Santander Bank Review 2024 (2024)

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The bottom line: Santander Bank could be a good fit if you want a brick-and-mortar bank with low monthly fees. For more competitive savings rates, though, consider one of the best high-yield savings accounts with an online bank.

Santander Bank Review: Overall Rating

Santander Bank Pros and Cons

Santander® Bank, N.A. Savings Account Review

You might like the Santander Savings Account if you're looking for a savings account with low fees. The monthly service fee is just $1, which is lower than what most brick-and-mortar banks charge. It's also easy to waive the $1 monthly service fee completely — just open a Santander checking account or maintain a $100 minimum balance or for account owners under the age of 26.

The main downside is that Santander pays a low interest rate, though.

Santander Bank, N.A. Simply Right® Checking Account Review

Santander has several checking accounts, but the Santander Bank, N.A. Simply Right® Checking Account is the one that makes it easiest to waive monthly bank maintenance fees. The monthly charge is $10 unless you make one transaction per month, which is much more lax than most banks' requirements or for account owners under the age of 26.

Santander reduced its overdraft transfer fee from $35 to $15 in November 2022. You can also link the checking account to another Santander account so funds transfer to keep you from overdrawing. There aren't any overdraft protection transfer fees involved.

Santander Bank, N.A. CD Review

Santander advertises rates for its promotional CDs on its website, but you can't find most CD rates online. You'll have to ask about rates when you visit a branch to open a CD. This can make it hard to shop around online and compare APYs before choosing a bank.

One unique perk is that you can request Santander to roll your earned interest into another Santander account rather than back into your CD, which is useful if you need money for a specific purpose.

Santander Bank, N.A. Money Market Savings Account Review

Santander Bank, N.A. Money Market Savings Account operates on a tiered system, so the higher your balance, the higher your interest rate. You'll earn the highest interest rate if you have at least $10,000 in your account.

Compare today's checking accounts

About Santander Bank

Santander has over 473 branches and 2,000 ATMs on the East Coast. There are branches in nine states, including the following:

• Connecticut
• Delaware
• Florida (only in Miami)
• Massachusetts
• New Hampshire
• New Jersey
• New York
• Pennsylvania
• Rhode Island

The Santander mobile app has received 4.7 out of 5 stars in the Apple store and 4.4 out of 5 stars in the Google Play store.

You can call customer service 24/7. Santander also has separate customer support numbers for hearing- and speech-impaired customers.

Santander accounts are insured by the FDICfor up to $250,000, or $500,000 if you have a joint account.

Is Santander Bank Trustworthy?

We typically include ratings by the Better Business Bureau to evaluate how a bank handles customer disputes. Santander has an NR "No Rating" from the BBB because it is responding to previously closed complaints.

Santander has not had any recent public controversies.

Santander Bank FAQs

Methodology: How we Reviewed Santander Bank

For our Santander Bank Review, used our bank account methodology to rate bank products and services.

For each type of bank account, we look at ethics, customer support, and mobile apps as set criteria. Other factors we'll consider depend on the specific account we're reviewing. For example, we look at interest rates for savings accounts and overdraft protection for checking accounts.

How Santander Bank Compares

Santander Bank Review vs. TD Bank Review

There are plenty of ways to waive monthly fees with TD Bank, but they're not quite as lax as Santander's requirements.

If you suspect you'll need to use out-of-network ATMs, then you might like the TD Bank Beyond Checking Account. This account doesn't charge out-of-network ATM fees, and if your balance is at least $2,500, then TD Bank will reimburse any fees charged by the provider.

If you either a) live in a state in the East Coast where there isn't a Santander Bank, or b) travel along the East Coast regularly, then you may prefer TD Bank.

Santander Bank Review vs. Citizens Bank Review

Citizens Bank is another solid option for people looking for a bank with low fees. One Deposit Savings from Citizens charges a $4.99 monthly service fee, but you just need to make one deposit per month to have it waived.

If you want to open a money market account, then you'll probably prefer Santander. Citizens Bank only pays 0.01% Annual Percentage Yield (APY) on its Citizens Bank Personal Money Market Account, and Santander pays 0.03% to 0.05% APY depending on your account balance.

Citizens Bank is also prominent in the East Coast, and it has a presence in a few Midwest states, too. If you just want a savings and checking account, then your choice between Santander and Citizens may come down to which has a location closer to your home.