Santander Bank Review: A Solid Online Banking Option
Written by
Cynthia Bowman
Edited by
Joe Evans, CFHCâ„¢
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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 of Santander Bank, consider its biggest strengths and weaknesses.
Pros
- Checking and savings accounts, credit cards and personal loans available
- Four checking account options
- Waivable monthly service fees on accounts
- Prequalify for a personal loan without affecting your credit
Cons
- Limited branch presence
- CDs can't be opened online
Santander Bank is a national bank with a strong presence in the Northeast, offering a wide range of personal and business banking products. Known for its branch accessibility and integrated digital tools, Santander focuses on everyday banking convenience rather than leading the market on deposit rates.
This review breaks down Santander Bank’s checking, savings, money market and CD offerings, who the bank is best suited for and where it may fall short for rate-focused savers.
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.
Best For
Customer Service
National Banks
Online Banking
no-fees
Premium Checking
Santander Bank has three checking accounts with minimum deposits of either $10 or $25
Santander’s checking lineup gives customers a few different ways to bank depending on how simple or feature-rich they want their account to be. The low opening deposit and no minimum balance requirement make these accounts approachable, while fee waivers help reduce ongoing costs.
Fees
$4 to $25 fee depending on the account you open (can be waivable)
APY
Contact bank for APYs on Santander Select Checking
Min Opening
$10 or $25
Pros
- Strong geographic presence in the NortheastÂ
- Low minimum depositsÂ
- Fees are easily waivable Â
- Relationship perks Â
Cons
- Geographically limitedÂ
- Earns zero interest in checking Â
Quick Take
Santander stands out for offering multiple checking options with low opening deposits and no minimum balance requirement. It’s a practical choice for customers who want flexible everyday banking, especially if they can qualify for fee waivers or take advantage of relationship perks.
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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 .
Best For
Customer Service
National Banks
Online Banking
no-fees
Premium Checking
Santander keeps its savings offering simple with one main account
Santander offers one savings account built for convenience more than growth. It keeps barriers to entry low, and customers who already bank with Santander may find it useful for setting aside cash without taking on a meaningful monthly cost.
Fees
$1 monthly fee, which can be waived
APY
0.03%
Min Opening
$25
Pros
- Monthly fee can be waived with a linked checking account
- FDIC-insured deposits
- Easy-to-use mobile app for account management
Cons
- Low APY
- Monthly fee applies if waiver requirements are not met
Quick Take
This account works best as a straightforward companion to a Santander checking account. The opening deposit is low, the monthly fee is minimal and the waiver requirement is manageable for existing customers.
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Money Market Accounts
Besides the savings account, you can opt for a 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.Â
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.
Best For
Customer Service
National Banks
Online Banking
no-fees
Premium Checking
Santander offers two money market accounts — Money Market Savings and Select Money Market
Santander’s money market accounts are easy to open, but they are more about convenience and account pairing than standout yields. Customers who already bank with Santander may appreciate the low deposit requirement and branch access, though rate shoppers may want to compare other options first.
Fees
$10 (may be waivable)
APY
Contact bank for APY
Min Opening
$25
Pros
- Low minimum deposit for a money market accountÂ
- No fees for paper statementsÂ
- Can withdraw funds with no fee at 2,000 ATMsÂ
Cons
- Â APYs not published on websiteÂ
- Select Money Market is open to those who have a Santander checking accountÂ
- Branch access is limited Â
Quick Take
Santander makes money market accounts more accessible than some banks by requiring just $25 to open. This option makes the most sense for existing Santander customers who want to keep their banking under one roof and may be able to waive monthly fees.Â
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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.
Best For
Customer Service
National Banks
Online Banking
no-fees
Premium Checking
Santander offers three CD terms (six, nine and 13-month) with a minimum deposit of $500. Â
Santander offers CDs with a 3% APY with three terms (six, nine or 13 months). Other competitors may have higher APYs. Â
Fees
Early withdrawal penalty applies
APY
3% APY
Min Opening
$500
Pros
- Low minimum depositÂ
- FDIC-insured depositsÂ
- Predictable returnsÂ
Cons
- Early withdrawal penaltiesÂ
- Rates may not be as competitive as online banksÂ
- Limited CD terms Â
Quick Take
Santander makes investing in an CD accessible with a lower minimum of $500 (which is lower than most competitors). APYs are the same across all CDs.Â
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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.Â
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$4 to $25 fee depending on the account you open (can be waivable)
No monthly service fee
$0
APY
APY
APY
Contact bank for APYs on Santander Select Checking
to
Min Opening
Min Opening
Min Opening
$10 or $25
$0
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$1 monthly fee, which can be waived
No monthly service fee
$0
APY
APY
APY
0.03%
Min Opening
Min Opening
Min Opening
$25
$0
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
Early withdrawal penalty applies
No monthly service fee
No monthly service fee
APY
APY
APY
3% APY
Up to
Up to
Min Opening
Min Opening
Min Opening
$500
$0
$0
SELECTED BANK
MOST COMPARABLE
Fees
Fees
$10 (may be waivable)
$0
APY
APY
Contact bank for APY
Min Opening
Min Opening
$25
$0
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.Â
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
Best Fit
- Customers who value branch access and in-person support
- Households keeping checking, savings and loans at one bank
- Customers seeking a full-service retail banking experience
Less Ideal
- Rate-focused savers chasing top APYs
- Digital-first users comfortable with online-only banking
- Large idle balances seeking aggressive interest growth
Overall Banking Experience
Santander Bank delivers a traditional, full-service banking experience backed by a sizable regional footprint. Its digital tools support everyday banking needs, while branches remain central to customer service.
The trade-off for this accessibility is typically lower deposit yields compared with the most competitive savings and money market options.
Final Take to GO
Santander Bank is a solid choice for customers who prioritize convenience, branch access and a comprehensive product lineup. While its savings, money market and CD rates tend to be modest, the bank’s strength lies in accessibility, stability and integrated services.
For savers focused primarily on maximizing interest, Santander may not be the best fit. For customers who want everything under one roof with reliable regional support, it remains a dependable option.
FAQ
- Is Santander Bank FDIC-insured?
- Yes. Deposits are insured by the FDIC up to applicable limits.
- Does Santander Bank offer high-yield savings accounts?
- No. Savings and money market rates are generally conservative and not positioned as high-yield products.
- Are Santander Bank CDs competitive?
- CDs can provide predictable returns, but rates are typically lower than top national offerings.
- Is Santander Bank good for everyday checking?
- Yes. Santander is well known for accessible checking options and a broad branch network in its footprint.
- Who should consider banking elsewhere?
- Savers focused on maximizing APYs or managing money entirely online may prefer other options.
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 March 31, 2026.
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.
