Santander Bank: Savings Account & Rates

By Aviel Fahl

Updated: 1/21/2026

Mission: Banksparency aims to make Santander Bank's savings account transparent and comparable to the market.

Interest rates reported as APY

Savings Overview

Santander Savings

0.01% APY

Very StableNo rate changes in last 90 days

Min: $25 Branch Access

Min. Deposit	$25
Min. Balance	$0
Maintenance Fee	$1

Rank #101 of 99 tracked.

Market Reality Check

This bank offers rates below the current top tier. The best rates we track are currently above 4.20% APY.

See Top Rates

Also see affiliated bank: Openbank

View products

National Avg: 0.39% (FDIC, 1/20/2026).
Banksparency tracks live rates daily.

Bank Overview

HQ LocationBoston, Massachusetts
Founded1902
AffiliationSantander Bank is a subsidiary of the Spanish Santander Group (BMAD: SAN). Formerly known as Soverigen Bank.
Ratings & Trust
4.8iOS 4.0Android Not RatedBBB Not BBB Accredited
Zelle® SupportAvailable
Branch-based retail accounts only.
Deposit InsuranceFDIC Insured(Cert: 29950)

Visit Official Website

Featured Offers

Axos ONE - High Yield Savings & Checking

Over 95,000 fee-free ATMs
Get paid up to 2 days early with Direct Deposit
One convenient app for spending & saving

FDIC Insured

Savings4.31%APY

Checking0.51%APY

Go to Axos Bank

Member, FDIC

View Details

Monthly Maintenance Fee	None
Min. Deposit to Savings Account	$0
Min. Balance in Savings Account	$0
How to qualify for APY	OPTION ADirect Deposit $1,500+ AND Maintain $1,500+ avg daily checking balance. OR OPTION BDeposit $5,000+ total/mo AND Maintain $5,000+ avg daily checking balance.
Mobile Ratings	iOS:4.7 Android:4.5

The 4.31% APY is available with the Axos ONE savings and checking bundle. The checking account earns 0.51% APY. To qualify, you must either set up a direct deposit of $1,500 and maintain an average daily balance of more than $1,500 in your ONE Checking account, or receive at least $5,000 in total monthly qualifying deposits and maintain an average daily balance of more than $5,000.

EASY TRANSFERS, LOW MINIMUMS

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FDIC Insured

Quontic High Yield Savings

Apply in 3 minutes or less
No monthly service fees
Transfer with Zelle, Apple Pay, G-Pay, and more

FDIC Insured

Savings3.50%APY

Go to Quontic Bank

Member, FDIC

View Details

Monthly Maintenance Fee	None
Min. Deposit to Savings Account	$100
Min. Balance in Savings Account	$0
Mobile Ratings	iOS:4.8 Android:4.9

PREMIUM ACCOUNT, GENEROUS BONUS

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FDIC Insured

CIT Bank - Platinum Savings

Competitive APY - with a balance of $5,000+
Earn up to $300 bonus with qualifying deposit
Highly rated mobile apps

FDIC Insured

Savings3.75%APY

Up to$300Bonus

Go to CIT Bank

Member, FDIC

View Details

Monthly Maintenance Fee	None
Min. Deposit to Savings Account	$100
Min. Balance in Savings Account	$5,000
Mobile Ratings	iOS:4.8 Android:4.6

This is a tiered savings account, where the 3.75% APY requires meeting the $5,000 balance requirement. Lower balances earn an APY of 0.25%.

Our Take on Santander Bank

The Good

Low opening deposit ($25)
Highly rated mobile apps (iOS: 4.8, Android: 4.0)
Access to physical branches

Considerations

Monthly maintenance fee of $1
Yield is below current market leaders

Verdict

Santander Bank offers a savings account with an APY of 0.01%. There are no promotional rates, tiered interest, or checking account requirements. The account requires a low opening deposit of $25 and provides access to highly rated mobile apps (iOS: 4.8, Android: 4.0) and physical branches. However, be aware of a monthly maintenance fee of $1, and note that the yield is below current market leaders.

