Santander Bank, which has more than 575 locations in nine states, has become a significant bank in the Northeastern United States. Santander Bank has a wide variety of deposit accounts and other personal, corporate, and commercial banking options.

Overview of Santander Bank

In the United States, Santander Bank offers online banking services. On the East Coast, there are just a few locations. People who bank with Santander Bank tend to be from New England states such as Massachusetts and the New York metropolitan area, as well as New Jersey and Pennsylvania. No matter where you are, Santander ATMs are free to use anytime you need them.

Basic Qualities

GOBankingRates gave Santander Bank a score of 4.6 out of 5 stars. In this manner:

APYs

However, Santander Bank's yearly percentage rates aren't spectacular, but they help you build up your balances over time. The annual percentage yield on a typical money market account ranges from 0.1 percent to 0.1 percent, depending on the balance. It is possible to make the most money by investing in CDs.

Benefits

Santander is the best option for you if you're familiar with internet banking. With a mobile banking app, everything from checking your accounts to depositing mobile checks can be done in one spot, 24 hours a day, and seven days a week. You may also use Zelle to send and receive free money from friends and family by setting up bill payments or using the service.

Products

There are a variety of accounts to pick from if you're interested in banking with Santander. Select, Simply Right, and Basic are the three primary checking account types, each requiring a minimum deposit of $25 to start. In addition, Santander provides a Student Value checking account that requires only a $10 deposit to create.

The Uniqueness of the Santander Bank

Despite its limited online banking services, Santander Bank is still a good alternative for anyone looking for a reliable bank. A linked checking and savings or money market account may help you avoid the bank's monthly maintenance costs while increasing your overall balance. The mobile app's user-friendly interface and many features make it simple to keep track of your finances on the go.

Comparable Alternatives to Santander Bank

Consider the following options before deciding on a bank.

Bank of America vs. Santander

Online banking comparisons demonstrate that Ally Bank performs better with more excellent interest rates on your accounts. Ally's savings account has an APY of 1.25%.

If you live near a Santander location, the physical presence may be more important to you than the higher returns of Ally Bank.

Capital One vs. Santander: Which bank is better?

With just a handful of branches, Santander Bank and Capital One Bank have many similarities. When you visit a Capital One branch, you'll find yourself in a café, a location where you may conduct your banking, hold meetings, or relax.

How To Fill Out The Forms

Visit a branch or apply online to open a Santander Bank account. An official government-issued picture ID and another form of identification, such as a utility bill, debit, or credit card, will be required to register. In addition, you must provide your full name, date of birth, Social Security number, and mailing address. Once your application has been accepted, wire funds to the account using an external account number and routing number.

Who Should Use Santander?

Santander Bank is your best bet if you're searching for a no-frills bank. There aren't very high savings rates at the moment. As a result, Santander could be a good option if you're looking for a low-cost checking account and a savings account where you can save a little cash in an emergency.

For the best experience with Santander, you must be comfortable using the mobile app for most of your banking needs. Otherwise, you risk having a limited selection of locations to choose from.

How to Use Santander Bank's Services

The majority of Santander Bank accounts may be applied for by customers online. Citizens of the United States or residents of other countries who have a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN) may apply (ITIN). 2 Besides a credit or debit card, you'll also need a way to transfer money into the new account. To open Select Checking but instead Select Money Market Savings, you must visit a Select branch and meet Select staff in person.

Verdict

The majority of Santander Bank's U.S. operations are conducted online. It is possible to select from several different checking and savings accounts at the bank in question. With Simply Right checking, you should be able to avoid monthly service costs as long as you keep your account active with regular transactions. You can open a savings money market account connected to your checking account for no additional monthly costs.