Accounts

You have only two choices for🅘 Santander Bank savings accounts. One is for students and the other is for everyone else.

Santander Savings

Santander Savings is Santander Bank’s main savings account. It earns only a 0.03% APY compared to the national rate of 0.42%.ღ You won’t make much money from this account, regardless of your account balance. It can’t compete with the best savings accounts that are availabl💃e elsewhere.

Santander Savings has no minimum balance requirements, but you'll have to make at least a $25 initial deposit to open it. There’s also a $1 monthly fee, but this is waived if you pair the account with a checking account or if you keep an average daily balance of $100 in your savings account.

Youth Savings

Youth Savings is Santander Bank’s other savings account. It's for individuals who are under 18 years old. It has no monthly fee and requires only a $10 opening deposit.

Both savings accounts carry a $3 fee each time you use an out-of-network ATM, plus any fees charged by the ATM owner.

Money Market Accounts

The highest interest rates earned at Santander are reserved for the bank's two money market accounts.

Money Market Savings

Money Market Savings has no minimum balance requirement, but you'll have to make an initial deposit of $25 to open one. It comes with a $10 monthly fee, but that can be waived with a Santander checking account or a $10,000 average daily balance in your money market account.

Select Money Market Savings

🔴 Select Money Market Savings is the bank’s top-tier money market account. It can only be opened at specific Santander branches. It requires that you have a Select Checking account and make a $25 minimum opening deposit.

Rates on Santander Bank’s money market accounts will vary based on your location. The following rates were quoted for New York on June 4, 2025.

Certificates of Deposit (CDs)

Santander offers CDs with terms from three months to five years.🔯 Visit your local branch to get up-to-date interest rates. A $500 minimum deposit is required.

Santander customers can keep their earneꦯd inter🅠est in their CD accounts to compound, or they can transfer it to another bank account.

Customers are subject to early withdrawal penalties if they withdraw funds before their CDs reach maturity. You can withdraw funds without a penalty or reinvest the money in another CD after your CD account reaches maturity.

One Credit Card

Santander also offers one consumer credit card. Customers earn cash back at rates comparable to many competing cards with the Santander Ultimate Cash Back credit card. The card also offers an introductory annual percentage rate (APR) offer on purchases and balance transfers. There's no annual fee, and there are no foreign transaction fees.

Other Financial Products Offered by Santander

Sant🔯ander Bank offers other popular financial s🌺olutions, including:

• Home equity lines of credit (HELOCs)
• Personal loans
• Mortgage products (through partnership with Rocket Mortgage)
• Mutual funds
• Asset allocation
• Managed investment strategies
• Retirement and investment planning
• Annuities
• Life insurance
• Business solutions
• Commercial solutions

Santander Bank Customer Service

Santander Bank customer service is available mainly through phone support. You c🌌an call 877-768-2268 between 8 a.m. and 8 p.m. EST, Monday through Saturday.

In-person help is available if you live near a local Santander Bank branch. Santander maintains branches in nine states:

• Connecticut
• Delaware
• Florida
• Massachusetts
• New Hampshire
• New Jersey
• New York
• Pennsylvania
• Rhode Island

How to Bank Through Santander Bank

Customers can apply for some Santander Bank accounts online. They must be at least 18 years old and U.S. citizens or resident aliens with a Social Security number or an Individual Taxpayer Identification Number (ITIN). You'll also need to have a credit or debit card handy to fund the new account.

Other accounts, such as Select Checking and Select Money Market Savings, 💛require that 🦩you apply in person at specific bank branches with Select staff.

Final Verdict

Santander Bank provides full-service banking for those who live in the Northeast U.S. It offers a wide array of personal banking products to fit most needs. There’s not much benefit to banking through Santander Bank if you live outside this area. You may be better off opting for an online bank instead if you're looking for an account that earns a high-yield savings rate. These banks are able to offer much higher rates because they have♛ lower overhead costꦑs.

FAQs

Is Santander Bank financially secure?

Santander reports that it's been rated "stable" by eight credit rating agencies. It's received various levels of A grades for long-term stability from all eight agencies. This is based on data collected from March 2018 through January 2023.

What credit score do you need for Santander?

Credit score guidelines and requirements can vary depending on the type of loan or credit card you're applying for. Santander indicates that it considers a score of 760 or higher to be excellent, so this score would almost certainly qualify you unless other factors exist, such as recent job loss. A score under 650 is considered to be poor so a score in this area would most likely disqualify you for any type of loan.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks, including products available, interest rates, fees, and accessibility, to ensure that our content helps users make the right decision for their savings a🍌nd banking needs.