Santander Bank offers solid options for basic checking, savings and CDs. But rates are generally low.
Aug 1, 2024 Written by Margarette Burnette Senior Writer Margarette BurnetteMargarette Burnette is a NerdWallet authority on savings, who has been writing about bank accounts since before the Great Recession. Her work has been featured in The Associated Press , USA Today and other major newspapers. Before joining NerdWallet, Margarette was a freelance journalist with bylines in magazines such as Good Housekeeping, Black Enterprise and Parenting. She is based near Atlanta, Georgia.
Assigning Editor Yuliya Goldshteyn
Assigning Editor | Banking
Yuliya Goldshteyn is a former banking editor at NerdWallet. She previously worked as an editor, a writer and a research analyst in industries ranging from health care to market research. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with a focus on Soviet cultural history. She is based in Portland, Oregon.
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The bottom line:Santander Bank has thousands of ATMs and hundreds of branches mostly across the Northeast. It charges monthly fees for its checking and savings accounts, but those fees are easy to waive. Just watch out for low interest rates and high overdraft fees. You can open Santander bank accounts online, but other online banks offer much higher rates and often don’t charge any fees for overdrafts or anything else.
Best for: Those who want ATM and branch access in the Northeast, don’t care to get the highest interest rates and can meet the requirements to have monthly fees waived.
Overdraft buffer. Solid regional branch network. Monthly fees (though they are avoidable). Cannot open some accounts online.NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
With $0 min. balance for APY
With $5,000 min. balance for APY
Earn up to $300 with direct deposit. Terms apply.
Learn moreat SoFi Bank, N.A.
Learn moreNerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
About the author
Margarette BurnetteMargarette Burnette is a NerdWallet authority on savings. Her work has been featured in USA Today and The Associated Press.Read more
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