Santander offers three core checking accounts: Select, Premier, and Money Market
Santander has three primary checking account types available to retail customers: Select Checking, Premier Checking, and Money Market Checking. Each one is built for a different banking pattern—how often you use the account, how much you keep in it, and what services matter most to you. The differences lie in monthly fees, minimum balance requirements, interest rates, and which perks come included.
The account you choose affects what you pay each month and what you earn on your balance. If you do not meet the minimum balance or monthly deposit requirements, you will pay a monthly maintenance fee on Select and Premier accounts. Money Market Checking works differently—it pays interest on your balance, but the rate depends on how much you keep in the account.
Key Takeaways
- Select Checking is the basic option with the lowest minimum balance requirement and is designed for customers who want simple checking without extra features.
- Premier Checking requires a higher minimum balance but waives the monthly fee if you meet it, and includes benefits like higher ATM reimbursement and priority customer service.
- Money Market Checking pays interest on your balance and is best if you keep a substantial amount in the account, though the interest rate varies based on your balance tier.
- All three accounts come with a debit card, online banking, and mobile app access, but fees and earning potential differ significantly.
Select Checking: The basic account with low barriers
Select Checking is Santander's entry-level checking account. It has the lowest minimum balance requirement of the three options and is designed for people who want straightforward checking without monthly fees or balance pressure. You can avoid the monthly maintenance fee by maintaining a minimum balance (the exact amount varies by region and changes periodically—contact Santander directly for your location) or by setting up direct deposit.
This account includes standard features: a debit card, online banking, mobile check deposit, and access to Santander's ATM network. You get a limited number of free out-of-network ATM withdrawals per month; additional withdrawals carry a fee. Select Checking does not pay interest on your balance. If you fall below the minimum balance and do not have direct deposit set up, you will be charged a monthly maintenance fee.
Premier Checking: Higher balance, more perks
Premier Checking is the middle tier and requires a higher minimum balance than Select. If you maintain that balance, the monthly maintenance fee is waived. Premier accounts come with enhanced benefits: higher ATM reimbursement (Santander reimburses out-of-network ATM fees up to a certain amount per month), priority phone support, and sometimes discounts on other Santander products like loans or credit cards.
Like Select, Premier Checking does not earn interest on your balance. The trade-off is that you need to keep more money in the account to avoid fees, but if you do, you get better customer service and more ATM flexibility. Premier is useful if you maintain a steady balance and want to avoid fees without having to set up direct deposit each month.
Money Market Checking: Interest-bearing account for larger balances
Money Market Checking is structured differently from the other two. Instead of charging a monthly fee, this account pays interest on your balance. The interest rate is tiered—the more you keep in the account, the higher your rate. Santander sets these rates and changes them periodically based on market conditions, so the rate you earn today may not be the rate you earn in six months.
Money Market Checking typically requires a higher minimum balance to open and to maintain without penalty. If your balance falls below the minimum, you may face a monthly fee or a penalty. This account is best for people who keep a substantial amount in checking (not savings) and want to earn something on that money. The interest earned is reported to the IRS on a 1099-INT form if it exceeds a certain threshold.
How to choose between the three accounts
Start with how much money you typically keep in checking. If you keep less than a few thousand dollars and want to avoid balance requirements, Select Checking is the right fit. If you maintain a steady balance of several thousand dollars and want to avoid fees while getting better ATM access and service, Premier Checking makes sense. If you keep a large amount in checking and want to earn interest rather than pay fees, Money Market Checking is the option.
Also consider your banking habits. If you receive regular direct deposits (paycheck, benefits, etc.), you may be able to waive fees on Select or Premier even with a lower balance. If you rarely use direct deposit and prefer to keep money liquid in checking, Money Market Checking's interest may offset the higher minimum balance requirement. Contact Santander or visit a branch to confirm current minimum balance amounts and fee structures for your region, as these can vary.
Fees and minimum balances vary by location
Santander's checking account terms—including minimum balance requirements, monthly maintenance fees, and ATM reimbursement limits—are not uniform across all branches and regions. Some areas may have different minimums or fee structures than others. Before opening an account or switching between types, confirm the specific terms that apply to your location.
You can find this information by calling Santander's customer service, visiting a local branch, or checking the account disclosure documents on Santander's website. The disclosure will list the exact monthly fee (if any), the minimum balance needed to waive it, and what happens if your balance drops below the minimum.
Moving between accounts if your needs change
You are not locked into one account type. If you open Select Checking and later want to move to Premier or Money Market, you can contact Santander to convert your account. Conversion is usually free and can often be done online or by phone. Your account number and routing number may change, so update any automatic payments or direct deposits after you switch.
Similarly, if you open Money Market Checking and later decide the interest rate is not worth the higher minimum balance, you can downgrade to Premier or Select. There is no penalty for switching, but plan ahead if you have automatic transfers or bill payments linked to the account.
Frequently Asked Questions
Can I have more than one checking account with Santander?
Yes. You can open multiple checking accounts at Santander, including different types (for example, one Select and one Money Market). Each account has its own number and terms. This can be useful if you want to separate spending from savings or if you have a household account and a personal account.
What happens if my balance drops below the minimum on Premier or Money Market?
On Premier Checking, you will be charged the monthly maintenance fee if your balance falls below the minimum and you do not have direct deposit. On Money Market Checking, a low balance may trigger a fee or penalty depending on Santander's current terms. Check your account disclosure or contact customer service to confirm the exact consequence for your account type.
Does Santander offer any checking accounts with no monthly fees?
Select Checking has no monthly fee if you maintain the minimum balance or set up direct deposit. Premier Checking also waives its fee if you meet the minimum balance. Money Market Checking does not charge a monthly fee but requires a higher minimum balance and pays interest instead.
Can I earn interest on Select or Premier Checking?
No. Select and Premier Checking accounts do not pay interest on your balance. Only Money Market Checking earns interest, and the rate depends on your balance tier. If earning interest is important to you, Money Market Checking is the only option among Santander's three main checking accounts.
How do I know which minimum balance applies to my account?
Minimum balance requirements vary by region and can change. The most reliable way to find out is to call Santander customer service, visit a local branch, or review the account disclosure document for your specific account type and location. Do not assume the minimum is the same everywhere.