Santander Bank account review

Discover the Benefits of a Santander Bank Account

Santander Bank is a retail and commercial bank that prioritizes the financial needs of individuals, small businesses, and middle-market companies. It offers a wide range of financial products and services to its customers in the US.

These offerings include checking and savings accounts, loans, mortgages, credit cards, and investment services. Santander Bank aims to provide a convenient and modern banking experience to its customers through online and mobile banking services, as well as 24/7 customer support.

Santander Bank offers three different checking account options, each with its own set of advantages. Let’s explore the benefits of each account:

Santander® Select Checking

Santander Select Checking is an interest-bearing checking account that comes with a host of benefits. These include premium rates on a money market savings account, travel protection, and access to exclusive tickets and reservations through Mastercard Concierge Services. Account holders also enjoy features such as Zero Liability for unauthorized purchases, extended warranty, purchase assurance, and satisfaction guarantee. Santander PROTECHTION provides secure online and in-store shopping and bill payment experiences. The $25 monthly fee for this account is waived when customers maintain a minimum combined balance of $25,000 in eligible bank deposits and investments held with Santander Investment Services.

Additional perks of Santander® Select Checking include:

• No fee to use your Santander® Select World Debit Mastercard® at over 30,000 Santander ATMs globally
• Up to $30 rebate per service fee period for ATM surcharge fees charged by other institutions at non-Santander ATMs
• No international transaction fees for debit card purchases and ATM withdrawals
• No fee for expedited replacement card (lost, fraud, reissue)

Simply Right® Checking

Santander Bank’s Simply Right Checking account is a no-frills checking account that comes with fraud monitoring to detect unauthorized activity. With a low monthly fee of just $10, this account is an affordable choice for those seeking a simple checking solution. The monthly fee can be waived by making just one transaction per service fee period. Key features of Simply Right® Checking include:

• No minimum balance requirement
• Account opening deposit minimum of $25
• $3 fee for domestic non-Santander ATM withdrawals
• Not an interest-bearing account

Simply Right® Checking account holders have the option to choose between paper statements for $3 or paperless statements for $0 in statement delivery charges. This account does not offer a sign-up bonus or APY.

Student Value Checking

Santander’s Student Value Checking is designed for students aged 14 to 25 years old, with a legal guardian co-owner required for those between 14-18 years old. This account offers student-friendly features and time-saving services. It has no monthly maintenance fees, no minimum balance requirement, and fee-free international transfers. However, it does not earn interest on deposits. One unique feature of this account is fee-free incoming international transfers, which can be advantageous for students with family or friends overseas who need to send them money.

Currently, Santander Bank is offering a $25 bonus for signing up for the Student Value Checking account. To qualify for the bonus, customers need to make ten debit card purchases within 60 days of opening their account. It’s a great opportunity for students to take advantage of these benefits and earn some extra cash.

Requirements for Opening a Santander Bank Account

To open a checking account at Santander Bank, you will need the following:

• A social security number
• A US residential address (not a PO box)
• A funding account with routing and account number
• For some accounts, a valid email address and an initial deposit may also be required

You can choose to open a checking account online or in person at a Santander branch near you. The process is simple and convenient.

How to Apply for a Santander Bank Account

To apply for your Santander Bank checking account, follow these steps:

1. Visit the Santander Bank website or go to a Santander Bank branch in person.
2. Select the checking account option that best suits your needs (Santander® Select Checking, Simply Right® Checking, or Student Value Checking).
3. Review the account details and requirements.
4. Provide the necessary personal information, including your social security number, US residential address, and funding account details.
5. Complete any additional steps or requirements, such as email verification or making an initial deposit.
6. Submit your application.

Once your application is processed and approved, you will receive your account details and can start enjoying the benefits of your Santander Bank account.

Written by

Claire Harrison