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 or 30 minutes in a branch. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit—usually $25 to $100 depending on the account type.

Santander offers several savings account types: the basic savings account, money market accounts, and certificates of deposit (CDs). Each has different minimum balance requirements and interest rates. Before you start, decide which account fits your goal: a place to park emergency money, a way to save toward a specific purchase, or a higher-yield option if you have more to deposit.

If you already have a Santander checking account, opening a savings account is faster because the bank already has your information on file. If you are new to Santander, the process is the same length but requires more verification steps.

Key Takeaways

  • You need a valid government ID, Social Security number, and an opening deposit of $25 to $100 to open a Santander savings account.
  • Online account opening takes about 15 minutes; in-branch takes about 30 minutes and lets you hand over your deposit immediately.
  • Santander offers basic savings accounts, money market accounts, and CDs, each with different interest rates and minimum balance rules.
  • If you already bank with Santander, opening a savings account is faster because the bank has your information already.

Opening a savings account online

Go to Santander's website and select "Open an Account." Choose the savings account type you want. You will enter your name, address, date of birth, Social Security number, and employment information. Santander will ask for your phone number and email address so they can send you account details and statements.

Next, you will verify your identity. Santander may ask you to upload a photo of your ID or answer security questions based on your credit history. This step usually takes a few minutes. Once verified, you will choose how to fund the account: you can link an external bank account and transfer money, or provide a debit card to make an initial deposit.

After you submit everything, Santander will send you a confirmation email with your account number and login credentials. You can start using your account right away, though it may take one to two business days for your initial deposit to clear if you transferred from another bank.

Opening a savings account in person at a branch

Find your nearest Santander branch using the branch locator on their website. Bring your government-issued ID, Social Security number, and your opening deposit (cash or debit card). You do not need an appointment, though calling ahead during busy times can save you a wait.

A Santander representative will walk you through the account application on a computer or tablet. They will verify your identity by scanning your ID and confirming your Social Security number. The whole process takes about 30 minutes. At the end, you will hand over your deposit, and the representative will give you a receipt and temporary debit card or account information.

In-person opening is useful if you prefer to ask questions face-to-face or if you want to deposit cash immediately without waiting for a transfer to clear. Your account will be active the same day.

What happens after you open your account

Santander will mail you a debit card and checks (if you requested them) within 7 to 10 business days. Until they arrive, you can access your account online or through the Santander mobile app using your login credentials. You can transfer money between your savings and checking accounts right away if you have both.

Your savings account will start earning interest based on the account type and current rates. Santander publishes its rates on their website; rates change over time and vary by account type. You can check your balance, transfer money, and set up automatic transfers anytime through online banking or the app.

If you have questions after opening, you can call Santander's customer service, visit a branch, or use the chat feature in the mobile app. Most issues—like changing your address, adding a beneficiary, or linking an external account—can be handled online or by phone.

Minimum balance requirements and fees

Santander's basic savings account typically has no minimum balance requirement, though some account types do. Check the specific account details before you open to know what applies to you. If your balance falls below the minimum (if there is one), Santander may charge a monthly maintenance fee, usually $5 to $10.

Most Santander savings accounts do not charge a fee for deposits, transfers, or withdrawals. However, if you exceed a certain number of withdrawals in a month (usually six), Santander may charge a fee for each withdrawal over the limit. This is a federal rule that applies to most savings accounts, not just Santander.

Interest rates on savings accounts are low—often less than 1 percent annually—but they vary. If you want a higher rate, a money market account or CD may pay more, though they usually require a larger opening deposit or lock your money away for a set time.

Linking your savings account to other banks

After your account is open, you can link it to accounts at other banks to transfer money in and out. Log into your Santander account online or in the app, go to "Transfer Money," and select "Link External Account." Enter the other bank's routing number and your account number there.

Santander will make two small test deposits (usually under $1 each) to the external account to verify you own it. Check your other bank's account for these deposits, then return to Santander and enter the amounts to confirm. This process takes one to two business days.

Once linked, you can transfer money between accounts instantly (for some transfers) or within one to three business days, depending on the type of transfer and the other bank. Santander does not charge a fee for linking or transferring to external accounts.

Frequently Asked Questions

Can I open a Santander savings account if I do not have a Social Security number?

No. Santander requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, you can use that instead. Bring documentation of your ITIN when you open in person, or upload it during online registration.

What is the difference between a Santander savings account and a money market account?

A money market account usually pays a higher interest rate than a basic savings account but requires a larger opening deposit (often $2,500 or more) and a higher minimum balance. In exchange, you get better rates and sometimes check-writing privileges. A basic savings account has lower minimums and is better if you are just starting to save.

How long does it take to receive my debit card after opening?

Santander mails debit cards within 7 to 10 business days. You can use your account online or through the mobile app before the card arrives. If you need a card sooner, ask a branch representative about rush delivery options when you open in person.

Can I open a joint savings account with someone else?

Yes. Both account holders must be present in person or complete the online application together with verified identity. Each person will need their own government ID and Social Security number. Both names will appear on the account, and either person can withdraw money or make transfers.

What happens if I close my Santander savings account?

You can close your account anytime by visiting a branch, calling customer service, or using online banking. Santander will send any remaining balance to you by check or transfer it to another account you specify. There is no fee to close an account.