Santander Bank: Savings Accounts & Rates

Savings rates updated: 9/5/2025

Mission statement: Banksparency aims to make Santander Bank's savings accounts transparent and comparable to those of other banks. Learn more about Banksparency.

Note: Interest rates below are reported as APY, or Annual Percentage Yield

We earn a commission if you open an account through some links on this page.

Savings Overview

Santander Savings: 0.03% APY(Rank 91 out of 94 savings accounts)

Minimum Deposit: $25

Offered by the affiliated Openbank:

High-Yield Savings Account: 4.20% APY(Rank 31 out of 81 tracked HYSAs)

Minimum Deposit: $500 | Online Only

National Savings Interest Rate: 0.39% (as of 8/26/2025)

Note: The FDIC tracks savings and CD rates nationally, but it does not report APY, only the average interest rate.

(Source: FDIC)

Bank Overview

Location: Boston, Massachusetts

Founded: 1902

Affiliation: Santander Bank is a subsidiary of the Spanish Santander Group (BMAD: SAN). Formerly known as Soverigen Bank.

Access to Branches: Primarily in the Northeast and Miami, Florida

Deposit Insurance: FDIC Cert # 29950

BBB Rating: A- (Not BBB Accredited)

App Store Rating: 4.8/5

Google Play Rating: 4.3/5

Website: Visit Santander Bank

Our Take on Santander Bank

Highlights

  • APY of 0.03%, stable over the last 30 days
  • Low minimum deposit of $25 to open an account
  • Only $1 monthly maintenance fee
  • High App Store rating of 4.8

Considerations

  • APY is relatively low compared to other banks
  • Not BBB accredited despite an A- rating
  • Branches primarily in the Northeast and Miami only
  • No direct deposit requirement may limit some users
Summary: Santander Bank offers a savings account with a 0.03% APY, which has remained unchanged over the past month. With a low minimum deposit of $25 and a $1 monthly maintenance fee, it provides accessible options for savers. However, the APY is lower than many competitors, and the bank is not BBB accredited despite having an A- rating. Its branches are mostly located in the Northeast and Miami, limiting access for some customers.

Savings Account: In-Depth View

Savings Account Offered by Santander Bank

FeatureSantander Savings
APY
0.03% (as of 9/5/2025)
APY TrendStable for the last quarter
Minimum Deposit$25
Minimum Balance for APY$0
FDIC-insured
Yes
Online OnlyNo
Bundled Account
No
Direct Deposit Required
No
Compound Frequency
Daily
Maintenance Fee$1
EligibilityUnited States
Sponsored Link

No deposit agreement summary available for this bank.

Calculate Savings for Santander Bank

All calculations are based on APY.
Deposit Frequency:

Total savings breakdown:

  • Interest earned: $11.2 (0.08%)
  • Total contributions: $13,000 (92.78%)
  • Initial deposit: $1,000 (7.14%)

Your total balance

$14,011.20

Effective APY: 0.03% (based on your deposit and contributions)

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

MetricSantander Savings
Latest APY0.03 %
TrendSideways
Slope (bps/mo)0.0
Rate Changes / Mo0.00
Days Since Last Change228
High (-7 m)0.03 %
Low (-7 m)0.03 %
Draw-down from High0.0 %
Volatility (CV)0.000
APY Insights Glossary
Latest APY
Most recent advertised annual-percentage yield.
Trend
Direction over the last 7 months (regression slope).
Slope (bps/mo)
Average monthly change; 10 bps = 0.10 pp.
Rate Changes / Mo
Typical number of APY moves per month.
Days Since Last Change
Recency of the latest APY adjustment.
High (-7 m)
Highest APY in the last 228 days.
Low (-7 m)
Lowest APY in the last 228 days.
Draw-down from High
How far today sits below the 7-month peak.
Volatility (CV)
Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
  • See how quickly a bank reacts to Fed moves or competition.
  • Gauge “twitchiness” - frequent moves can annoy savers.
  • Spot if you're buying near a peak (draw-down) or riding a rise.
  • Slope (bps/mo) shows speed of change.
  • Volatility (CV) scales jumps by average level.

