Santander Bank Review – A Regional Bank with Heart
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Fast Facts
Physical branches
Only in 9 states
Minimum account opening deposit
$10-$25
Monthly maintenance fees
$0-25; waivable
Overdraft fees
$15
Availability
Desktop and mobile app
When it comes to banking, what is important to you? When I first entered adulthood, all I knew was that I didn’t want to pay any fees. At that time, I didn’t stop and consider my options — instead, I just opened an account at the bank that was most convenient to me. These days, I have several more options. While it can be overwhelming, learning about my banking options and what each can offer can also be interesting.
Jump To
What is Santander Bank?
Santander Bank is one of the leading financial institutions in the Northeast of the United States. It offers a variety of checking and savings account options, as well as credit cards and personal loans. The bank’s reach is limited, with branches only available in the following states:
- Connecticut
- Delaware
- Florida
- Massachusetts
- New Hampshire
- New Jersey
- New York
- Pennsylvania
- Rhode Island
How does Santander Bank work?
There are several account options to explore on the Santander Bank website. At the top of the home page, you’ll see a button that can take you to a list of the bank's checking accounts.
Scrolling down the page, you’ll see other options, including savings accounts, mortgages, personal loans, and credit cards.
Let’s say that you want to open a new checking account. On the checking account page, you’ll see a summary of the options and a comparison chart.
In this case, I will go through the process of opening a Santander Select Checking account. After clicking on the Open Account button, the website takes me to a summary page, so I know what to expect throughout the process.
The application is what you would expect. It starts by asking for your contact information. You can also add a joint account owner to the application if you’d like.
Next, the application will ask for your home address.
You can enter a promo code at this point. Keep in mind, though, that you don’t need a promo code to qualify for an account.
Santander Bank might also suggest an additional account to complement the one you’re applying for. You can add that account to your application if you’d like to, or you can skip the suggestion and continue with the rest of the application.
To confirm your identity, Santander Bank will need to verify your social security number. It also needs to know your employment status.
The bank also asks some additional questions, including what you intend to use your account for and what sources you may use to fund your account.
The fifth step of the process is to set up your account options.
Finally, you need to read and agree to the terms and conditions to submit your application.
Throughout the process, you can elect to save your application and return to finish it later. You can also call customer service at 877-768-2265 if you have questions.
Additionally, you can use Santander’s virtual assistant services by using the pop-up at the lower right corner of the website.
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How much does Santander Bank cost?
Every banking account has fees associated with it. This might include account opening fees, monthly maintenance fees, overdraft fees, and more. When choosing an account from Santander Bank, reviewing the fees first is a good idea to decide which account is right for you.
Minimum opening deposits
Some bank accounts have minimum deposit requirements. To open that bank account, you must be prepared to deposit a certain amount of money into the account upon opening.
Santander Bank has minimum opening deposit requirements for its checking accounts:
Santander Select Checking | Simply Right Checking | Santander Essential Checking |
$25 | $25 | $10 |
The bank also has minimum opening deposit requirements for its savings accounts:
Santander Select Money Market Savings | Santander Money Market Savings | Santander Savings |
$25 | $25 | $25 |
Monthly account maintenance fees
It’s not uncommon for banks to charge a monthly account maintenance fee. This is a small service fee automatically deducted from your account each month. In some cases, you may be able to waive the maintenance fee if your account meets certain criteria.
Santander Select Checking | Simply Right Checking | Santander Essential Checking | Santander Select Money Market Savings | Santander Money Market Savings | Santander Savings |
$25 | $10 | $4 | $0 | $10 | $1 |
Monthly fee can be waived if you maintain a minimum combined balance of $25,000 between bank deposits and eligible Santander Investment Services | Monthly fee can be waived as long as the account is used at least once per month | Monthly fee can be waived if any owner on the account is under age 26 or 65 years of age or over. | N/A — no monthly maintenance fee | Monthly fee can be waived if you have an average daily balance of $10,000 OR If you have a Santander checking account as well | Monthly fee can be waived if you have an average daily balance of $100 OR If you have a Santander checking account as well |
ATM fees
When you use an ATM to withdraw funds from your bank account, you might be charged a small fee for each transaction. Santander Bank does not charge a fee for using Santander ATMs, but there are fees for withdrawing funds from non-Santander ATMs.