Top Market Contenders

Ally Bank

3.30% APY

vs. Santander Bank

CIT Bank

3.75% APY

vs. Santander Bank

American Express

3.30% APY

vs. Santander Bank

Popular Peer Comparisons

American Express vs Capital One Bank of America vs Capital One American Express vs SoFi Bank Marcus by Goldman Sachs vs Synchrony Bank Capital One vs SoFi Bank Chase Bank vs SoFi Bank

Savings Account: In-Depth View

Savings Account Offered by Santander Bank

Feature	Santander Savings
APY	0.01%Verified: 1/21/2026
APY Trend	Very StableNo rate changes in last 90 days
Min. Deposit	$25
Min. Balance	$0
Monthly Fee	$1
Direct Deposit	None
Checking Bundle	No
Branch Access	Yes
Compounding	Daily
FDIC Insured	Yes
Eligibility	United States
Next Steps	-

Calculate Savings for Santander Bank

All calculations are based on APY.

Selected Product

Santander Savings0.01% APY

Initial Deposit

Recurring Deposit

Frequency

Duration

Savings Breakdown

Interest Earned
+$3.70(0.0%)
Total Contributions
$13,000
Initial Deposit
$1,000

Projected Balance

$14,003.70

Effective APY

0.01%

The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.

Santander Bank Savings Rates Over Time

Historical APY Insights

Last 12 Months

Metric	Santander Savings
Latest APY	0.01%
Trend	Sideways
Slope (bps/mo)	-0.2
Rate Changes / Mo	0.08
Days Since Last Change	124
High (-12m)	0.03%
Low (-12m)	0.01%
Draw-down	-66.7%
Volatility (CV)	0.449

How to read these metrics▼

Trends & Velocity

Trend: The general direction of the rate over the analyzed period. Useful for spotting if a bank is currently aggressive or pulling back.
Slope (bps/mo): Speed of change. A high positive number means they raise rates quickly. 10 bps = 0.10%.
Rate Changes / Mo: "Twitchiness." High frequency means the rate changes constantly; low frequency means it's stable.

Risk & Range

High/Low: The absolute ceiling and floor of the rate during the 365-day window.
Volatility Score: Lower is better for predictability. It indicates how wildly the rate swings relative to its average.
Days Since Change: If this number is high (e.g., >90), the rate is very sticky. If low, it changed recently.

Why track this? Understanding volatility helps you avoid "bait-and-switch" rates. A steady, rising slope is ideal; high volatility often signals a temporary teaser rate.

Compare with Santander Bank

Feature	Current View Santander Bank	Empty Slot
Product	Santander Savings	-
APY	0.01%Verified: 1/21/2026	-
APY Trend	Very StableNo rate changes in last 90 days	-
Min. Deposit	$25	-
Monthly Fee	$1	-
Direct Deposit	No	-
Checking Bundle	No	-
Branch Access	Yes	-
Eligibility	United States	-
Compounding	Daily	-
FDIC Insured	Yes	-
Next Steps	-	-

Bank-to-Bank Comparisons

Compare Santander Bank's APY of 0.01% with other banks

Bank Pair	Competitor APY	Min Deposit
Santander Bank vs Ally Bank	3.30%	$0
Santander Bank vs American Express	3.30%	$0
Santander Bank vs Axos Bank	4.31%	$0
Santander Bank vs Bank of America	0.01%	$100
Santander Bank vs Barclays	4.00%	$0
Santander Bank vs Capital One	3.30%	$0
Santander Bank vs Chase Bank	0.01%	$0
Santander Bank vs Chime	3.50%	$0
Santander Bank vs CIT Bank	3.75%	$100
Santander Bank vs Citibank	3.30%	$0
Santander Bank vs Discover Bank	3.30%	$0
Santander Bank vs EverBank	3.90%	$0
Santander Bank vs Marcus by Goldman Sachs	3.65%	$0
Santander Bank vs Newtek Bank	4.35%	$0.01
Santander Bank vs Openbank	4.20%	$500
Santander Bank vs Pibank	4.60%	$0
Santander Bank vs SoFi Bank	4.00%	$0
Santander Bank vs Synchrony Bank	3.65%	$0
Santander Bank vs Varo Bank	5.00%	$0
Santander Bank vs Wealthfront	3.90%	$0
Santander Bank vs Wells Fargo	0.05%	$25