Tuesday, 24 November 2020

Santander Bank Review of Checking, Savings, CD, and Money Market Accounts

Santander Bank Review of Checking, Savings, CD, and Money Market Accounts
01 Sep
4:10

Santander Bank, N.A’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.03%

Savings

Santander Bank, N.A Santander Savings Account

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.15%

CD Rates

Santander Bank, N.A 15 Month CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

2.40%

CD Rates

Santander Bank, N.A 3 Year CD

3.00%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Santander Bank’s checking account options

magnifying glass

How Santander Bank’s checking accounts compare

Santander Bank’s checking accounts offer numerous freebies that are commonplace in today’s competitive market. However, the bank’s checking accounts can’t compete with top online banks in terms of interest rates and ATM fee reimbursement.

Santander’s Basic Checking and Simply Right Checking are very similar accounts, but there’s no way to waive the Basic Checking account fee. This makes the Simply Right account more appropriate for customers that make even one transaction per month in their accounts.

On the high end, Santander’s Premier Plus Checking offers a host of services for customers who are more likely to need them. However, interest rates are nearly nonexistent and are not tiered, meaning customers with large deposits might want to look elsewhere for higher-paying options.

Santander Bank savings account options

magnifying glass

How Santander Bank’s savings accounts compare

Essentially, Santander Bank only offers one savings account. The account pays interest, but the rate is far lower than national averages and well below the top savings account rates you can find at online banks.

The savings account does have low fees and minimums, and can be used as a backstop in case you overdraw your checking account. You can also still access the full range of services offered to all Santander clients, such as free mobile and online access.

The bank’s student savings account can be a good way to get young investors involved in the savings process. However, as the account pays no interest, it is merely a place to store money rather than to earn savings.

magnifying glass

How Santander’s CD rates compare

Santander’s promotional CD rates are high and well above the national averages, but they aren’t the best CD rates you can find. Although you need a checking relationship to get Santander Bank’s best rates, you don’t have to sign up for the bank’s highest-tier checking account to receive them, unlike with some banks. Even a free checking account at Santander Bank gives you access to the bank’s promotional rates.

Santander’s CD rates are not tiered, so all customers get the same rates. If you’re a customer with a large account balance, this might work against you, as a higher deposit won’t garner you any additional interest. However, this is of great benefit to Santander customers with smaller account balances, as rates are the same whether you buy a $500 CD or a jumbo CD.

As with most banks, you can generally earn Santander’s highest CD rates by selecting the longest maturities. Things vary a bit with the bank’s promotional CDs, as there are rate dips with the 24-, 48- and 50-month maturities.

Santander’s Money Market Account Options

magnifying glass

How Santander’s money market accounts compare

Money market rates for both Santander accounts run on the high side. In fact, rates on both money market accounts run near the highest available, even from online banks. Decent rates can be had for a minimum deposit amount, good rates kick in at the $10,000 deposit level, and the best rates are available for deposits of at least $100,000.

Between the two Santander accounts themselves, there are a few distinctions. Although both accounts pay the same high interest rates, there’s no scenario in which you’d pay a monthly fee with the Premier Plus account. You also get the services of a private banker, and you can avoid all ATM fees.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

John Csiszar

John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

TAGS:

Recommended by

This Cash Back Number May Surprise You

This Cash Back Number May Surprise You

Best Travel Credit Cards With No Annual Fee

Best Travel Credit Cards With No Annual Fee

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

2 Credit Cards Charging 0% Interest until 2019

2 Credit Cards Charging 0% Interest until 2019

Source: https://www.magnifymoney.com/blog/reviews/santander-bank/

« »

Szemere

Related Articles