Santander Bank review: Easily waive monthly fees for savings and checking accounts

Santander Bank's main draw is its easy-to-waive low fees. It also pays competitive rates on its money market account if you have a $10,000 balance.

This article was reviewed and updated on September 2, 2021.

Overall bank rating

Pros and cons

Savings

You might like the Santander Savings Account if you're looking for a savings account with low fees. The monthly service fee is just $1, which is lower than what most brick-and-mortar banks charge. It's also easy to waive the $1 fee completely - just open a Santander checking account or maintain a $100 minimum balance.

The main downside is that Santander pays a low interest rate. It's comparable to what you'll earn with other big banks, but many online banks offer high-yield savings accounts with significantly higher rates.

Checking

Santander has several checking accounts, but the Santander Simply Right Checking Account is the one that makes it easiest to waive monthly fees. The monthly charge is $10 unless you make one transaction per month, which is much more lax than most banks' requirements.

Although Santander has free ATMs around the Northeast, the bank charges a $3 fee if you use an out-of-network ATM.

You'll also pay a $35 fee if you overdraw from your account. You can link the checking account to another Santander account so funds transfer to keep you from overdrawing, but you'll still pay $12 each time you tap into overdraft protection.

CDs

Santander advertises rates for its promotional CDs on its website, but you can't find most CD rates online. You'll have to ask about rates when you visit a branch to open a CD. This can make it hard to shop around online and compare APYs before choosing a bank.

One unique perk is that you can request Santander to roll your earned interest into another Santander account rather than back into your CD, which is useful if you need money for a specific purpose.

Money market

Santander Money Market Savings operates on a tiered system, so the higher your balance, the higher your APY. Santander pays a better rate for the first six months, then your APY will drop a bit. Even taking the six-month intro period into consideration, you can find higher rates online. But if you're settled on using a brick-and-mortar bank, then Santander Money Market Savings is a pretty good option.

How Santander Bank works

Santander has over 575 branches and 2,000 ATMs in the Northeast. There are branches in eight states, including the following:

• Connecticut
• Delaware (only one location in the state, in Wilmington)
• Massachusetts
• New Hampshire
• New Jersey
• New York
• Pennsylvania
• Rhode Island

Santander also has one ATM location in Miami, Florida, but no branches.

The Santander mobile app has received 4.7 out of 5 stars in the Apple store and 4.2 out of 5 stars in the Google Play store.

You can call customer service 24/7. Santander also has separate customer support numbers for hearing- and speech-impaired customers.

Santander accounts are FDIC insured for up to $250,000, or $500,000 if you have a joint account.

Is Santander Bank trustworthy?

We typically include ratings by the Better Business Bureau to evaluate how a bank handles customer disputes. Santander has not been rated by the BBB, though.

Santander has not had any public controversies or disputes in the last few years. To get a better understanding of whether Santander is a good fit for you, it'd be a good option to consult friends, families, or online reviews.

How Santander Bank compares to similar banks

Santander is a worthwhile banking option for people who live in the Northeast and want a brick-and-mortar bank. We've compared Santander to two other banks with a physical presence in the Northeast: TD Bank and Citizens Bank.

Branch locations 8 states	Branch locations 15 states and DC	Branch locations 12 states
Minimum opening deposits Up to $10,000	Minimum opening deposits Up to $250	Minimum opening deposits Up to $1,000
Monthly fees Up to $75	Monthly fees Up to $25	Monthly fees Up to $25
Santander Bank, National Association Santander Bank, N.A. Simply Right® Checking Account	TD Bank TD Bank Convenience Checking Account	Citizens Bank One Deposit Checking from Citizens Bank®

Santander Bank review vs. TD Bank review

There are plenty of ways to waive monthly fees with TD Bank, but they're not quite as lax as Santander's requirements. Santander's money market account rates are also better than TD Bank's rates.

If you suspect you'll need to use out-of-network ATMs, then you might like the TD Bank Beyond Checking Account. This account doesn't charge out-of-network ATM fees, and if your balance is at least $2,500, then TD Bank will reimburse any fees charged by the provider.

If you either a) live in a state in the Northeast where there isn't a Santander Bank, or b) travel along the East Coast regularly, then you may prefer TD Bank.

Santander Bank review vs. Citizens Bank review

Citizens Bank is another solid option for people looking for a bank with low fees. Many of its accounts come with no monthly fees. One Deposit Savings from Citizens Bank™ charges a $4.99 monthly fee, but you just need to make one deposit per month to have it waived.

If you want to open a money market account, then you'll probably prefer Santander. Citizens Bank only pays 0.01% APY on its Personal Money Market Account, and Santander pays 0.10% to 0.47% APY after the first six months, depending on your balance.

Citizens Bank is also prominent in the Northeast, and it has a presence in a few Midwest states, too. If you just want a savings and checking account, then your choice between Santander and Citizens may come down to which has a location closer to your home.