Compare Santander Bank's Savings Account

  • Affirm - 3.85% APY
  • All America Bank - 1.50-3.25% APY
  • Ally Bank - 3.50% APY
  • Amalgamated Bank - 2.25% APY
  • American Express - 3.50% APY
  • Ameriprise Bank - 3.15-3.15% APY
  • Axos Bank - 4.46% APY
  • Bank5 Connect - 4.05% APY
  • Bank of America - 0.01% APY
  • Barclays - 3.90-4.10% APY
  • Bask Bank - 4.15% APY
  • Betterment - 4.00% APY
  • BMO Alto - 3.50% APY
  • Bread Savings - 4.25% APY
  • BrioDirect - 4.30% APY
  • Capital One - 3.50% APY
  • Carver Bank - 4.00% APY
  • Charles Schwab Bank - 0.15% APY
  • Chase Bank - 0.01% APY
  • Chime - 1.25-3.75% APY
  • CIBC Bank USA - 4.02% APY
  • CIT Bank - 0.25-4.00% APY
  • Citibank - 3.50% APY
  • Citizens Access™ - 3.50% APY
  • Colorado Federal Savings Bank - 4.15% APY
  • ConnectOne Bank - 3.75% APY
  • Customers Bank - 4.23% APY
  • Discover Bank - 3.50% APY
  • Elevault - 4.60% APY
  • E*TRADE from Morgan Stanley - 4.00% APY
  • EverBank - 4.30% APY
  • Evergreen Bank Group - 4.25% APY
  • First Foundation Bank - 4.25% APY
  • Fitness Bank - 4.75% APY
  • Flagstar Bank - 4.00% APY
  • FNBO Direct - 3.25% APY
  • Forbright Bank - 4.25% APY
  • FVCbank - 4.35% APY
  • GO2bank - 4.50% APY
  • High Plains Bank - 0.23-3.82% APY
  • Jenius Bank - 4.20% APY
  • LendingClub - 3.20-4.20% APY
  • Live Oak Bank - 4.00% APY
  • Marcus by Goldman Sachs - 3.65% APY
  • My Banking Direct - 4.30% APY
  • MySavingsDirect - 3.75% APY
  • Neighbors Bank - 4.60% APY
  • Newtek Bank - 4.35% APY
  • OMB Bank - 1.00% APY
  • Openbank - 4.20% APY
  • Peak Bank - 4.35% APY
  • Pibank - 4.60% APY
  • PNC - 3.95% APY
  • Poppy Bank - 4.25% APY
  • Popular Direct - 4.10% APY
  • Presidential Bank - 4.00-4.50% APY
  • Prime Alliance Bank - 4.05% APY
  • Primis Bank - 4.20% APY
  • Quontic Bank - 3.75% APY
  • RBMAX - 4.15% APY
  • Rising Bank - 4.30% APY
  • ROGER - 4.12% APY
  • Salem Five Direct - 4.01% APY
  • Sallie Mae Bank - 3.90% APY
  • SoFi Bank - 3.80% APY
  • Synchrony Bank - 3.80% APY
  • TAB Bank - 4.15% APY
  • TD Bank - 0.05-3.00% APY
  • The State Exchange Bank - 4.21% APY
  • TIMBR - 4.40% APY
  • UFB Direct - 4.01-4.21% APY
  • Upgrade - 4.02% APY
  • Valley Direct - 4.30% APY
  • Varo Bank - 2.50-5.00% APY
  • Wells Fargo - 0.05-2.51% APY
  • Western Alliance Bank - 4.25% APY
  • Zynlo Bank - 4.35% APY
FeatureSantander BankSelect a bank...
ProductSantander Savings N/A
APY
0.03% (as of 9/5/2025)N/A
Bundled Account
NoN/A
FDIC-insured
YesN/A
Online OnlyNoN/A
Compound Frequency
DailyN/A
Minimum Deposit$25N/A
Minimum Balance for APY$0N/A
Maintenance Fee$1N/A
Direct Deposit Required
NoN/A

Bank-to-Bank Comparisons

Compare Santander Bank's APY of 0.03% with other banks
Bank PairCompetitor APYMin Deposit
Santander Bank vs Ally Bank3.50%$0
Santander Bank vs American Express3.50%$0
Santander Bank vs Axos Bank4.46%$0
Santander Bank vs Bank of America0.01%$100
Santander Bank vs Barclays4.10%$0
Santander Bank vs BrioDirect4.30%$5,000
Santander Bank vs Capital One3.50%$0
Santander Bank vs Chase Bank0.01%$0
Santander Bank vs Chime3.75%$0
Santander Bank vs CIT Bank4.00%$100
Santander Bank vs Discover Bank3.50%$0
Santander Bank vs Elevault4.60%$0
Santander Bank vs EverBank4.30%$0
Santander Bank vs Fitness Bank4.75%$100
Santander Bank vs FVCbank4.35%$500
Santander Bank vs GO2bank4.50%$0
Santander Bank vs Marcus by Goldman Sachs3.65%$0
Santander Bank vs Neighbors Bank4.60%$0
Santander Bank vs Newtek Bank4.35%$0
Santander Bank vs Peak Bank4.35%$100
Santander Bank vs Pibank4.60%$0
Santander Bank vs Presidential Bank4.50%$5,000
Santander Bank vs SoFi Bank3.80%$0
Santander Bank vs Synchrony Bank3.80%$0
Santander Bank vs TIMBR4.40%$1,000
Santander Bank vs UFB Direct4.21%$5000
Santander Bank vs Varo Bank5.00%$0
Santander Bank vs Wells Fargo2.51%$25
Santander Bank vs Zynlo Bank4.35%$10

Alternatives to Santander Bank

Banks with Higher/Similar Savings APY

For a top list of the highest savings rates, see all HYSA top rates

BrioDirect

High-Yield Savings Account: 4.30% APY

Minimum Deposit: $5,000

Online Only

American Express

High Yield Savings Account: 3.50% APY

Minimum Deposit: $0

Online Only

CIT Bank

Platinum Savings: 4.00% APY

Minimum Deposit: $100

Online Only

Savings Connect: 3.90% APY

Minimum Deposit: $100

Online Only

Chime

Chime Savings Account: 3.75% APY

Bundled Savings & Checking Account

Minimum Deposit: $0

Online Only

Direct Deposit: You need to receive a qualifying direct deposit of $200 or more within the preceding 34 days

Rising Bank

High-Yield Savings Account: 4.30% APY

Minimum Deposit: $1,000

Online Only

Colorado Federal Savings Bank

Premier Savings: 4.15% APY

Minimum Deposit: $50,000

Online Only

High Yield Savings: 4.10% APY

Minimum Deposit: $1

Online Only

Western Alliance Bank

High-Yield Savings Premier: 4.25% APY

Minimum Deposit: $500

Online Only

Discover Bank

Online Savings Account: 3.50% APY

Minimum Deposit: $0

Online Only

SoFi Bank

SoFi Savings: 3.80% APY

Bundled Savings & Checking Account

Minimum Deposit: $0

Online Only

Marcus by Goldman Sachs

Marcus Online Savings Account: 3.65% APY

Minimum Deposit: $0

Online Only

CIBC Bank USA

Agility™ High-Interest Savings Account: 4.02% APY

Minimum Deposit: $1,000

Online Only

BMO Alto

Savings Account: 3.50% APY

Minimum Deposit: $0

Online Only