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Santander Bank has over 484 branches and 2,000 ATMs in the Northeast.
Santander Bank; Alyssa Powell/Business Insider
The bottom line: Santander Bank could be a good fit if you want a brick-and-mortar bank with low monthly fees.
Overall bank rating
FeatureInsider rating (out of 5)Savings3.75Checking3.5CD3.5Money market3.25Trustworthiness3Total3.5
Pros and cons
ProsCons
Easy to waive monthly fees
Option to roll earned interest from your CD into another Santander account
Free overdraft protection
Low interest rate on savings accountOnly available in the NortheastLimited ATM options in network
Santander® Bank, N.A. Savings Account
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 fee completely — just open a Santander checking account or maintain a $100 minimum balance.
The main downside is that Santander pays a low interest rate. It’s comparable to what you’ll earn with other big banks, but many online banks offer high-yield savings accounts with significantly higher rates.
Santander Bank, N.A. Simply Right® Checking Account
Santander has several checking accounts, but the Santander Simply Right Checking Account is the one that makes it easiest to waive monthly fees. The monthly charge is $10 unless you make one transaction per month, which is much more lax than most banks’ requirements.
Santander has reduced its overdraft transfer fee from $35 to $15. This will automatically be administered to all Santander Bank customers 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. Certificate of Deposit
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
Santander Money Market Savings 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.
How Santander Bank works
Santander has over 484 branches and 2,000 ATMs in the Northeast. There are branches in eight states, including the following:
ConnecticutDelaware (only one location in the state, in Wilmington)MassachusettsNew HampshireNew JerseyNew YorkPennsylvaniaRhode Island
Santander also has one ATM location in Miami, Florida, but no branches.
The Santander mobile app has received 4.7 out of 5 stars in the Apple store and 4.2 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 FDIC insured for up to $250,000, or $500,000 if you have a joint account.
Santander Bank trustworthiness and BBB rating
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 public controversies or disputes in the last few years. To get a better understanding of whether Santander is a good fit for you, it’d be a good option to consult friends, families, or online customer reviews.
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. Santander’s money market account rates are also better than TD Bank’s rates.
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 Northeast 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. Many of its accounts come with no monthly fees. Citizens Bank One Deposit Savings Account charges a $4.99 monthly 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 Citizens Bank Personal Money Market Account Annual Percentage Yield (APY) on its Citizens Bank Personal Money Market Account, and Santander pays 0.10% to 0.47% APY APY depending on your account balance.
Citizens Bank is also prominent in the Northeast, 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.
Frequently asked questions
Does Santander Bank have free checking?
Santander Bank has a free checking account called Santander Value Checking. This checking account is specifically for students between the age ages of 14 and 25.
If you don’t qualify for Santander Value Checking, Santander Bank, N.A. Simply Right® Checking Account lets you waive the account’s $10 monthly service fee if you make one transaction each month.
How much interest does Santander pay on its savings account?
The Santander® Bank, N.A. Savings Account pays Santander® Bank, N.A. Savings Account APY.
Is Santander bank a good bank?
Santander might be worthwhile if you’re looking for a brick-and-mortar bank in the Northeast that makes it easy to waive monthly service fees. For example, you can waive monthly service fees on the Santander Bank, N.A. Simply Right® Checking Account by making one transaction per month. This is much more lenient than most banks’ requirements.