What you need to open a Santander savings account
Santander offers savings accounts online and in branch. To open one, you will need a government-issued photo ID, your Social Security number, and an initial deposit. Most Santander savings accounts require a minimum opening deposit that ranges from $0 to $25,000 depending on the account type — check the current requirements on Santander's website or ask in branch, as these change. You will also need a valid mailing address and a phone number.
If you are opening online, you can complete the entire process from your computer or phone in about 10 minutes. If you open in branch, bring your ID and be ready to provide your Social Security number verbally. Either way, Santander will run a soft credit check and verify your identity through ChexSystems, which is a banking history database that does not affect your credit score.
You do not need an existing Santander checking account to open a savings account, though many people link the two. If you already bank with Santander, opening a savings account is faster because your identity is already verified in their system.
Key Takeaways
- You need a government photo ID, Social Security number, and initial deposit to open a Santander savings account online or in branch.
- Minimum opening deposits vary by account type and range from $0 to $25,000, so confirm the requirement for the specific account you want before you start.
- Online applications take about 10 minutes and you can fund the account immediately with a debit card, bank transfer, or wire transfer.
- Santander uses ChexSystems to verify your banking history, which does not affect your credit score and does not prevent you from opening an account if you have had past banking issues.
Opening a savings account online
Go to Santander's website and select the savings account product you want. Santander offers several types — Money Market Account, Regular Savings, and High Yield Savings are the most common. Read the current interest rate and minimum balance requirements for each before you choose, because these vary and affect how much your money will earn.
Click "Open Now" or the equivalent button and enter your personal information: full name, date of birth, address, phone number, email, and Social Security number. Santander will ask whether you want paperless statements and whether you want to link a checking account. You can change these settings later, so answer based on what you prefer now.
Next, you will verify your identity. Santander may ask you to answer security questions based on your credit history, or they may send a verification code to your phone or email. Follow the prompts on screen. This step usually takes 2 to 5 minutes.
Once your identity is verified, you will fund the account. You can transfer money from another bank account using your routing and account number, deposit from a debit card, or wire money. If you use a debit card, the deposit posts immediately. Bank transfers typically take one to three business days. After your initial deposit clears, your account is fully open and you can start using it.
Opening a savings account in a Santander branch
Find your nearest Santander branch using the branch locator on their website. Walk in during business hours with your government photo ID and be ready to provide your Social Security number. Tell the banker you want to open a savings account and which type you are interested in.
The banker will pull up the account options on their computer and explain the interest rate, minimum balance, and any monthly fees. Ask questions about anything you do not understand — interest rates, how often interest is paid, and what happens if your balance drops below the minimum. The banker can answer all of these on the spot.
You will sign documents on the banker's tablet or on paper. Read them before you sign. The banker will then ask how you want to fund the account — with cash, a check, or a transfer from another bank. If you bring cash or a check, your deposit posts that day. If you arrange a transfer, it will take one to three business days.
The banker will give you a receipt with your new account number. You can set up online access to your account immediately by asking the banker for a temporary password, or you can do it yourself on Santander's website using your account number and ID.
What happens after you open the account
Your account is active as soon as your initial deposit clears. You can transfer money in and out, set up automatic transfers, and earn interest on your balance. Santander pays interest monthly on most savings accounts — the amount depends on the current interest rate and your account balance.
Santander will send you a welcome packet by mail within 7 to 10 business days. This packet contains your debit card (if you opened a linked checking account), your account statements, and information about online and mobile banking. You do not need to wait for this packet to use your account — you can log in to your online account immediately.
Set up online banking and the Santander mobile app so you can check your balance, transfer money, and deposit checks by phone camera. You can also set up alerts to notify you when your balance drops below a certain amount or when a large deposit or withdrawal occurs.
Fees and minimum balance requirements
Santander savings accounts do not charge a monthly maintenance fee on most products, but some accounts have a minimum balance requirement. If your balance falls below the minimum, you may lose the advertised interest rate or be charged a fee. Check the specific account's terms before you open it.
If you close your account within 90 days of opening it, Santander may charge an early closure fee. This fee varies and is disclosed in the account agreement you sign, so read it carefully. If you need to close the account, contact Santander to ask whether the fee applies to your situation.
Santander does not charge fees for transfers between your own accounts, for incoming wire transfers, or for most routine transactions. If you exceed six withdrawals or transfers per month (a federal limit that applies to all savings accounts), Santander may charge a fee for each transaction over six. Ask about this limit when you open your account if you plan to make frequent withdrawals.
Linking your savings account to checking
Many people link a Santander savings account to a checking account for overdraft protection. If you overdraw your checking account, Santander can automatically transfer money from your savings to cover it. This prevents overdraft fees, but you pay interest on the transferred amount.
You can link accounts during the opening process or afterward through online banking. Go to your checking account settings, select "Overdraft Protection," and choose your savings account as the backup source. You can set a minimum balance that Santander will not transfer below, so your savings account never goes to zero.
You can also link accounts simply to move money between them easily. Transfers between your own Santander accounts are free and post immediately if you transfer during business hours, or the next business day if you transfer after hours or on a weekend.
Frequently Asked Questions
Can I open a Santander savings account if I have been denied a bank account before?
Santander uses ChexSystems to check your banking history, not your credit score. A past banking issue — like an overdraft or closed account — does not automatically disqualify you. Santander reviews each application individually. If you have concerns, call Santander before you apply and ask whether your history will prevent you from opening an account.
How long does it take to open an account online?
The application itself takes 5 to 10 minutes. Identity verification adds another 2 to 5 minutes. Your account is active as soon as your initial deposit clears, which is immediate for debit card deposits and one to three business days for bank transfers.
What is the difference between Santander's savings account types?
Santander's Money Market Account typically offers a higher interest rate but requires a larger minimum balance. Regular Savings has a lower minimum and lower interest rate. High Yield Savings offers competitive rates with lower minimums. Compare the current rates and minimums on Santander's website because these change frequently.
Can I open a savings account for someone else?
No. The account holder must be present in branch or complete the online application themselves. If you want to open an account for a minor, you will need to open a joint account with yourself as the co-owner, and the minor must be present in branch.
What if I want to close my savings account later?
You can close your account online, by phone, or in branch. Withdraw or transfer your remaining balance first. If you close within 90 days of opening, you may be charged an early closure fee — the amount is in your account agreement. After 90 days, most Santander savings accounts have no closure fee.