Santander Bank Review: Checking, Savings and CDs
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Overall institution rating
4.0
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
Savings
Member FDIC
4.9
/5 NerdWallet ratingat 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
Member FDIC |  Member FDIC |  Member FDIC |
|---|---|---|
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 4.20% 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. | Learn more at SoFi Bank, N.A. | Learn more 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.
