Banking

Santander CD Rates: February 2024


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Santander Bank offers competitive rates on its certificates of deposit (CDs), with annual percentage yields (APYs) up to 5.00%. But it has only three term options, its CDs are available in just nine states and you must open an account in person.

Account details and APYs are accurate as of February 12, 2024.

Overview of Santander certificates of deposit

Santander Bank offers fixed-rate CDs with two term options: six- and nine-months. APYs for both terms are higher than the national average but lower than the best CD rates available. 

Santander CDs require a minimum deposit of $500, which is low compared to many other banks. 

But you must open an account in person, and the bank has branches in only nine states: Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and select areas in Florida.

How much can you earn with a Santander CD?

Santander Bank’s CD terms are short compared to those you can find elsewhere. Some banks offer terms of five years or longer. That said, you can earn hundreds of dollars in interest with Santander. Here’s an example:

How Santander CDs compare

Santander Bank offers high yields on its CDs, especially as many traditional banks continue to offer rock-bottom rates. 

Compared to online banks, Santander’s APYs are competitive, but it’s possible to find CDs with lower or no deposit requirements. 

Compared to other regional banks, results are mixed. But remember that some regional banks offer CDs and other accounts in more than a handful of states. 

Here are some alternatives for comparison:

How to open a Santander CD account

Santander doesn’t allow online applications for its CDs. You must visit a local branch to get started. Use the bank’s branch locator to review your options. You can even book an appointment with a banker ahead of time. 

To open an account, you need your Social Security number and a valid email address, among other personal information. You also must have the funds for your deposit, which can be cash or a check. 

The bank requires that you provide a government-issued photo ID.

Other savings options at Santander

In addition to its CDs, Santander offers a savings account and two money market accounts:

  • Santander® Savings: This basic savings account offers a 0.03% APY on your balance. There’s a monthly fee of $1 which can be waived with a $100 average daily balance in the account, by having any personal Santander checking account or if any owner on the account is under age 26. There’s a $25 minimum opening deposit.
  • Santander® Money Market Savings: This basic money market account has a $25 minimum opening deposit and offers a 0.03% APY on balances below $10,000 (down to $1) and 0.05% APY on balances of $10,000 or greater. It charges a monthly fee of $10 which can be waived with any personal Santander® checking account or with a $10,000 average daily balance in the account. 
  • Santander® Select Money Market Savings: You can only open this account if you have a Santander® Select Checking account. While there’s no monthly fee, the paired checking account has a $25 minimum opening deposit. This money market account is interest-bearing, but the bank doesn’t publicly disclose the rate information. Other perks include ATM fee rebates, waived bank fees and complimentary airport lounge access with Priority Pass (enrollment required).

Frequently asked questions (FAQs)

Santander Bank, formerly known as Sovereign Bank, has been in business since 1902. The bank is now part of Santander Group, a multinational financial services company based in Spain, and is insured by the Federal Deposit Insurance Corporation (FDIC).

Santander CDs are available only in the nine states where the bank has physical branches. If you’re interested in opening an account, you must visit a local branch and apply in person.

Depending on the CD term, an early withdrawal may cost you anywhere from three- to 12-months’ interest on the amount withdrawn.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Ben Luthi

Ben Luthi is a freelance writer who covers all things personal finance and travel. His work has appeared in dozens of online publications. Ben lives in Salt Lake City with his two children and two cats.

Hannah Alberstadt

Hannah Alberstadt is the deputy editor of investing and retirement at USA TODAY Blueprint. She was most recently a copy editor at The Hill and previously worked in the online legal and financial content spaces, including at Student Loan Hero and LendingTree. She holds bachelor’s and master’s degrees in English literature, as well as a J.D. Hannah devotes most of her free time to cat rescue.



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