Editorial Review - Virginia

Santander Bank Review: Checking, Savings and CDs

Santander Bank offers options for checking, savings and CDs.

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Profile photo of Margarette Burnette
Senior Writer
Profile photo of Yuliya Goldshteyn
Assigning Editor
Fact Checked
Openbank, by Santander Bank, N.A.
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at Openbank, by Santander Bank, N.A., Member FDIC

  • Savings

Overall institution rating

4.0

NerdWallet rating 
The bottom line:

Santander Bank has thousands of ATMs and hundreds of branches mostly across the Northeast. It charges monthly fees for its checking accounts, but those fees are easy to waive. Customers who do not live within the traditional Santander footprint can open an online savings account that pays a strong rate and has no monthly fee.

Best for: Those who want ATM and branch access in the Northeast, or those who do not live in areas the bank traditionally serves and are looking for a high-yield online savings account.

Pros

  • Competitive rates on online savings accounts.
  • Overdraft buffer.
  • Solid regional branch network.

Cons

  • Monthly fees on checking accounts (though they are avoidable).
  • Online savings accounts are not available in some states.

Full review

Santander Bank

Savings

Openbank High Yield Savings

Savings

Member FDIC

4.9

/5
 NerdWallet rating 
APY
5.00%
With $500 min. balance for APY
Bonus
N/A
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at Openbank, by Santander Bank, N.A.

The Openbank account from Santander comes with a stellar interest rate and no monthly fees. However, there is a $500 minimum opening deposit. Also, while this is an online savings account, it is generally not available to customers who live within Santander’s brick and mortar footprint (mostly the Northeast, and in some cases, Florida).

» Find more high-rate options with NerdWallet’s best high-yield savings accounts.

How does Openbank, by Santander Bank, N.A. compare?

Current Product

NerdWallet rating 

4.9

/5
NerdWallet rating 

4.5

/5
NerdWallet rating 

4.5

/5

APY 

5.00%

With $500 min. balance for APY

APY 

4.00%

With $0 min. balance for APY

APY 

4.55%

With $5,000 min. balance for APY

Bonus 

N/A

Bonus 

$300

Earn up to $300 with direct deposit. Terms apply.

Bonus 

N/A

Learn more

at Openbank, by Santander Bank, N.A.

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at SoFi Bank, N.A.

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at CIT Bank

Methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.