Santander Bank Review: Is It the Best Bank for You?

GOBankingRates score

Quick shot: Santander Bank is one of the largest Spanish banks and offers online banking in the USA, with limited branches in the United States. If you’re comfortable doing most of your banking using a mobile banking app and a debit card, Santander may be a good choice. Here is more information about the bank and whether its services are right for you.

  • APYs
  • Benefits
  • Products
  • Customer service

How do we calculate this?

For an overview of Banco Santander, consider its major strengths and weaknesses.


  • Current and savings accounts, credit cards and personal loans available
  • Four checking account options
  • Exempt monthly service fees on accounts
  • Pre-qualify for a personal loan without affecting your credit


  • Limited presence of branches
  • CDs cannot be opened online

Overview of Banco Santander

Santander Bank offers online banking in the USA. There are limited branches on the east coast. Banco Santander’s customers are primarily focused on Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware.

No matter where you are, you can access ATMs whenever you need them at no cost assessed by Santander. In addition, Santander will reimburse selected account holders up to $ 30 per month in fees charged by other banks when using their ATMs.

Key features

Santander Bank got a GOBankingRates score of 4.6 out of 5. See how:


Banco Santander’s annual percentage returns are not innovative, but they do help you increase your balances. Standard money market accounts earn rates % a % APY, depending on your balance.

CDs may be the best option to maximize the interest you can earn. An APY of 0% for 15-month CDs is possible if you can reserve your funds for such a long time.


The biggest benefit of banking with Santander is its ease if you are comfortable with online banking. The mobile banking application makes it possible to manage almost everything from monitoring your accounts to making mobile check deposits in one place, 24 hours a day, 7 days a day.

You can also set up bill payment or use Zelle to send and receive money from friends and family at no charge.


If you are interested in banking with Santander, there are several account options to choose from.

There are three main current account options: Select, Simply Right, and Basic, all of which require a minimum deposit of $ 25 to open. Santander also offers a Student Value checking account with an initial deposit of $ 10. The Select checking account offers free ATM withdrawals worldwide and refunds of fees of up to $ 30.

Here’s more information about each account option:

It counts Monthly fee Ways to waive the fee Interests
Basic check $ 3 None No.
Simply checking correctly $ 10 At least one transaction of any kind per month No.
Select Check $ 25 Maintain a combined monthly balance of $ 25,000 or more Yes
Checking student value $ 0 N / A No.

The Santander savings account is free if you have a linked current account or an average monthly balance of at least $ 100. Otherwise, you will pay a monthly maintenance fee of $ 1. Provides an APY of %.

In addition to the savings account, you can opt for a higher interest rate with one of the two Santander money market accounts. As with your savings account, linking it to a Santander checking account will help you avoid monthly maintenance fees.

To block a guaranteed interest rate for a certain period of time, you can open a Santander CD for at least $ 500. However, CDs can only be opened in one branch, which can be a problem if you do not live near one of the few available branches.

Customer service

To contact Santander Customer Service, call 1-877-768-2265 anytime between 8:00 AM and 8:00 PM EST, seven days a week. You can also sign in to your account to contact customer service or through the mobile app.

As highlighted by Banco Santander

Banco Santander’s limited offerings for online banking are not the strongest or most innovative example, but they do offer solid banking options. The best option is to open and link a current and savings or money market account to increase your combined balances and avoid the bank’s monthly maintenance fees.

Using the mobile app to monitor and manage your accounts is easy, thanks to the simple design and the many options available.

Comparable options of Banco Santander

To compare banks before choosing, consider the following alternatives.

Banco Santander vs Ally Bank

Comparing two versions of online banking, you will see that Ally Bank has a good presentation and its balances have higher returns. Ally pays higher interest rates on your balances, with an APY of 0% in your savings account.

However, if you live in an area with Santander bank branches, your physical presence may exceed Ally Bank’s higher returns.

Banco Santander vs Capital One Bank

It is worth comparing Santander Bank with Capital One Bank as both focus on online banking with a limited number of branches. Capital One branches are known as cafes, places where you can manage your banking needs, have meetings, or just hang out.

Capital One Bank accounts outperform Santander when it comes to commissions. The bills are almost completely free. However, the bank’s account offerings are limited: Santander has more account options, including money market accounts.

How to apply

To open a Banco Santander account, you can visit a local office or apply online. You will need to provide government-issued photo identification and a second proof of identity, such as a utility bill, debit card, or credit card. In addition, your Social Security number and permanent address are required.

Once your application is approved, you will need to fund your account by transferring funds using an external account number and a route number.

For whom Banco Santander is better

Santander Bank is the best for those looking for a simple and luxurious banking experience. Savings rates are not the highest. So if your focus is on having a low-cost checking account and a savings account to keep a small amount of cash in case of an emergency, Santander may be your bank.

To make the most of banking with Santander, you’ll need to feel comfortable managing most of your banking with your mobile app. Otherwise, the available branches may be very few and far between for your convenience.

Final shot

Banco Santander’s presence in the United States is mostly online. The bank offers a variety of check and savings options to choose from.

As long as you keep your account active with regular transactions each month, you should be able to avoid monthly service charges with Simply Right check. You can then add a savings or money market account with no monthly fees as long as they are linked to your checking account.


  • Is Banco Santander a good bank?
    • Santander is a reputable bank that originated in Spain. Provides online banking to customers in the United States and branches in certain areas of the East Coast.
  • Is Santander part of Wells Fargo?
  • Is Santander linked to NatWest?
    • Santander bought NatWest and it is now its parent company.
  • Is Santander better than Bank of America?
    • Santander may be better than Bank of America if you are looking for a low cost online banking experience.
    • However, Bank of America has a strong local presence with branches across the country. In addition, Bank of America has more options for bank accounts, loans, and credit cards than Santander Bank.

Rates are subject to change; unless otherwise stated, rates are updated periodically. All other account information is accurate as of June 21, 2022.

Editorial note: This content is not provided by Banco Santander. The opinions, analyzes, reviews, assessments or recommendations expressed in this article are solely those of the author and have not been reviewed, approved or endorsed by Banco Santander.

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About the author

Cynthia Paez Bowman is a personal finance writer with a degree in international business and journalism from American University. In addition to writing about personal finance, he writes about real estate, interior design, and architecture. His work has appeared on MSN, Brex, Freshome, MyMove, Emirates Open Skies magazine and more.

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