Santander Select Checking | Simply Right Checking | Santander Essential Checking | Santander Select Money Market Savings | Santander Money Market Savings | Santander Savings |
$0 | $3 | $2.50 | $0 | $0 | $3.00 |
Paper statement fees
With Santander Bank, you can receive paperless statements for free. However, you might have to pay a fee if you prefer to receive paper statements.
Santander Select Checking | Simply Right Checking | Essential Checking |
$0 | $3 per statement | $2 per statement |
Santander Bank savings account members can receive paper statements at no charge.
Overdraft fees
Santander Bank charges a $15 overdraft fee if your account balance is overdrawn by more than $100. This overdraft fee can be charged up to three times per day — once for each posted transaction.
Santander Bank features
Santander Bank has a lot to offer when it comes to personal banking, including a variety of checking and savings account options. Additionally, Santander Bank’s other products and services can make managing and maintaining finances easier for its members.
Certificates of Deposit (CD)
Certificates of Deposit (CDs) are a unique savings and investment product offering a fixed interest rate. When you take out a CD, you agree to invest your money for a specified term. After the maturity date, you can withdraw the money from the CD. Santander Bank offers CDs at competitive rates and with various terms to choose from. The CDs are also FDIC-insured.
Credit card
The Santander Ultimate Cash Back Card allows Santander Bank members to manage their credit cards and personal bank accounts. With this card, you can earn 3% cash back on qualified purchases for the first 12 months with a maximum of $20,000. After reaching this threshold, the card earns an unlimited 1.5% cash back on qualified purchases.
The credit card has no annual, cash advance, or foreign transaction fees. It offers a 0% introductory APR on qualified purchases and balance transfers for the first 12 months. After this introductory period, a balance transfer fee of $10 or 3% of the amount transferred — whichever is greater.
Santander’s mobile banking app provides everything you need to manage your account. It can activate the card, set alerts, make payments, and more. The card can also be connected to Apple Pay, Google Pay, or Samsung Play.
Personal loans
No matter what you need a personal loan for, Santander makes it easy to check your rate and explore your options. Loan amounts can be anywhere between $5,000 and $50,000. The loans also come with flexible repayment terms between three and seven years.
Unlike some lenders, Santander’s loans come with few fees and even some savings opportunities. There is no origination fee and no closing fee for the personal loans. Additionally, there are no prepayment penalty fees, allowing for even more flexibility. Interest rates start at 7.99%, and you can save 0.25% on your rate when you set up automatic payments from a Santander checking or savings account.
Mortgages
Santander Bank doesn’t offer mortgages directly, but it partners with Rocket Mortgage, one of the top online lenders. Through this partnership, the bank can offer exclusive discounts to qualifying members who apply for a mortgage.
Investment services
Santander Bank’s investment services are designed to meet every need. Every investment client receives a customized strategy based on the financial situation and goals laid out in the initial meeting. Santander’s investment team builds and monitors your financial plan to ensure you get the most out of your investments. They are also available to offer advice and make recommendations based on market changes.
Additionally, existing clients can access Santander PathFinder, an automated investment tool. This tool allows users to create a portfolio aligned with their goals and risk tolerance. The tool can also automatically rebalance portfolios and provide access to Santander Investment Services Financial Advisors as needed.
Who is Santander Bank best for?
Residents of the Northeastern United States
Santander Bank has a strong reputation but is only available in the country's Northeastern region. Residents of these areas can enjoy the convenience of having branch and ATM locations nearby.
People who want to avoid banking fees
While Santander Bank charges fees on some of its accounts, there are ways to avoid them. You can minimize your banking fees if you choose the appropriate accounts.
People who want simplified banking options
One of Santander Bank's biggest perks is that it offers all of the essentials but doesn’t make choosing your accounts overly complicated. It’s a great option if you’re looking for a bank that offers modest rewards with attainable requirements.
Who shouldn’t use Santander Bank?
Frequent ATM users
A major downside of Santander Bank is that it charges a fee if you use an out-of-network ATM. While some states have Santander Bank ATMs, there’s a good chance you may pay fees if you use an ATM while traveling.
People who prefer banking in person
Similarly, Santander Bank might not be for you if you prefer to do your personal banking. A limited number of physical branches are available, so you may be limited to its online banking features unless you live near one.
