Santander Bank Review 2024: A Solid Online Banking Option

4.6

GBR RATING

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Quick Take: Santander Bank is one of the largest Spanish banks and offers online banking in the U.S., with limited U.S. branch locations. If you're comfortable doing most of your banking using a mobile banking app and a debit card, Santander may be a good option. Here's more on the bank and if its services are right for you.

For an overview on Santander Bank, consider its biggest strengths and weaknesses.

Santander Bank Overview

Santander Bank offers online banking services in the U.S. There are limited branches on the East Coast. Santander Bank’s customers are mainly focused in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware. But the bank also has branches in South Florida.

Regardless of where you’re located, you can access ATMs whenever you need with no fees assessed by Santander. In addition, Santander will reimburse select account holders up to $30 per month in fees charged by other banks when you use their cash machines.

Key Features

Santander Bank earned a GOBankingRates score of 4.6 out of 5. Here’s how:

APYs

Santander Bank’s annual percentage yields aren’t groundbreaking, but they do help you grow your balances. Santander Select Money Market Savings earn rates of to APY, depending on your balance. You’ll need at least $50,000 in the account to earn APY.

CDs may be your best bet to maximize the interest you can earn. While some of the CDs offered have low APYs, the promotional CDs offer attractive rates. For example, you can currently find a 6-month CD with a APY and an 10-month CD with a APY.

Benefits

The biggest benefit of banking with Santander is its ease if you’re comfortable with online banking. The mobile banking app makes it possible to handle most everything from monitoring your accounts to making mobile check deposits in one place, 24/7.

You can also set up bill payments or use Zelle to send and receive money from friends and family with no fee.

The mobile app has earned 4.7 out of 5 stars in the Apple App Store and 4.4 out of 5 stars in the Google Play Store. With thousands of reviewers, this feedback indicates you can expect a positive experience.

Products

If you’re interested in banking with Santander, there are several account options to choose from. 

Checking Accounts

There are three main checking account options: Select, Simply Right and Essential. The Select and Simply Right require a minimum $25 deposit to open. The Essential Checking only requires a $10 minimum opening deposit. The Select Checking account offers free ATM withdrawals worldwide and up to $30 in ATM fee reimbursements.

Here’s more on each account option:

Savings Accounts

Santander’s savings account is free if you have a linked checking account, an average monthly balance of at least $100, or are under age 26. Otherwise, you’ll pay a $1 monthly maintenance fee. It offers an APY of .

Money Market Accounts

Besides the savings account, you can opt for higher interest with one of two Santander money market accounts. As with the savings account, linking it to a Santander checking account will help you avoid monthly maintenance fees. 

The Santander Select Money Market account is only available to individuals with a Santander Select Checking account. The account offers rates of to APY, depending on your balance. But you’ll need at least $50,000 in the account to earn APY. The Santander Money Market Savings account offers a APY on all balances. But you’ll need $10,000 in the account to waive a $10 monthly fee.

CDs

To lock in a guaranteed interest rate for a specified time period, you can open a Santander CD with at least $500. However, CDs can only be opened at a branch, which may be an issue if you don’t live near one of the very few branches available.

The bank currently offers a 6-month CD with a APY and an 10-month CD with a APY. While these are attractive rates, they aren’t the best CD rates on the market.

Customer Service

To reach out to Santander customer service, call 1-877-768-2265 anytime between 8 a.m. and 8 p.m. EST, seven days a week. You can also login to your account to contact customer service, or do so through the mobile app.

Unfortunately, the bank has a 1.6 out of 5 star rating through Trustpilot. The majority of complaints seem centered around the bank’s credit card offerings.

How Santander Bank Stands Out

Santander Bank’s limited offerings for online banking isn’t the strongest or most innovative showing, but it does provide solid banking options. Your best bet is to open and link a checking and savings or money market account to boost your combined balances and avoid the bank’s monthly maintenance fees.

Using the mobile app to monitor and manage your accounts is simple, thanks to the user-friendly design and the many options available.

Comparable Santander Bank Options

To compare banks before you choose, consider the following alternatives. 

Santander Bank vs. Ally Bank

Comparing two online banking versions, you’ll find that Ally Bank has a stronger showing with higher yields on your balances. Ally pays higher interest rates on your balances, with an APY of on its savings account.

However, if you live in an area with Santander bank branches, the physical presence may trump Ally Bank’s higher yields.

Santander Bank vs. Capital One Bank

It’s worth comparing Santander Bank to Capital One since they both focus on online banking with a limited number of branches. Capital One’s branches are known as cafes, places where you can handle your banking needs, have meetings or simply hang out.

Capital One Bank’s accounts edge out Santander when it comes to fees. The accounts are almost entirely free. However, the bank’s account offerings are pared down — Santander has more account options, including money market accounts. 

How To Apply

To open an account with Santander Bank, you could visit a local branch or apply online. You’ll need to provide a government-issued photo ID and a second proof of identity, such as a utility bill, debit card or credit card. In addition, you’ll need your Social Security number and a permanent address.

Once your application is approved, you’ll need to fund the account by wiring funds using an external account number and routing number.

Who Santander Bank Is Best For

Santander Bank is best for someone looking for a simple, no-frills banking experience. Savings rates aren’t the highest. Therefore, if your focus is having a low-cost checking account and a savings account to hold a small amount of cash in case of emergency, Santander could be the bank for you.

To make the most of banking with Santander, you’ll need to feel comfortable handling most of your banking using the mobile app. Otherwise, the branches available may be too few and far between for your convenience.

Final Take

Santander Bank’s presence in the U.S. is mostly online. The bank provides a variety of checking and savings options to choose from.

As long as you keep your account active with periodic transactions each month, you should be able to avoid monthly service charges with Simply Right checking. You can then add a savings or money market account with no monthly fees as long as they’re linked to your checking.

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 July 10, 2024.

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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