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  Santander Bank Money Market Savings Account

Santander Bank Money Market Savings Account

in Money Market Accounts from Santander Bank · fdic

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Santander Bank Money Market Savings Account

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in Money Market Accounts from Santander Bank · Member FDIC

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Highlights
APY (Annual Percentage Yield) 0.25% - 1.6%
APY Minimum Balance $1
Minimum Opening Deposit Starting at $25

Santander Bank Money Market Savings Account Review

Santander Bank Money Market Savings Account is offered by Santander Bank, a bank founded in 1857 and based in Wilmington, DE. Santander Bank Money Market Savings Account is available in 50 states (and Washington, DC).

Key Takeaways
  • Very high APY. This account offers an annual percentage yield of up to 1.6%, which is much higher than the national average for a money market account.However, you must keep a minimum balance of $1.
  • Charges a monthly fee. This account charges a monthly service fee of $10, but the fee is waived if you keep a minimum balance of $10,000.
  • Small minimum initial deposit. You only need $25 to open an account.
Pros & Cons of Santander Bank Money Market Savings Account
Pros Cons
  • Available in all 50 states.
  • High-interest yield.
  • Does not offer mobile check deposits.
  • No charge on incoming domestic or international wire transfers.
  • No signup bonus.
  • Does not provide a debit card.
  • Monthly service charge.
Santander Bank Money Market Savings Account FAQ

Are money market accounts from Santander Bank federally insured?

Yes, your Santander Bank money market accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What are the interest rates for Santander money market rates?

Santander money market offers an APY starting at 0.25% and ranging up to 1.6% (APY stands for annual percentage yield, rates may change). However, to earn interest you must keep a minimum balance of $1.

Santander money market Rates and Terms
Rates Amount
APY (Annualized Percentage Yield) 0.25% - 1.6%

What are the fees for Santander Bank Money Market Savings Account?

This account charges a monthly maintenance fee of up to $10. You can avoid this fee by maintaining a balance of $10,000.

Santander Bank will charge you a $5 fee if you exceed your maximum number of monthly transactions.

Santander Bank Money Market Savings Account Fees
Fees Amount
Monthly Fee up to $10
Paper Statement Fee $0
Excess Transaction Fee $5

What is the minimum balance for Santander money market?

Minimum deposit of $25. You must make an initial deposit of at least $25 to open this account.

Monthly maintenance fee waiver. You can avoid the monthly fee if you keep a balance of $10,000.

Interest rate minimum balance of $1. You must keep the account balance above $1 to earn interest.

What features and perks does Santander money market offer?

This account includes the following features:

  • Fraud monitoring - Santander Bank monitors transactions for potentially fraudulent activity.
  • Mobile Banking Services - Santander money market allows you to manage your money through online banking and a dedicated mobile app.

What is the customer service phone number?

The customer service number for this business card is (877) 768-2265.

What is the support contact email?

The support contact email for this business credit card is customerrelations@santander.us.

How to open an account with Santander Bank

  • Visit the Santander Bank website.
  • Fill in the application form. You will typically need to provide general financial information, such as your name, Social Security Number and address.
  • Check the information is accurate and submit your application.
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Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

APY Minimum Balance $1
Minimum Balance to Avoid Monthly Fee Starting at $10,000
Minimum Opening Deposit Starting at $25
Paper Statement Fee 0
Monthly Fee $10
Account Features
  • Interest Bearing Account
  • Mobile Banking
  • Fraud Monitoring
  • Fraud Protection
  • Member FDIC
APY (Annual Percentage Yield) 0.25% - 1.6%

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