What is the minimum deposit for a Santander CD?

Santander requires $500 for a minimum deposit to open a CD.

Do I need a Santander account to open a CD?

No, you don't need a Santander account to open a CD.

Can I open a CD online?

No, you cannot open a CD online at Santander.

What happens if I withdraw before the term ends?

You'll face a fee if you withdraw early: Terms of 3 to 12 months: You'll lose 3 months' interest on the amount withdrawn. Terms of 13 to 48 months: You'll lose 6 months' interest on the amount withdrawn. Terms of 60 months or more: You'll lose 12 months' interest on the amount withdrawn.

Are Santander CD rates competitive in 2025?

Yes, Santander CD rates range from [info-gbr-rate institution="santander-bank" product="3 Month CD"] to [info-gbr-rate institution="santander-bank" product="6 Month CD"] APY -- above the national average for CD rates.

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Santander CD Rates and Features for 2025

September 5, 2025

5 min Read

Written by Rudri Patel

Edited by Elizabeth Constantineau

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Santander Bank offers savers in nine states competitive rates on its certificates of deposit (CDs). Read on to explore everything you need to know about Santander CD rates to help you decide if it’s the right fit for your situation.

Current Santander CD Rates: September 2025

Here are the Santander CD rates on offer for this month:

Term	APY	Minimum Deposit
3 months		$500
6 months		$500
12 months		$500

Pros and Cons of Santander CDs

Like all financial accounts, Santander CDs come with pros and cons. Consider both sides before opening a new account.

Pros

Competitive short-term CD rates
$500 minimum opening deposit
Daily compounding, monthly credited interest

Cons

Early withdrawal penalties
Limited CD terms options
Availability mostly limited to Northeast U.S. and parts of Florida

How Much Can You Earn With a Santander CD?

The amount you earn from a CD depends on:

How much money you deposit
How long your money stays in the CD
The annual percentage yield (APY)

Here’s a simple example showing estimated earnings with Santander CDs:

Deposit Amount	Term	Estimated Interest Earned*
$1,000	3-months	$7.42
$2,000	6-months	$39.61
$5,000	12-months	$175

*Earnings shown are estimates and may vary based on your account type and the bank’s compounding method.

How To Open a Santander CD: 4-Step Guide

If you want to open a CD account with Santander Bank, you’ll need to visit a physical bank branch. Here are the steps you’ll need to take:

Visit a local branch: Find a branch close to you and drop in. If you want to avoid waiting in line, consider setting up an appointment with a banker in advance.
Provide required information: Bring your Social Security number, government-issued ID and a valid email address.
Fund your CD: Use cash, check or debit card to meet the $500 minimum deposit requirement.
Confirm details: Double-check that all your details are correct and you have selected the right term and rate.

Santander CD Rates vs. Other Banks

Santander CD rates are competitive — here’s how they stack up against other banks:

Bank	12-month or 13-month Term	Minimum Deposit
Santander	(12-months)	$500
Ally	(12-months)	$0
Synchrony Bank	(13-months)	$0
Capital One*	(12-months)	$0

Is a Santander CD Right for You?

You will have to analyze your personal situation to decide whether a Santander CD is right for you.

A Santander CD is ideal for:

People who live near a Santander Bank: Santander CDs are available to customers in specific regions, including Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and select areas in Florida.
People who prefer in-person banking: If you prefer banking in-person, you can only open a CD in a branch.
People seeking competitive rates: Santander offers competitive CD rates well-above national averages.

A Santander CD is not great for:

Those living outside of the Santander area: If you’re not located near a Santander branch, you won’t be able to open a CD.
Those preferring an online option: If you’re looking for the convenience of opening a CD online, then Santander isn’t the best choice for you.

4 Tips for Getting the Best CD Rates

Santander Bank CD rates are quite competitive, but it’s still smart to keep these tips in mind as you compare options for your next CD.

1. Consider Loyalty Perks With Your Bank

Some credit unions and banks offer higher APYs if you have an existing relationship or have multiple accounts.

2. Compare Multiple Terms

Shop around at different banks or credit unions and compare similar term CDs to find the best rates.

3. Look for Promotional or Limited-Time Offers

Banks change their offerings and rates often, so keep your eyes peeled for promo rates or specials.

4. Use CD Laddering

A CD ladder is when you invest in multiple CDs with staggered maturity dates. By doing this, you can maintain liquidity while taking advantage of higher rates on longer-term CDs.

Santander CDs: FAQ

Here are the answers to some of the most frequently asked questions regarding Santander CD rates.

What is the minimum deposit for a Santander CD?
- Santander requires $500 for a minimum deposit to open a CD.
Do I need a Santander account to open a CD?
- No, you don't need a Santander account to open a CD.
Can I open a CD online?
- No, you cannot open a CD online at Santander.
What happens if I withdraw before the term ends?
- You'll face a fee if you withdraw early:
  - Terms of 3 to 12 months: You'll lose 3 months' interest on the amount withdrawn.
  - Terms of 13 to 48 months: You'll lose 6 months' interest on the amount withdrawn.
  - Terms of 60 months or more: You'll lose 12 months' interest on the amount withdrawn.
Are Santander CD rates competitive in 2025?
- Yes, Santander CD rates range from 3.00% to 4.00% APY -- above the national average for CD rates.

More on Santander Bank

Sarah Sharkey contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 5, 2025.

*Capital One interest rates accurate as of Sept. 5, 2025. See website for all current rates.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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