Santander Bank

Last Updated: 7/24/2025

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

Quick Views

Santander Savings: 0.03% APY(Rank 89 out of 92 savings accounts)

Minimum Deposit: $25

Offered by the affiliated Openbank:

High-Yield Savings Account: 4.20% APY(Rank 31 out of 79 tracked HYSAs)

Minimum Deposit: $500 | Online Only

National Savings Interest Rate: 0.38% (as of 7/21/2025)

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: 4.7/5

Google Play Rating: 4.3/5

Website: Visit Santander Bank

Our Take on Santander Bank

Highlights

A+ BBB rating indicates strong trustworthiness.
App Store rating of 4.7 shows high customer satisfaction.
No minimum balance requirement for the Santander Savings account.
$25 minimum deposit to open a Santander Savings account.

Considerations

Current APY of 0.03% is not competitive.
Maintenance fee of $1 may reduce earnings.
Not BBB Accredited despite high rating.
Limited branch availability primarily in the Northeast and Miami.

Summary: Santander Bank offers a Santander Savings account with a $25 minimum deposit and no minimum balance requirement. However, the APY is only 0.03%, which is low for savers seeking higher yields. The bank has an A+ BBB rating, but it is not BBB Accredited. With a solid App Store rating of 4.7 and a Google Play rating of 4.3, customer satisfaction appears high, though the $1 maintenance fee may deter some users.

Savings Account

Savings Account Offered by Santander Bank

Feature	Santander Savings
APY	0.03% (as of 7/24/2025)
APY Trend	Stable for the last quarter
Minimum Deposit	$25
Minimum Balance for APY	$0
FDIC-insured	Yes
Online Only	No
Bundled Account	No
Direct Deposit Required	No
Compound Frequency	Daily
Maintenance Fee	$1
Eligibility	United States
No deposit agreement summary available for this bank.

Calculate Savings for Santander Bank

All calculations are based on APY.

Savings Product:

Santander Savings (APY: 0.03%)

Initial Deposit:

Recurring Deposit Amount:

Deposit Frequency:

Duration:

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

Metric	Santander Savings
Latest APY	0.03 %
Trend	Sideways
Slope (bps/mo)	0.0
Rate Changes / Mo	0.00
Days Since Last Change	183
High (-6 m)	0.03 %
Low (-6 m)	0.03 %
Draw-down from High	0.0 %
Volatility (CV)	0.000

APY Insights Glossary

Latest APY: Most recent advertised annual-percentage yield.
Trend: Direction over the last 6 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 (-6 m): Highest APY in the last 184 days.
Low (-6 m): Lowest APY in the last 184 days.
Draw-down from High: How far today sits below the 6-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.

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Feature	Santander Bank	Select a bank...
Product	Santander Savings	N/A
APY	0.03% (as of 7/24/2025)	N/A
Bundled Account	No	N/A
FDIC-insured	Yes	N/A
Online Only	No	N/A
Compound Frequency	Daily	N/A
Minimum Deposit	$25	N/A
Minimum Balance for APY	$0	N/A
Maintenance Fee	$1	N/A
Direct Deposit Required	No	N/A