Santander Bank: Savings Accounts & Rates

Savings rates updated: 10/26/2025

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

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: 0.01% APY(Rank 96 out of 97 savings accounts)

Minimum Deposit: $25

Offered by the affiliated Openbank:

High-Yield Savings Account: 4.20% APY(Rank 20 of the 20 Best Savings Rates)

Minimum Deposit: $500 | Online Only

National Savings Interest Rate: 0.4% (as of 10/20/2025)

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: Not Rated (Not BBB Accredited)

App Store Rating: 4.8/5

Google Play Rating: 4.1/5

Website: Visit Santander Bank

Our Take on Santander Bank

Highlights

Offers a Santander Savings account with a minimum deposit of $25.
No minimum balance requirement for the Santander Savings account.
User-friendly with a high App Store rating of 4.8.
Branches primarily located in the Northeast and Miami, Florida.

Considerations

Current APY of 0.01% is very low compared to other banks.
Maintenance fee of $1 may deter some savers.
Not BBB Accredited, which may raise trust concerns.
Google Play rating of 4.1 is lower than the App Store rating.

Summary: Santander Bank offers a low APY of 0.01% for its Santander Savings account, which is not competitive. The account requires a minimum deposit of $25 and has no minimum balance, but it does impose a $1 maintenance fee. While the bank has a strong App Store rating of 4.8, it is not BBB Accredited, which could affect trust. Branches are mainly in the Northeast and Miami, providing localized access.

Savings Account: In-Depth View

Savings Account Offered by Santander Bank

Feature	Santander Savings
APY	0.01% (as of 10/26/2025)
APY Trend	-0.02% QoQ
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
Sponsored Link
No deposit agreement summary available for this bank.

Calculate Savings for Santander Bank

All calculations are based on APY.

Savings Product:

Santander Savings (APY: 0.01%)

Initial Deposit:

Recurring Deposit Amount:

Deposit Frequency:

Duration:

Total savings breakdown:

Interest earned: $3.7 (0.03%)
Total contributions: $13,000 (92.83%)
Initial deposit: $1,000 (7.14%)

Your total balance

$14,003.70

Effective APY: 0.01% (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	0.01 %
Trend	Sideways
Slope (bps/mo)	-0.2
Rate Changes / Mo	0.11
Days Since Last Change	37
High (-9 m)	0.03 %
Low (-9 m)	0.01 %
Draw-down from High	-66.7 %
Volatility (CV)	0.254

APY Insights Glossary

Latest APY: Most recent advertised annual-percentage yield.
Trend: Direction over the last 9 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 (-9 m): Highest APY in the last 277 days.
Low (-9 m): Lowest APY in the last 277 days.
Draw-down from High: How far today sits below the 9-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 - 3.60% APY
All America Bank - 1.50-3.25% APY
Ally Bank - 3.40% APY
Amalgamated Bank - 2.25% APY
American Express - 3.50% APY
Ameriprise Bank - 3.15-3.15% APY
Axos Bank - 4.51% APY
Bank5 Connect - 4.05% APY
Bank of America - 0.01% APY
Barclays - 3.90-4.10% APY
Bask Bank - 4.05% APY
Betterment - 3.75% APY
BMO Alto - 3.25% APY
Bread Savings - 4.20% APY
BrioDirect - 4.20% APY
Capital One - 3.40% APY
Carver Bank - 4.00% APY
Charles Schwab Bank - 0.15% APY
Chase Bank - 0.01% APY
Chime - 1.00-3.50% APY
CIBC Bank USA - 3.92% APY
CIT Bank - 0.25-3.85% APY
Citibank - 3.40% APY
Citizens Access™ - 3.50% APY
Colorado Federal Savings Bank - 4.05% APY
ConnectOne Bank - 3.85% APY
Customers Bank - 3.98% APY
Discover Bank - 3.40% APY
Elevault - 4.34% APY
E*TRADE from Morgan Stanley - 3.75% APY
EverBank - 4.05% APY
Evergreen Bank Group - 4.25% APY
First Foundation Bank - 4.10% APY
Fitness Bank - 4.75% APY
Flagstar Bank - 3.90% APY
FNBO Direct - 3.00% APY
Forbright Bank - 4.00% APY
FVCbank - 4.10% 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
MutualOne Bank - 4.07% APY
My Banking Direct - 4.20% APY
MySavingsDirect - 3.75% APY
Neighbors Bank - 4.50% APY
Newtek Bank - 4.35% APY
OMB Bank - 1.00% APY
Openbank - 4.20% APY
Peak Bank - 4.20% APY
Pibank - 4.60% APY
PNC - 3.85% APY
Poppy Bank - 4.25% APY
Popular Direct - 4.05% APY
Presidential Bank - 4.00-4.50% APY
Prime Alliance Bank - 3.90% APY
Primis Bank - 3.85% APY
Quontic Bank - 3.75% APY
RBMAX - 3.90% APY
Rising Bank - 4.10% APY
ROGER - 3.87% APY
Salem Five Direct - 3.81% APY
Sallie Mae Bank - 3.90% APY
SmartyPig - 3.90% APY
SoFi Bank - 4.50% APY
Synchrony Bank - 3.80% APY
TAB Bank - 3.80% APY
TD Bank - 0.05-2.75% APY
The State Exchange Bank - 3.86% APY
TIMBR - 4.40% APY
UFB Direct - 3.76-3.96% APY
Upgrade - 3.42% APY
Valley Direct - 4.10% APY
Varo Bank - 2.50-5.00% APY
Wells Fargo - 0.05-0.05% APY
Western Alliance Bank - 4.10% APY
Zynlo Bank - 4.20% APY

