Santander Bank Review: Checking, Savings and CDs
Santander Bank offers solid options for basic checking, savings and CDs. But rates are generally low, and overdraft fees are steep.
Overall bank rating
Savings
Checking
CD rates
Banking experience
Overdraft fees
3.5
The bottom line: Santander Bank has thousands of ATMs and hundreds of branches, mostly across the Northeast. It charges monthly fees for its checking and savings accounts, but those fees are easy to waive. Just watch out for low interest rates and high overdraft fees.
Pros
Over 2,000 ATMs and about 600 branches, mostly across the Northeast.
Only $25 to open a checking or savings account.
Cons
Basic checking account earns no interest.
Low savings account rates.
Steep overdraft fees.
Full review
Santander Bank, National Association Savings Account
3.5
NerdWallet ratingAPY
0.03%
With $1 minimum balance
For the Santander Bank savings account, all it takes to avoid the $1 fee is to also have a Santander checking account. A $100 average daily balance also does the trick. But the savings rate is lower than the already poor national average of 0.06%. Especially if you have more money to deposit, Santander’s Select Money Market Savings earns a better yield.
» For higher savings rates, check out NerdWallet’s best high-yield online savings accounts
Santander Bank, National Association Simply Right® Checking
3.5
NerdWallet ratingMonthly Fee
$10.00
Simply Right Checking waives its $10 fee if you make one transaction every month, whether that’s a deposit, withdrawal, transfer or payment. There’s no minimum balance requirement to maintain the account, but you need $25 to open it. Simply Right Checking accounts do not earn interest.
With Santander, you get access to over 2,000 ATMs, including those in many CVS Pharmacy locations. But Simply Right Checking has high fees for out-of-network ATMs and international purchases. The bank charges $3 to withdraw from domestic non-Santander ATMs, on top of any fees the ATM owner may charge. If you use a debit card at an an international ATM, the fee is $6 plus 4% of the withdrawal amount. There is one exception: It’s free to withdraw from Santander ATMs in Mexico.
» Compare NerdWallet’s best free checking accounts
Santander Bank, National Association CD
2.0
NerdWallet rating3-year APY
0.30%
Minimum Deposit
$500
You need just $500 to open a CD at Santander. Compare that with other banks that set the minimum at $1,000 or more. But the CDs generally earn low rates. While you can find reasonable promotional rates on some Santander CDs with unusual term lengths, most are not competitive. You must go into a branch to open a CD.
» Want to see more short-term CDs? See the best 1-year CDs this month
Banking experience
4.0
NerdWallet ratingYou can reach customer service representatives by phone from 8 a.m. to 8 p.m. EST, seven days a week. Other options include emailing, contacting Santander on Twitter or visiting one of its approximately 600 branches. The bank also has solid mobile app ratings.
Overdraft fees
2.0
NerdWallet ratingSantander charges $35 for overdrafts — which is typical for a big bank, according to a recent NerdWallet study — but you can be charged up to six times a day. Leaving an account with a negative balance for five consecutive business days results in an additional $35 extended overdraft fee. Not every bank charges this fee.
If you opt in for overdraft protection transfers from a linked savings account, there’s a $12 fee per day.
Santander Bank, National Association Savings Account
3.5
NerdWallet ratingAPY
0.03%
With $1 minimum balance
For the Santander Bank savings account, all it takes to avoid the $1 fee is to also have a Santander checking account. A $100 average daily balance also does the trick. But the savings rate is lower than the already poor national average of 0.06%. Especially if you have more money to deposit, Santander’s Select Money Market Savings earns a better yield.
» For higher savings rates, check out NerdWallet’s best high-yield online savings accounts
Santander Bank, National Association Simply Right® Checking
3.5
NerdWallet ratingMonthly Fee
$10.00
Simply Right Checking waives its $10 fee if you make one transaction every month, whether that’s a deposit, withdrawal, transfer or payment. There’s no minimum balance requirement to maintain the account, but you need $25 to open it. Simply Right Checking accounts do not earn interest.
With Santander, you get access to over 2,000 ATMs, including those in many CVS Pharmacy locations. But Simply Right Checking has high fees for out-of-network ATMs and international purchases. The bank charges $3 to withdraw from domestic non-Santander ATMs, on top of any fees the ATM owner may charge. If you use a debit card at an an international ATM, the fee is $6 plus 4% of the withdrawal amount. There is one exception: It’s free to withdraw from Santander ATMs in Mexico.
» Compare NerdWallet’s best free checking accounts
Santander Bank, National Association CD
2.0
NerdWallet rating3-year APY
0.30%
Minimum Deposit
$500
You need just $500 to open a CD at Santander. Compare that with other banks that set the minimum at $1,000 or more. But the CDs generally earn low rates. While you can find reasonable promotional rates on some Santander CDs with unusual term lengths, most are not competitive. You must go into a branch to open a CD.
» Want to see more short-term CDs? See the best 1-year CDs this month
4.0
NerdWallet ratingYou can reach customer service representatives by phone from 8 a.m. to 8 p.m. EST, seven days a week. Other options include emailing, contacting Santander on Twitter or visiting one of its approximately 600 branches. The bank also has solid mobile app ratings.
2.0
NerdWallet ratingSantander charges $35 for overdrafts — which is typical for a big bank, according to a recent NerdWallet study — but you can be charged up to six times a day. Leaving an account with a negative balance for five consecutive business days results in an additional $35 extended overdraft fee. Not every bank charges this fee.
If you opt in for overdraft protection transfers from a linked savings account, there’s a $12 fee per day.
How does Santander Bank, National Association compare?
Member FDIC | Deposits are FDIC Insured | |
|---|---|---|
APY0.50% With $0 minimum balance | APY0.40% With $0 minimum balance | APY0.20% With $0.01 minimum balance |
BonusN/A | BonusN/A | BonusN/A |
RATING 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.
