Santander Bank Checking Account

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Santander Bank Checking Account


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Banco Santander is the 10th largest bank in the world, and its United States arm, Santander Holdings USA, is the 22nd largest bank in the US by assets. As of 2015, Santander Holdings has $89.4 billion in assets and $58.9 billion in deposits. As of September 2015, it employed 9,399 workers in 676 branches spread over eight states. The headquarters are in Wilmington, Delaware.

Banco Santander was founded in Spain in 1857. It is one of the largest banks in the world and the largest in the Euro-zone. In 2006, it purchased Sovereign Bank, a large regional bank with a strong presence in the Northeastern United States, and rebranded it as Santander. Sovereign Bank was founded in 1902 and was based in Boston, Massachusetts. Santander Bank has an A+ rating with the BBB and a four-star rating with Bauer Financial.

What Are Santander Bank’s Checking and Savings Accounts Like?

Santander Bank has three primary checking accounts: Santander Basic Checking, Simply Right Checking, and Santander Premier Plus Checking.

Santander Basic Checking has a $3 monthly fee. It doesn’t earn interest and has a minimum deposit of $25. Electronic statements are free, but paper statements cost $3 per statement. Non-Santander ATMs incur a $3 fee per withdrawal. Customers receive a free Santander Savings or Santander Money Market Savings account.

Simply Right Checking has a $10 monthly fee, but you can avoid it by making at least one financial transaction during the month. A financial transaction includes a deposit, withdrawal, transfer or payment. The account does not earn interest and has a minimum opening deposit of $25. Customers receive a complimentary Savings or Money Market Savings account, but they must pay $3 per transaction at non-Santander ATMs.
Santander Premier Plus Checking is an interest-bearing checking account with a $35 monthly fee. You can waive the monthly fee by maintaining a $75,000 in combined balances or $6,000 in total monthly deposits. The account has a $50 minimum opening deposit, but it provides free statements and access to Santander’s Premier Plus Money Market Savings.

Santander Bank has three primary savings accounts: Santander Savings, Santander Premier Plus Money Market Savings, and Santander Money Market Savings.

Santander Savings has no monthly fee, as long as you maintain a Santander checking account. If you don’t have a checking account and don’t maintain a daily minimum of $100, you must pay a $1 monthly fee. You can easily arrange for automatic transfers to your savings account. The minimum opening amount is $25.

Santander Premier Plus Money Savings Account is complimentary for customers who maintain a Premier Plus checking account. Account holders receive a dedicated banker and higher interest rates.

What Are the Advantages and Disadvantages of Santander Bank’s Checking and Savings Accounts?

We love this about Santander Bank:

  • Low minimum opening deposits
  • Full selection of accounts
  • World Bank
  • Extensive network of ATMs

We don’t like this about Santander Bank:

  • Low rates
  • Minimum balances
  • Monthly service fees
  • Prime services are not available to customers with modest balances
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Available in 9 States
  • Connecticut
  • Delaware
  • Florida
  • Massachusetts
  • New Hampshire
  • New Jersey
  • New York
  • Pennsylvania
  • Rhode Island

Feature Breakdown

Overdraft Item Fee
Returned Deposit Fee
Stop Payment Fee
Bank Transfer (National)
Bank Transfer (International)
Overdraft Protection Fee (per transfer)
Paper Statement Fee
Out-of-Network ATM Fee
Bauer Financial A+/A Rating
Savings Interest Rate
Starting at
Checking Interest Rate
Starting at
CD Accounts

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