Feature	Santander Bank	Select a bank...
Product	Santander Savings	N/A
APY	0.01% (as of 10/26/2025)	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

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	3.40%	$0
Santander Bank vs American Express	3.50%	$0
Santander Bank vs Axos Bank	4.51%	$0
Santander Bank vs Bank of America	0.01%	$100
Santander Bank vs Barclays	4.10%	$0
Santander Bank vs Bask Bank	4.05%	$0
Santander Bank vs BrioDirect	4.20%	$5,000
Santander Bank vs Capital One	3.40%	$0
Santander Bank vs Chase Bank	0.01%	$0
Santander Bank vs Chime	3.50%	$0
Santander Bank vs CIT Bank	3.85%	$100
Santander Bank vs Citizens Access™	3.50%	$0.01
Santander Bank vs Discover Bank	3.40%	$0
Santander Bank vs Elevault	4.34%	$0
Santander Bank vs EverBank	4.05%	$0
Santander Bank vs Fitness Bank	4.75%	$100
Santander Bank vs FNBO Direct	3.00%	$1
Santander Bank vs FVCbank	4.10%	$500
Santander Bank vs GO2bank	4.50%	$0
Santander Bank vs LendingClub	4.20%	$0
Santander Bank vs Marcus by Goldman Sachs	3.65%	$0
Santander Bank vs Neighbors Bank	4.50%	$0
Santander Bank vs Newtek Bank	4.35%	$0
Santander Bank vs Peak Bank	4.20%	$100
Santander Bank vs Pibank	4.60%	$0
Santander Bank vs Presidential Bank	4.50%	$5,000
Santander Bank vs SoFi Bank	4.50%	$0
Santander Bank vs Synchrony Bank	3.80%	$0
Santander Bank vs TIMBR	4.40%	$1,000
Santander Bank vs UFB Direct	3.96%	$5000
Santander Bank vs Valley Direct	4.10%	$1,000
Santander Bank vs Varo Bank	5.00%	$0
Santander Bank vs Wells Fargo	0.05%	$25
Santander Bank vs Zynlo Bank	4.20%	$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

Ameriprise Bank

Savings Account: 3.15% APY

Minimum Deposit: $100

Rising Bank

High-Yield Savings Account: 4.10% APY

Minimum Deposit: $1,000

Online Only

Marcus by Goldman Sachs

Marcus Online Savings Account: 3.65% APY

Minimum Deposit: $0

Online Only

Charles Schwab Bank

Schwab Bank Investor Savings™: 0.15% APY

Minimum Deposit: $0

TAB Bank

TAB Save: 3.80% APY

Minimum Deposit: $1,000

Online Only

TIMBR

Premium Savings Account: 4.40% APY

Minimum Deposit: $1,000

Online Only

Axos Bank

Axos ONE: 4.51% APY

Bundled Savings & Checking Account

Minimum Deposit: $0

Online Only

Summit Savings: 4.00% APY

Minimum Deposit: $0

Online Only

High Yield Savings: 0.61% APY

Minimum Deposit: $0

Online Only

FNBO Direct

High-Yield Online Savings Account: 3.00% APY

Minimum Deposit: $1

The State Exchange Bank

High-Yield Savings Account, powered by Raisin: 3.86% APY

Minimum Deposit: $1

Online Only

Peak Bank

Envision High Yield Savings: 4.20% APY

Minimum Deposit: $100

Online Only

Poppy Bank

Poppy Personal Savings: 0.10% APY

Minimum Deposit: $1,000

Poppy Premier Personal Savings: 0.50% APY

Minimum Deposit: $1,000

Poppy Premier Online Savings: 4.25% APY

Minimum Deposit: $1,000

Online Only

EverBank

Performance Savings: 4.05% APY

Minimum Deposit: $0

Online Only