People who want a mortgage directly from their bank
Santander Bank’s partnership with Rocket Mortgage can be a good option for some people. However, if you’re looking for a bank that can directly provide you with a mortgage, it might be better to consider other options.
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1. Use Capital One Shopping for Free. It takes seconds to add Capital One Shopping and works with all major browsers.
2. Shop as you normally do. Capital One Shopping's magic works quietly in the background, searching for discounts on your purchase.
3. Save effortlessly. Ready to save? Just click Capital One Shopping and the best deal discovered will be applied to your cart.
Pros and cons
Pros
- Santander Bank’s minimum opening deposits are quite low, with the highest requirement being only $25.
- Most Santander Bank accounts offer a way to waive the monthly maintenance fee.
- Santander Bank offers several financial products and services, allowing its members to access exclusive discounts and benefits for opening multiple accounts.
Cons
- Some accounts can only be opened at one of Santander’s physical branch locations.
- Customer service is only available by phone Monday through Saturday from 8 a.m. to 8 p.m. EST.
- ATM fees can be costly if you don’t live near a physical branch location or a Santander Bank ATM.
Santander Bank vs. competitors
Bank
| Financial Products and Services Offered | Mobile app |
Santander Bank | Checking accounts, savings accounts, CDs, credit cards, personal loans, investment services, and mortgages through Rocket Mortgage | Yes |
Bank of America | Checking accounts, savings accounts, CDs, credit cards, auto loans, mortgages, investment services | Yes |
Bank of America
Bank of America is not only one of the top financial institutions in the country but has a strong global reputation. As one of the top financial institutions, the bank offers the option of in-person banking at one of its thousands of branches. It also offers the convenience of online and mobile banking for those who want to take their finances on the go.
One of the perks of using a major bank is getting several financial products from one financial institution. Like Santander, Bank of America offers checking accounts, savings accounts, loans, and investment products. It also directly offers mortgage loans.
Another feature of Bank of America is its Preferred Rewards program. This rewards program can benefit the bank’s financial products and services roster. For example, rewards program members can qualify for interest rate discounts, higher interest rates on savings accounts, and waived fees on banking services.
While Bank of America has many good things, there are some things to keep in mind when considering the institution for your financial services. It maintains a strong presence and stability and can offer in-person services at local branches nationwide. However, it lacks the highly competitive rates of some banks that prioritize online services.
FAQs
What’s the difference between a savings account and a money market account?
A savings account is designed to store your savings while allowing you to accrue a small amount of interest on your balance. These accounts are not meant to be used as spending money; usually, the only ways to withdraw money from your savings account are by withdrawing money at a physical branch or transferring it to a connected checking account. Money market accounts are similar but offer more flexibility when withdrawing your funds. Most money market accounts allow you to withdraw money by writing checks or using a debit card. Money market accounts may also offer higher interest rates than comparable savings accounts.
When would you use a joint checking account?
A joint checking account is an account that belongs to more than one person. Anyone who owns the account can make transactions, including depositing and withdrawing money from the account. A joint checking account is most often used by couples who share expenses. Some parents may also open a joint checking account with their child.
How do you choose a bank account?
When you choose any financial product, you should consider your financial situation and goals. For example, you should be mindful of the account's minimum balance requirements to ensure that you can realistically keep your account balances where they need to be. For savings accounts, you should consider the annual percentage yield (APY) to maximize your earning potential. Your preferences should also be considered, such as whether you want to use an online bank or a bank that you can visit in person.
The bottom line
Your finances are personal, and it’s important to review your options before you choose which financial institution you want to work with. The benefit of using a bank such as Santander is that you can meet several financial needs in one place. In addition to having a checking and savings account, you can use a Santander credit card and take out a personal loan from the bank. This makes managing your finances easier and gives you exclusive discounts and promotions.
Santander Bank is a good option for those who live in the Northeast and have access to its branch locations. Not only is it convenient to have physical branch locations nearby, but opening some of Santander’s accounts is also necessary. As good as Santander is, residents of other areas of the country should consider alternative options.
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Writer
Ashley Hart is a lead copywriter and digital marketing expert covering finance, law, real estate, music, entertainment, health and wellness.
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