Santander Bank Review 2024

Santander Bank logo

Santander Bank

9.0 rating

Expert Take

If you want a local, full-service community bank, then Santander might be a great choice. They have a wide range of products and services, with 1,814 branches nationwide to help you with your banking needs.


  • Strong community
  • Wide range of products and services
  • Regular welcome bonuses


  • Regional
  • Some in-branch only services

Santander Bank logo

Learn More

at Santander Bank

Santander Bank is a subsidiary of Santander Group – a financial services company with 160 years of experience and a presence in 25 countries. The Spanish mother company was founded in 1857, making it over 160 years old. In the US, however, Santander Bank was previously called Sovereign Bank, founded in 1902.

Santander Bank US is based in Connecticut, Delaware, Florida, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island.

It has 1,814 branches and over 2,000 ATMs, serving over 25 million retail and commercial clients.

The bank has several divisions, including:

  • Personal Banking
  • Private Banking
  • Business Banking
  • Commercial Banking

Within the personal banking division, they offer a wide range of financial products and services, making it a full-service bank.

Santander Bank Availability

It’s important to note that, as we mentioned earlier, the bank only services a handful of states, including;

  • Connecticut
  • Delaware
  • Florida
  • Massachusetts
  • New Hampshire
  • New Jersey
  • New York
  • Pennsylvania
  • Rhode Island

Santander Checking Accounts

Santander offers many different accounts. If you’re looking for a free checking account, consider the following:

1. Simply Right Checking

With the Simply Right Checking account, you only need $25 to open the account. You don’t need to meet a minimum balance and can waive the $10 monthly fee by completing one transaction per month, such as a deposit, withdrawal, transfer, or payment. The monthly fee is also waived for account holders 26 years old or younger.

2. Student Value Checking

The Student Value Checking account is for students ages 14 to 25. There are no monthly fees and no minimum balance requirements. The account includes online and mobile banking and will transfer to another Santander checking account after you turn 26.

3. Santander Essential Checking

With the Santander Essential Checking account, you only need $10 to open the account. There is a $4 monthly maintenance fee, but it’s waived if you’re under 26. It offers free paperless statements, as well as online and mobile banking.

4. Santander Select Checking

The Santander Select Checking account is the only interest-bearing checking account the bank offers. You need $25 to open this account and must pay a $25 monthly fee that can be waived with a combined balance of $25,000 across all Santander accounts.

Santander Savings Accounts

Santander also offers several different savings accounts to choose from:

1. Santander Savings

The Santander Savings account requires $25 to open and a $1 monthly fee. You can waive the fee if you have a Santander checking account or maintain a $100 average daily balance. You do not have a minimum balance to maintain, and the current interest rate is 0.03%

2. Santander Certificate of Deposits

Santander now offers CDs, but the rate and terms depend on your location. You can only open CDs in a branch; on average, they pay 5.25% for 9-month CDs and 5.5% for 12-month CDs.

3. Santander Money Market Savings

The Santander Money Market Savings Account takes $25 to open, with no minimum balance requirements and a $10 monthly fee. You can waive the fee by opening a Santander checking account or maintaining a $10,000 average daily balance in your MMA account. The APY depends on your location – though I see an average 0.05% APY in my search.

4. Santander Select Money Market Savings

The Santander Select Money Market Account takes $25 to open, with no minimum balance requirements and no monthly fees. However, this account is only open to customers with a Santander Select Checking account – which costs $25 a month to keep open unless all your accounts maintain a balance of at least $25,000. The APY depends on your location – though I see an average rate of 4.25% APY in my search.

Santander Ultimate Cash Back Credit Card

The Santander Ultimate Cash Back credit card comes with an introductory offer that raises the cashback to 3% for the first 12 months and an APY of 0% for the first 12 months.

The 3% cashback is limited to qualified purchases up to $20,000.

The rate drops to 1.5% after you reach the limit, with no further limits. The credit card also has no annual service, maintenance, or foreign transaction fees.

Santander Personal Loans & Mortgages

As a lender, Santander offers mortgages, including refinance options, personal loans, and lines of credit.

Personal Loans

The bank advertises rates as low at 6.99% and same-day funding. Terms range from 3 – 7 years for $5,000 to $50,000 loans.


Santander has partnered with Rocket Mortgage to help you buy homes with affordable financing options.

Getting Started

Signing up with Santander is easy. The entire process is available online and takes only a few minutes.

Before starting, ensure you have your SSN (Social Security Number) and your residential address.

You must also transfer money into your account, which you can do using a debit or credit card, ACH transfer, check, or depositing cash.


