Daily Banking
Checking Accounts
Designed for deposits, debit card purchases, bill payments and routine financial activity.
Independent US Banking Guide
Santander Bank Accounts: A Complete Review
Explore Santander checking accounts, savings options, money market accounts and certificates of deposit. Understand account features, monthly fees and important considerations in one clear guide.
Bank Overview
Understanding Santander Bank
Santander Bank, N.A. provides personal banking services in the United States. Its deposit account lineup includes everyday checking accounts, interest-bearing savings, money market savings and fixed-term CDs. Account availability and rates can vary by location.
Building Savings
Savings Accounts
Interest-bearing accounts intended to help customers set money aside for future goals.
Interest-Bearing Deposits
Money Market Savings
Accounts offering variable interest rates with specific fee and balance conditions.
Fixed-Term Deposits
Certificates of Deposit
Term-based savings products with fixed rates and early withdrawal restrictions.
Everyday Banking
Santander Checking Accounts
Santander offers checking products with different monthly fees, benefits and eligibility conditions.
Checking
Simply Right® Checking
A checking account with a monthly fee that can be waived through qualifying activity.
- $10 monthly maintenance fee
- Fee waived with qualifying monthly transaction
- $25 minimum opening deposit
- Non-interest-bearing account
- Online and mobile banking
Checking
Santander® Essential Checking
A straightforward account designed for predictable everyday banking expenses.
- $4 monthly maintenance fee
- Age-based fee waivers available
- $10 minimum opening deposit
- Non-interest-bearing account
- No overdraft fees under product terms
Relationship Banking
Santander Select® Checking
An interest-bearing checking product with additional relationship benefits.
- $25 monthly maintenance fee
- Qualifying $25,000 combined balance waiver
- $25 minimum opening deposit
- Interest-bearing account
- Additional banking privileges
Digital Banking
Online Account Management
Eligible checking accounts include digital services for routine financial management.
- Account balance and transaction history
- Transfers between eligible accounts
- Mobile check deposit
- Bill payment services
- Account activity alerts
Savings Products
Santander Savings & Money Market Accounts
Santander offers several interest-bearing deposit accounts. Differences include monthly fees, relationship requirements and variable interest rates.
Traditional Savings
Santander® Savings
A basic savings account designed for building an emergency fund or saving for goals.
- $25 minimum opening deposit
- $1 monthly maintenance fee
- Fee waived with eligible checking account
- Other fee waiver options available
- Variable interest rate
Money Market
Santander® Money Market Savings
An interest-bearing savings account with balance-based rates and flexible access subject to withdrawal restrictions.
- $25 minimum opening deposit
- $10 monthly maintenance fee
- Fee waived with eligible Santander checking
- Or with $10,000 average daily balance
- Variable rates depending on applicable terms
Relationship Savings
Santander Select® Money Market Savings
A relationship-based savings option exclusively for eligible Santander Select Checking customers.
- $25 minimum opening deposit
- No monthly maintenance fee
- Santander Select Checking required
- Interest-bearing deposit account
- Rates available through Santander bankers
Fixed-Term Savings
Santander Certificates of Deposit
CDs provide fixed-term deposit options for money that does not need immediate access.
- $500 minimum opening deposit
- Fixed rate during the selected term
- Multiple maturity options
- Early withdrawal penalties may apply
- Rates vary by term and location
Product Comparison
Comparing Santander Deposit Accounts
This table summarizes key features of several Santander savings products.
| Account | Monthly Fee | Opening Deposit | Interest |
|---|---|---|---|
| Santander Savings | $1, waivable | $25 | Variable |
| Money Market Savings | $10, waivable | $25 | Variable |
| Select Money Market Savings | $0 | $25 | Variable |
| Certificates of Deposit | Generally none | $500 | Fixed for term |
Rate information:
APYs and account terms are subject to change.
Variable savings rates may depend on balance,
relationship status and geographic location.
Refer to official Santander disclosures for
current information.
Banking Education
Important Factors When Comparing Accounts
Monthly Fees and Waivers
Monthly maintenance fees can reduce the overall value of a deposit account. Some Santander products offer fee waivers based on checking relationships, qualifying transactions or minimum average balances.
Annual Percentage Yield (APY)
APY measures annualized deposit earnings, accounting for compounding. Savings and money market APYs are generally variable, while CDs typically provide a fixed rate for the term.
Access to Deposited Funds
Checking accounts are intended for frequent transactions. Savings and money market products can have withdrawal limitations. CDs generally impose penalties for early withdrawals.
FDIC Deposit Insurance
Eligible deposits at Santander Bank, N.A. are FDIC-insured, subject to applicable limits and ownership categories. Insurance coverage depends on how accounts are held.
Geographic Availability
Certain Santander account rates and offers are available only in specific US markets. Availability may differ based on ZIP code, branch location and product eligibility.
Balanced Overview
Advantages and Considerations
Potential Advantages
- Several checking and savings options
- Money market products for different relationships
- Digital and mobile banking services
- Branch access in supported US markets
- FDIC insurance on eligible deposits
Points to Consider
- Monthly fees on certain accounts
- Variable interest rates
- Geographic eligibility restrictions
- Balance and relationship requirements
- Potential CD early withdrawal penalties
Common Questions
Frequently Asked Questions
Does Santander offer money market accounts?
Yes. Santander offers Money Market Savings and Select Money Market Savings, with different eligibility and fee requirements.
Are Santander money market rates fixed?
No. Santander Money Market Savings accounts have variable interest rates that may change.
Does Santander offer CDs?
Yes. Santander offers certificates of deposit with fixed terms and applicable early withdrawal penalties.
Are Santander deposit accounts FDIC-insured?
Eligible deposits are insured by the FDIC, subject to applicable limits and account ownership categories.
Can account fees be waived?
Some Santander accounts offer monthly fee waivers when specific conditions are met. Requirements vary by account.
Research Sources
Official Account Information
This review is based on publicly available Santander product descriptions and general banking information.