Santander's checking account lineup
Santander offers three main checking accounts: the Santander Bank Checking, the Santander Premier Checking, and the Santander Money Market Checking. Each one has different monthly fees, minimum balance requirements, and features. The account you choose depends on how much you keep in the account, how often you use it, and whether you want rewards or premium services.
All three accounts let you deposit checks, withdraw cash, and make transfers. The differences lie in what you pay each month, what you have to keep on deposit to avoid fees, and what extras come with the account—things like higher interest rates, ATM fee reimbursement, or waived overdraft fees.
Key Takeaways
- Santander Bank Checking is the basic option with no monthly fee if you keep a low minimum balance or set up direct deposit.
- Santander Premier Checking charges a higher monthly fee but includes benefits like ATM fee reimbursement and higher interest rates on your balance.
- Santander Money Market Checking combines checking features with a savings component and pays interest on your full balance.
- Each account waives its monthly fee under different conditions—some require direct deposit, others require a minimum balance, and some require both.
Santander Bank Checking: the basic account
This is Santander's entry-level checking account. The monthly fee is waived if you maintain a minimum balance (the amount varies by region and changes over time) or if you set up direct deposit of your paycheck. If you do neither, you pay a monthly maintenance fee.
You get a debit card, online banking, and the ability to write checks. There is no interest paid on your balance. ATM withdrawals at Santander machines are free, but you pay a fee if you use an out-of-network ATM and Santander does not reimburse it.
Santander Premier Checking: the mid-tier account
Premier Checking costs more per month than the basic account, but it includes perks that make it worth the fee if you use them. The account reimburses you for out-of-network ATM fees up to a certain amount per month, which matters if you travel or live far from a Santander branch. You also earn interest on your balance—higher than the basic account.
The monthly fee is waived if you keep a higher minimum balance than the basic account requires. Some versions of this account also waive the fee if you set up direct deposit. Like the basic account, you get a debit card, online banking, and check-writing.
Santander Money Market Checking: the hybrid account
This account blends checking and savings features. You can write checks and use a debit card like a regular checking account, but your balance earns interest like a savings account. The interest rate is typically higher than what Premier Checking pays, especially if you keep a larger balance.
The monthly fee is waived if you maintain a higher minimum balance than either of the other two accounts. This account is useful if you want to keep money accessible for everyday spending but also want it to earn interest. The trade-off is that you need more money on deposit to avoid the monthly fee.
How fees and minimums compare
| Account Type | Monthly Fee (if applicable) | Minimum Balance to Waive Fee | Direct Deposit Waives Fee | ATM Fee Reimbursement | Interest Paid |
|---|---|---|---|---|---|
| Bank Checking | Low | Yes (varies by region) | Yes | No | No |
| Premier Checking | Higher | Yes (higher amount) | Sometimes | Yes, up to a limit | Yes |
| Money Market Checking | Highest | Yes (highest amount) | Varies | No | Yes (highest rate) |
The exact fees and minimum balances change, so check Santander's website or call your local branch for current numbers. Minimums also vary by state and region.
Which account makes sense for you
Choose Bank Checking if you keep less than a few thousand dollars in checking, get paid by direct deposit, or want the simplest account with no frills. You will not pay a monthly fee as long as your paycheck goes directly in.
Choose Premier Checking if you use out-of-network ATMs regularly, want to earn a small amount of interest, and can keep a medium-sized balance in the account. The ATM reimbursement alone saves money if you withdraw cash from non-Santander machines more than once a month.
Choose Money Market Checking if you keep a large balance in checking (several thousand dollars or more), want the highest interest rate Santander offers on a checking account, and do not mind paying a higher monthly fee. This account makes sense if you use checking for everyday expenses but want your balance to work for you.
How to switch or open an account
You can open any of these accounts online, by phone, or in person at a Santander branch. If you already have a Santander account and want to switch to a different checking type, you can do that through online banking or by visiting a branch. Your account number and routing number will change if you switch.
When you open an account, you will need a government-issued ID, proof of address (a utility bill or lease works), and your Social Security number. If you are opening online, you may be able to fund the account when ready with a transfer from another bank.
Frequently Asked Questions
Can I have more than one checking account with Santander?
Yes. You can open multiple checking accounts at Santander, and each one is separate. Some people keep one account for bills and another for savings or a specific purpose. Each account has its own debit card and account number.
What happens if my balance drops below the minimum?
You will be charged the monthly maintenance fee for that month. The fee does not close your account—you can bring the balance back up anytime. If you do not have direct deposit set up, you will continue to pay the fee each month until you either raise the balance or add direct deposit.
Do these accounts have overdraft protection?
Santander offers overdraft services, but they are not automatic. You can choose to link your checking account to a savings account or credit line so that overdrafts are covered. Without this setup, a transaction that exceeds your balance will be declined or charged an overdraft fee.
Can I earn interest on Bank Checking?
No. The basic Bank Checking account does not pay interest on your balance. If earning interest matters to you, Premier Checking or Money Market Checking are your options, though the rates are modest.
Is there a limit to how many checks I can write?
No. All three checking accounts let you write unlimited checks. There is no fee per check, and no limit on the number you can write in a month.