Here are some of the best Santander Bank promotions going on right now:

1. Business Checking - up to $500 bonus

Expires: July 30, 2024

Santander Bank is again offering new business checking account customers a bonus for opening a new Business Checking or Business Checking Plus account. Previously this was a tiered bonus with the more you deposited, the more you could earn; however, it's a flat offer this time around.

Like before, the balance requirement is based on an average daily balance. That means you don't necessarily need to deposit $2,500 on day one, but the longer you wait to make a deposit, the higher the deposit needs to be in order to average out. They provide more details in the fine print!

Keep in mind that, like most business accounts, you'll need to go in-branch to open. Be sure to mention the promo BUS500Q124SEA to enroll in the offer.

How to earn the bonus

The Business Checking sign up offer requires you to deposit and maintain a minimum balance in order to earn the $500 bonus. Full requirements to receive this bonus are:

  1. Open a new Business Checking or Business Checking Plus account using the promo code BUS500Q124SEA.
  2. For 90 days, maintain an average daily balance of $2,500.
  3. Keep your account open for at least 90 days.
  4. Bonus will be paid within 30 days of the meeting the requirements.

read the full terms

2. Personal Checking - $400 bonus

Expires: September 30, 2024

Available in select states with the ability to open online, Santander Bank is offering a $400 welcome bonus when you open a new eligible Santander checking account and set up direct deposit.

Keep in mind that you'll need to enter your information (name and email address) on the promo's landing page in order to receive your unique code, which you'll then use on the online application to enroll in the promotion.

A heads up to Florida residents that this promotion is limited to certain zips within Miami-Dade, Monroe, and Broward counties.

How to earn the bonus

The Personal Checking sign up offer requires you to set up eligible direct deposits in order to earn the $400 bonus. Full requirements to receive this bonus are:

  1. Open a new eligible Santander checking account using the link below.
  2. Within 90 days, make direct deposits totaling $5,000 or more.
  3. Keep your account open for at least 90 days.
  4. Bonus will be paid within 30 days of the initial 90 day period.

read the full terms


Santander has a fraud detection program that constantly monitors customer accounts for fraud and unauthorized use in security. If they notice anything, they will contact you immediately, so you must ensure all your contact information is up to date at all times.

Santander offers customizable alerts and Instant Card Hold if you lose or misplace your card. You can configure alerts to receive them via text, email, or both.

Customer Service

Santander offers a few different ways to contact them. The website has a straightforward and well-organized FAQ section and can help you quickly find answers to common questions.

You can call, email, or visit a branch if you do not find the solution you need.

Branch hours vary by location, so it’s best to check the hours of your nearest branch online.

Customer service is available via telephone at 1-888-2224227, Monday to Saturday, 7 AM to 9 PM, and Saturday, 7 AM to 5 PM.

Pros & Cons

Like all banks, Santander Bank has several pros and cons to consider:


  • Community: Santander has built a strong sense of community in all states.
  • Wide Range of Products and Services: As a full-service bank, you can get all your banking needs done in one place.


  • Regional: Santander is a regional bank in the US, so you might be out of luck unless you live in the Northeast or Florida.
  • In-Branch Services: Some products and services (like CDs) require an in-person visit to a local branch.

Alternatives to Santander Bank

While Santander is a good, if not great, bank overall, you might want to consider alternatives. Since it offers several different things, you should first determine what Santander provides that’s important to you.

If it’s the sense of community, another community bank or a credit union might be a better fit for you.

Your options will mainly depend on where you live or work. Such financial institutions tend to offer a product and service mix similar to what Santander offers – but expect some inevitable differences.

You might also want to consider an online bank, making physical branch locations irrelevant.

By choosing this option, you’ll have to give up on face-to-face customer services; however, you may get better rates and lower fees in return.

Frequently Asked Questions

Is Santander Bank a good bank?

Yes. Santander bank reviews are primarily favorable. They are not BBB accredited, and while there are some complaints, the overall outlook is positive.

Is my money safe in Santander Bank?

Yes, Santander bank accounts are fully insured by the FDIC. Through this insurance, the FDIC will cover any losses you may suffer should something happen to the bank, giving you peace of mind that you won’t lose your entire savings.

Who is Santander Bank owned by?

Santander Bank is owned by Banco Santander S.A., with headquarters in Santander, Spain.

Does Santander charge a monthly fee?

Most Santander bank accounts do come with a monthly fee. However, this is relatively easy to waive in most cases.

Is Santander Bank Best for You?

If you are looking for a local, full-service community bank, then Santander might be a good option. They have a wide range of products and services, allowing you to build a strong relationship with them.

Santander also offers investment and private banking. Their wealth management services are designed to provide better service to the wealthy, giving you more customized options to manage your money.

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