Santander Bank: Savings Account & Rates
Mission: Banksparency aims to make Santander Bank's savings account transparent and comparable to the market.
Analysis of Santander Bank
Our verdict
Santander Bank offers Santander Savings, a high-yield savings account paying 0.01% APY with a $25 minimum deposit.
At 0.01% APY, Santander Bank is competitive with the national average of 0.39%. Ranks in the top tier of 98+ accounts tracked.
Ideal User Profile
- Best for: simple saving without extra requirements, quick transfers with Zelle, and having a branch nearby when you need one.
Key Differentiators
- Stands out with top-rated iOS app (4.7), in-person banking available, Zelle for instant transfers.
Savings Overview
Santander Savings
| Min. Deposit | $25 |
| Min. Balance | $0 |
| Maintenance Fee | $1 |
Market Reality Check
This bank offers rates below the current top tier. The best rates we track are currently above 4.15% APY.
Also see affiliated bank: Openbank
View productsBank Overview
- HQ LocationBoston, Massachusetts
- Founded1902
- AffiliationSantander Bank is a subsidiary of the Spanish Santander Group (BMAD: SAN). Formerly known as Soverigen Bank.
- Ratings & Trust
- Zelle® SupportAvailableBranch-based retail accounts only.
- Deposit InsuranceFDIC Insured(Cert: 29950)
Top Market Contenders
Savings Account: In-Depth View
Savings Account Offered by Santander Bank
| Feature | Santander Savings |
|---|---|
APY | 0.01%Verified: 1/29/2026 |
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
Savings Breakdown
- Interest Earned+$3.70(0.0%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$14,003.70
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 | 132 |
High (-12m) | 0.03% |
Low (-12m) | 0.01% |
Draw-down | -66.7% |
Volatility (CV) | 0.462 |
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: 1/29/2026 | - |
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 | 3.20% | $0 |
| Santander Bank vs American Express | 3.20% | $0 |
| Santander Bank vs Axos Bank | 4.21% | $0 |
| Santander Bank vs Barclays | 3.85% | $0 |
| Santander Bank vs Capital One | 3.20% | $0 |
| Santander Bank vs Chime | 3.00% | $0 |
| Santander Bank vs CIT Bank | 3.75% | $100 |
| 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 | 4.20% | $0.01 |
| Santander Bank vs Openbank | 4.09% | $500 |
| Santander Bank vs Pibank | 4.60% | $0 |
| Santander Bank vs SoFi Bank | 4.00% | $0 |
| Santander Bank vs Synchrony Bank | 3.50% | $0 |
| Santander Bank vs Varo Bank | 5.00% | $0 |
| Santander Bank vs Wealthfront | 4.20% | $0 |
Alternatives to Santander Bank
Banks with Higher/Similar Savings APY
For a top list of the highest savings rates, see all HYSA top rates
Colorado Federal Savings Bank
High Yield Savings: 3.80% APY
Minimum Deposit: $1
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Bank of America
Advantage Savings: 0.01% APY
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All America Bank
Regular Savings: 1.25% APY
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Super Savers MMDA: 2.75% APY
Minimum Deposit: $2,500
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Max Interest Savings: 3.40% APY
Minimum Deposit: $10
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High-Yield Savings Account: 3.75% APY
Minimum Deposit: $5,000
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TIMBR
Premium Savings Account: 4.15% APY
Minimum Deposit: $1,000
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Forbright Bank
Sprout Savings: 3.45% APY
Minimum Deposit: $1
Eligible States: Limited (see details)
Growth Savings: 3.85% APY
Minimum Deposit: $0
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Bright Savings: 3.45% APY
Minimum Deposit: $250
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CIBC Bank USA
Agility™ High-Interest Savings Account: 3.66% APY
Minimum Deposit: $1,000
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Sallie Mae Bank
High-Yield Savings Account: 3.75% APY
Minimum Deposit: $0
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Customers Bank
Yield Shield Savings Account: 3.48% APY
Minimum Deposit: $25,000
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Synchrony Bank
High Yield Savings: 3.50% APY
Minimum Deposit: $0
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Climate First Bank
Super Duper Savings Account: 4.01% APY
Minimum Deposit: $50