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, your Social Security number, and proof of your current address — a recent utility bill, lease, or bank statement works. If you are opening online, you can do this in about 10 minutes. If you go to a branch, bring the same documents and plan for 20 to 30 minutes.
Santander offers several savings account types, and which one you can open depends on whether you already bank with them and how much you want to deposit initially. Some accounts have no minimum opening deposit; others require $25 or more. The account you choose affects how much interest you earn and whether you pay monthly fees.
You do not need to have a checking account with Santander to open a savings account, though many people do both at the same time. If you already have a Santander checking account, opening a linked savings account is faster because the bank already has your information on file.
Key Takeaways
- You can open a Santander savings account online, by phone, or in a branch using your ID, Social Security number, and proof of address.
- Santander offers different savings account types with varying minimum deposits, interest rates, and monthly fees — compare them before you choose.
- Online account opening takes about 10 minutes and you can start using the account the same day in most cases.
- If you already have a Santander checking account, you can link a new savings account to it for easier transfers between the two.
- Your initial deposit goes into the account when ready, but interest rates and fee structures depend on which account type you select.
Opening a savings account online
Go to Santander's website and look for the "Open an Account" button, usually on the homepage. Select "Savings Account" from the account type menu. You will be asked to choose which savings product you want — Santander typically offers a standard savings account and sometimes a high-yield savings option, though the specific products available vary by state and change over time.
Enter your personal information: full name, date of birth, Social Security number, and current address. Santander will ask for your phone number and email address. You will then upload or photograph your ID — a driver's license or passport — and Santander's system will verify it electronically. This step usually takes a few minutes.
Next, you choose your initial deposit method. You can link an external bank account and transfer money in, or use a debit card. Santander will verify the external account by sending two small deposits (usually under $1 each) to that account, which you then confirm in the Santander app or website. This verification can take one to two business days. If you use a debit card, the deposit posts when ready.
Once Santander confirms your identity and processes your deposit, your account opens. You will receive a confirmation email with your account number and login credentials. You can access the account through the Santander mobile app or website right away, though your physical debit card (if you ordered one) arrives by mail in 7 to 10 business days.
Opening a savings account in a Santander branch
Find your nearest Santander branch using the branch locator on their website. Bring your government-issued ID, your Social Security number written down, and a document showing your current address. A recent utility bill, lease agreement, or bank statement all work. If you have a Santander checking account, bring your debit card or account number.
Walk in during business hours — no appointment is needed, though you may wait if the branch is busy. Tell the representative you want to open a savings account. They will ask you the same questions as the online form: your name, date of birth, address, phone number, and email. They will verify your ID and Social Security number in their system.
You will choose which savings account type you want and make your initial deposit. You can deposit cash, a check, or transfer from another account. Cash and checks post when ready; transfers from another bank take one to two business days. The representative will give you a receipt and your account number on the spot. You can use online banking right away, and if you ordered a debit card, it arrives in 7 to 10 business days.
Santander savings account types and their differences
Santander's standard savings account typically has no monthly fee and no minimum opening deposit, though the interest rate is lower than other options. This account is straightforward if you want a basic place to keep money separate from checking without worrying about fees or balance requirements.
Santander also offers higher-yield savings accounts in some states, which pay more interest but may have a higher minimum opening deposit or require you to maintain a certain balance to avoid fees. The exact terms vary by location and change periodically, so ask the representative or check the website for the current rates and requirements in your state.
Some Santander savings accounts are linked to checking accounts and offer benefits like waived fees if you maintain a combined balance across both accounts. If you already have a Santander checking account, ask whether linking a savings account would lower your fees or increase your interest rate.
What happens after you open your account
Your savings account is active when ready after opening, whether you opened it online or in a branch. You can transfer money into it from another bank account, deposit cash at a Santander ATM, or have your employer deposit money directly into it if you provide them with your account and routing number.
Interest accrues monthly and is deposited into your account. The amount depends on your account type and the current interest rate, which Santander can change at any time. You can check your interest rate and current balance anytime through the Santander app or website.
If your account has a monthly fee, it is deducted automatically. Most Santander savings accounts have no fee, but some higher-yield accounts charge a fee if you do not maintain a minimum balance. If a fee applies to your account, Santander will show it in your account agreement and on your monthly statement.
Linking your savings account to checking
If you have a Santander checking account, you can link your new savings account to it through the Santander app or website. Go to your account settings, select "Link Accounts," and choose your savings account from the list. The link is when ready.
Once linked, you can transfer money between checking and savings with one tap in the app or one click on the website. Transfers between your own Santander accounts are free and post when ready. This makes it straightforward to move money into savings when you have extra cash, or pull it back if you need it.
Linked accounts also appear together on your statement and in your app dashboard, so you can see your total balance across both accounts at a glance. Some Santander account packages offer fee waivers or higher interest rates if you maintain a combined minimum balance across linked accounts.
Frequently Asked Questions
How long does it take to open a Santander savings account?
Online opening takes about 10 minutes, and your account is active the same day. In-branch opening takes 20 to 30 minutes, and your account is active when ready. If you link an external bank account for your deposit, Santander verifies it with two small test deposits, which can take one to two business days.
Can I open a Santander savings account without a checking account?
Yes. You do not need a Santander checking account to open a savings account. However, if you already have a checking account with Santander, opening a linked savings account is faster because the bank already has your information.
What is the minimum deposit to open a Santander savings account?
Most Santander savings accounts have no minimum opening deposit. Some higher-yield accounts may require $25 or more. Check the specific account terms before you open, as requirements vary by account type and state.
Can I deposit cash into my Santander savings account?
Yes. You can deposit cash at any Santander branch or at a Santander ATM. Deposits at a branch post when ready; deposits at an ATM may take one business day to appear in your account.
What interest rate will I earn on my Santander savings account?
Interest rates vary by account type and change over time. Santander's website shows the current rate for each savings account type. You can also call Santander or visit a branch to ask about current rates before you open.