What you need to open a Santander savings account
You can open a Santander savings account online, by phone, or in person at a branch. The process takes about 15 minutes online and requires a valid government ID, your Social Security number, and an initial deposit. Santander offers several savings account types — basic savings, money market accounts, and certificates of deposit (CDs) — each with different interest rates and minimum balance requirements.
The initial deposit amount varies by account type. Some basic savings accounts require as little as $25 to open, while money market accounts typically require $2,500 or more. You'll also need a way to fund the account: a debit card, bank transfer, or check deposit.
Key Takeaways
- You need a valid government ID, Social Security number, and initial deposit to open any Santander savings account online or in a branch.
- Basic savings accounts may require a $25 opening deposit, while money market accounts and CDs have higher minimums that vary by product.
- Online account opening takes about 15 minutes and you can fund the account immediately with a linked bank transfer or debit card.
- Interest rates and monthly fees depend on which account type you choose and your opening deposit amount.
Opening an account online
Go to Santander's website and select "Open an Account." You'll choose your account type first — savings, money market, or CD — then enter your personal information: name, date of birth, address, phone number, email, and Social Security number. The system will verify your identity using information from credit bureaus and public records.
After verification, you'll set up login credentials and review the account terms. You can then make your initial deposit using an external bank account (via ACH transfer), a debit card, or a wire transfer. The account opens immediately, though the initial deposit may take one to three business days to clear depending on the funding method you choose.
Opening an account in person or by phone
Call Santander at 1-855-289-2265 or visit a local branch to open an account with a representative. In-person appointments often move faster than phone calls, especially if you bring your ID and Social Security card. A representative will walk through the same information collection process as the online route but can answer questions about account features and rates in real time.
If you open by phone, the representative will mail you a temporary debit card and account information. You'll receive your permanent card within 7 to 10 business days. In-branch openings usually provide a debit card on the spot or within a few days.
Account types and their requirements
Santander offers three main savings products, each with different opening deposits and fee structures. Basic savings accounts are designed for people building savings without pressure to maintain a balance. Money market accounts pay higher interest but require you to keep a minimum balance to avoid monthly fees. Certificates of deposit lock your money for a set period in exchange for a fixed interest rate.
| Account Type | Minimum Opening Deposit | Monthly Fee | Best For |
|---|---|---|---|
| Basic Savings | $25 | $0 (no minimum balance required) | Building savings with no pressure to maintain a balance |
| Money Market Account | $2,500 | $0 if balance stays above $2,500 | Earning higher interest while keeping money accessible |
| Certificate of Deposit (CD) | $500–$2,500 (varies by term) | $0 | Locking in a fixed rate for a set period (3 months to 5 years) |
Interest rates change regularly and vary based on account type and current market conditions. Check Santander's website or call for current rates before opening. Money market accounts and CDs typically pay higher interest than basic savings, but money market accounts require you to keep a minimum balance to avoid fees.
What happens after you open your account
Once your account is open, you can deposit money immediately through online banking, mobile app, ATM, or in-branch deposit. Santander has over 2,000 ATMs nationwide, plus access to the Allpoint network of 55,000+ ATMs worldwide. You can also set up direct deposit of paychecks or transfer money from other banks.
Your debit card will arrive within 7 to 10 business days if you opened online or by phone. In-branch openings often provide a card immediately. You can activate your card through the Santander mobile app or by calling the number on the back of the card.
Fees and interest rates to know
Santander's basic savings account has no monthly maintenance fee and no minimum balance requirement. Money market accounts charge a monthly fee if your balance drops below the minimum (usually $2,500), but the fee is waived if you maintain the balance. CDs have no monthly fees — you simply earn a fixed interest rate for the term you choose.
Interest rates on savings accounts are typically lower than money market accounts or CDs. Rates change based on the Federal Reserve's actions and market conditions, so the rate you see today may not be the rate you lock in tomorrow. If you open a CD, your rate is fixed for the entire term, regardless of what happens to market rates.
Frequently Asked Questions
Can I open a Santander savings account if I don't have a Social Security number?
No. Santander requires a valid Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, you may be able to open an account — call Santander at 1-855-289-2265 to confirm whether your ITIN will work.
How long does it take to access my money after I open an account?
Your account opens immediately online, but the initial deposit takes one to three business days to clear depending on how you fund it. ACH transfers from another bank typically take two to three business days. Debit card funding may clear within one business day. Once the deposit clears, you can withdraw or transfer money anytime.
What's the difference between a money market account and a CD?
A money market account lets you withdraw money anytime and earn interest that changes with market rates. A CD locks your money for a set period (3 months to 5 years) in exchange for a fixed interest rate that doesn't change. If you withdraw from a CD before the term ends, you pay an early withdrawal penalty.
Do I need to keep a minimum balance in a basic savings account?
No. Santander's basic savings account has no minimum balance requirement and no monthly fee. You can open it with $25 and let it sit, or deposit and withdraw as you need to.
Can I open multiple savings accounts with Santander?
Yes. You can open more than one savings account, money market account, or CD with Santander. Some people open multiple accounts to separate savings goals or take advantage of different interest rates on CDs with different terms.