Santander Bank

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Explore Santander Bank’s suite of bank accounts

Offers a range of checking and savings accounts for individuals and businesses.

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Santander Bank is a Boston-based bank with more than 10 checking and savings account options for businesses and individuals. But you may find it’s lack of branch locations and ATMs limiting if you don’t live in the Northeast or Florida.

What banking products does Santander Bank offer?

Personal banking

  • Student Value Checking account. A basic checking account with no monthly fees or minimum balance and reduced ATM fees, but it’s only for students between the ages of 14 and 25.
  • Santander Basic Checking account. This standard checking account has a mandatory $3 monthly fee and requires a $25 opening deposit.
  • Simply Right Checking account. You won’t pay the $10 monthly fee as long as you make one transaction per month.
  • Santander Premier Plus Checking account. This interest-bearing account has a $50 minimum opening deposit and a waivable $25-monthly fee.
  • Santander Select Checking account. This account has no international transaction fees but you’ll need to have $150,000 in combined bank deposits and hold eligible investments to avoid the $75 monthly fee.
  • Santander Youth Savings account. This interest-bearing account for individuals under 18 has no monthly fee and requires a $10 opening deposit.
  • Santander Savings account. You’ll need $25 to open this standard, interest-bearing savings account.
  • Santander Money Market Savings account. Fast track your savings with a higher interest rate when you maintain a $10,000 balance.
  • Santander Premier Plus Money Market Savings account. You must first have a Santander Premier checking account to open this account. It features variable interest rates and $0 ATM withdrawal fees at non-Santander ATMs.
  • Santander Select Money Market Savings account. This account features Santander’s highest interest rates and $0 withdrawal fees at non-network ATMs, but you must first own a Santander Select checking account to open.

Business products

  • Basic Business checking. Best for low-volume business, this account comes with 50 free basic transactions per month. Avoid the $7.50 monthly fee when you maintain a $1,500 daily balance.
  • Santander Business checking account. This flexible account offers 300 free basic transactions per month and a waivable $15 monthly fee.
  • Santander Business Checking Plus account. Best for larger businesses, this account offers 750 free basic transactions per month, one free order of checks and a waivable $50 monthly fee.

Other products

  • Lines of credit. Take out an overdraft, personal or home equity line of credit.
  • Loans. Santander offers a wide range of borrowing options including several business loans and a selection of personal loans.
  • Mortgages. Choose from several mortgage types with flexible down payment options.
  • Investments. Santander’s suite of investment options include mutual funds, annuities, life insurance, IRAs and more.

How does Santander Bank compare to other banks or services?

Santander Bank is a global financial institution. It got its start in Madrid, Spain, but its US headquarters is in Boston, Massachusetts. The company manages nearly $1.7 trillion in assets worldwide and is ranked #85 on Fortune 500.

Santander Bank has over 575 branches and 2,000 ATMs throughout the northeast. As a full-service financial institution, it provides bank accounts, loans and investment solutions to consumers, businesses and commercial institutions.

Checking accounts

Pros

  • Earns interest. Santander’s Premier Plus and Select checking accounts accrue interest.
  • Instant card hold feature. Put a lost or stolen card on hold instantly through the Santander Bank mobile app.
  • Signup bonuses. Business checking accounts have signup bonuses ranging from $120 to $650 and some personal savings accounts have promotional interest rates for the first six months of account opening.

Cons

  • Monthly fees. While most fees are waivable under certain conditions, you’ll pay anywhere from $3 to $75 a month for most accounts.
  • Varying opening deposits. While basic checking accounts can be opened with as little as $10, higher-tiered accounts require $150 or more.
  • ATM fees. Expect to pay $3 if you use a domestic non-Santander ATM.

Savings accounts

Pros

  • Minimal monthly fees. The Santander Savings account has a $1 avoidable monthly fee. There are a couple of money market accounts with $10 waivable fees, which is much lower than money market fees charged by other banks.
  • Low opening deposits. You only need $25 to open most accounts — which is shockingly low for money market accounts, which typically require deposits of $1,000 or more.

Cons

  • Mediocre interest rates. Santander’s interest rates are higher than most traditional banks but still lower than others.
  • In-person applications. Youth Savings and money market accounts must be opened in-person at a local branch.

CDs

Pros

  • Flexible terms. CD terms range from three months to five years.
  • Low opening deposits. All you need is $500 to open a CD — which is low considering some banks have deposits starting out at $1,000 to $10,000.
  • Free interest withdrawals. Santander Bank gives you the flexibility to have your interest deposited back into your CD or transferred to another bank account if you need it.

Cons

  • Low rates. Interest rates for CDs aren’t widely advertised on Santander Bank’s website. Based on APYs that were advertised, you could earn more elsewhere.
  • Can’t open online. You’ll have to visit a branch to open a CD with Santander Bank — unlike other institutions that let you get started online.

Overall banking

Pros

  • Convenient customer service. Santander Bank’s call center is open 8 a.m. to 8 p.m. ET, seven days a week.
  • Full-service institution. If you’re looking for a one-stop-shop for all your banking needs, Santander’s full suite of accounts could be what you’re looking for.

Cons

  • Regional bank. While you can bank online, branches and network ATMs are concentrated in the Northeast and Florida.
  • Some accounts must be opened in-person. You’re not required to live near a branch to bank with Santander, but some accounts must be opened in-person, such as CDs and youth savings accounts.

Santander Bank customer service

There are three ways to get in touch with Santander Bank:

  • Call 877-768-2265 daily from 6 a.m. to 10 p.m. ET.
  • Complete the contact form on its website.
  • Visit a branch location near you.

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    Bottom line

    Santander Bank’s wide selection of checking and savings account options may be a good fit if you live in the Northeast or Florida, but others may find its lack of branches and ATMs, average interest rates and monthly fees limiting.

    If more accessibility, fewer fees and a higher APY is what you’re after, shop around for other bank accounts.

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