What you need to open a Santander savings account

Santander lets you open a savings account online, by phone, or in a branch. You will need a government-issued ID (driver's license, passport, or state ID), your Social Security number, and proof of your current address — a recent utility bill, lease, or bank statement works. If you are opening online or by phone, have your debit card or checking account number ready so Santander can verify your identity.

You do not need an existing Santander account to open a savings account. If you already bank with Santander, the process is faster because they already have your information on file. New customers should expect the whole process to take 10 to 15 minutes online or about the same time in a branch.

Key Takeaways

  • You can open a Santander savings account online, by phone, or in person with just an ID, Social Security number, and proof of address.
  • Santander offers several savings account types, each with different minimum balances and interest rates that change based on market conditions.
  • Online account opening is the fastest route and does not require a branch visit or phone call.
  • Your account is typically active within one business day, and you can begin depositing money when ready after opening.

Opening an account online through Santander's website

Go to Santander.com and select "Open an Account" from the homepage. Choose the savings account type you want — Santander offers a basic savings account and a money market account, which typically pays a higher interest rate but requires a larger minimum balance. The website will ask for your personal information: full name, date of birth, Social Security number, address, phone number, and email.

Next, you will verify your identity. Santander uses an automated system that checks your information against public records and credit bureaus. This usually takes a few minutes. If the system cannot verify you automatically, Santander will ask you to upload a photo of your ID and proof of address. Once verified, you choose your account settings — online banking access, debit card delivery address, and initial funding method.

You can fund your new account when ready by linking an external bank account or using a debit card. Santander will send you a confirmation email with your account number and online banking login. Your account is typically active within one business day, though you may not see funds from a linked bank account for three to five business days depending on your other bank's processing time.

Opening an account by phone or in a branch

To open an account by phone, call Santander's customer service line at 1-855-289-2273. Have your ID, Social Security number, and proof of address ready. A representative will walk you through the same questions as the online process and can answer questions about account types and current interest rates. Phone opening takes about 15 minutes and results in the same timeline — your account is active within one business day.

In-branch opening is the slowest option but useful if you prefer to speak with someone face-to-face or do not have access to a computer. Bring your ID, Social Security number, and proof of address to any Santander branch. A banker will review your account options, answer questions, and process your process on the spot. You can fund the account when ready with a cash deposit or transfer from another account.

Santander savings account types and their requirements

Santander's basic savings account has no minimum balance requirement and no monthly fee. Interest rates on savings accounts vary by market conditions and are typically lower than money market accounts. You can open this account with $0 and begin earning interest when ready, though the rate may be less than 0.01% depending on current conditions.

The Santander Money Market Account requires a higher opening balance — this varies but is typically $2,500 or more — and pays a higher interest rate in exchange. Money market accounts also come with a limited number of withdrawals per month (usually six) before fees explore. If you plan to deposit money and leave it untouched, a money market account may earn more. If you need frequent access to your savings, the basic savings account is more flexible.

Santander also offers certificates of deposit (CDs), which lock your money away for a set term — typically three months to five years — in exchange for a may provide interest rate. CDs pay more than savings accounts but penalize you if you withdraw before the term ends. Check Santander's website or call for current rates and terms, as these change regularly.

What happens after your account opens

Once your account is active, you can log into Santander's online banking portal using your username and password. You will see your account number, current balance, and interest earned. Santander will mail you a debit card within 7 to 10 business days if you requested one during opening. You can also set up automatic transfers from another bank account to fund your savings on a regular schedule.

Interest on your savings account is calculated daily but posted monthly. You will see the interest credited to your account on the first business day of each month. The amount depends on your balance and Santander's current rate, which can change at any time. Santander will notify you by mail or email if rates change significantly.

Linking an external bank account for transfers

To move money between your Santander savings account and another bank, you will need to link that external account. Log into Santander online banking, go to "Transfers," and select "Link External Account." You will enter the other bank's routing number and your account number there. Santander will send two small test deposits (usually under $1 each) to that account within one to two business days.

Once the test deposits arrive, you log back into the external bank's website, find those deposits, and confirm the amounts in Santander's system. This verification step protects you from fraud. After confirmation, you can transfer money between accounts when ready or within one business day, depending on the other bank. Some banks may take longer to process incoming transfers from Santander.

Frequently Asked Questions

Can I open a Santander savings account without visiting a branch?

Yes. You can open an account entirely online at Santander.com or by phone at 1-855-289-2273. Both routes take about 15 minutes and do not require a branch visit. Your account will be active within one business day.

What is the minimum balance to open a Santander savings account?

The basic savings account has no minimum balance — you can open it with $0. Money market accounts typically require $2,500 or more. Check Santander's current requirements on their website, as minimums can change.

How long does it take to receive my debit card?

Santander mails debit cards within 7 to 10 business days of account opening. You can use your account and transfer money before the card arrives by using online banking or setting up automatic transfers.

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

No. Santander requires a Social Security number to open any account. If you do not have one, you will need to obtain an ITIN (Individual Taxpayer Identification Number) from the IRS first, though Santander's policy on ITINs varies by location.

What interest rate will I earn on my savings?

Interest rates change based on market conditions and vary between account types. Check Santander.com or call 1-855-289-2273 for current rates. Rates are typically posted on the account opening page before you complete your process.