What you need to open a Santander savings account

You can open a Santander savings account in person at a branch, online through their website, or by phone. The fastest route is usually online if you have the documents ready. You will need a valid government-issued ID (driver's license, passport, or state ID), proof of your current address (a recent utility bill, lease, or bank statement), and your Social Security number.

Santander offers several savings account types: the basic savings account, the Money Market account, and certificates of deposit (CDs). Each has different minimum balance requirements and interest rates. The basic savings account typically has no monthly fee and no minimum opening deposit, though rates are lower. Money Market accounts require a higher opening balance but pay more interest. CDs lock your money for a set period (3 months to 5 years) in exchange for a may provide rate.

Before you start, check Santander's current rates and terms on their website or by calling 1-855-289-1200. Interest rates and account features change, so what was true last month may not be true today.

Key Takeaways

  • You need a valid ID, proof of address, and your Social Security number to open any Santander savings account.
  • Online opening is usually fastest and requires no branch visit, but you must have documents scanned or photographed and ready.
  • Santander's basic savings account has no monthly fee and no minimum deposit, but Money Market and CD accounts have higher opening balance requirements.
  • Interest rates vary by account type and change regularly, so compare rates before you open rather than assuming they match what you saw weeks ago.

Opening an account online

Go to Santander's website and look for the "Open an Account" button, usually on the homepage. Select the account type you want (savings, Money Market, or CD). You will be asked to enter your personal information: name, date of birth, address, phone number, email, and Social Security number.

Upload or photograph your ID and proof of address. The photo must be clear enough to read all text. Santander's system will verify your identity electronically. This step usually takes a few minutes, though sometimes it requires manual review and can take up to 24 hours. Once verified, you will set up online banking login credentials and choose a PIN for phone banking if you want it.

Your account opens when ready after approval. You can begin depositing money right away through direct deposit, mobile check deposit (if you have the Santander mobile app), or by transferring funds from another bank account. If you need a debit card, you can order one during setup or request it later through your online account.

Opening an account at a branch

Bring your ID, proof of address, and Social Security number to any Santander branch. A representative will walk you through the account setup in person. This takes about 15 to 20 minutes. You will sign paperwork, choose your account type, and set up online banking access before you leave.

The advantage of opening in person is that you can ask questions about account features, interest rates, and fees face-to-face. You can also order a debit card on the spot, though it will still be mailed to you and arrive in 7 to 10 business days. If you have questions about linking accounts, setting up automatic transfers, or other banking services, a representative can show you how during your visit.

Find your nearest branch using Santander's branch locator on their website. Hours vary by location, so check before you go.

Opening an account by phone

Call Santander at 1-855-289-1200 to open an account over the phone. A representative will collect your personal information and verify your identity. You will need your ID and Social Security number available during the call. The process takes about 20 to 30 minutes.

Phone opening is slower than online because the representative must manually enter your information and may need to mail you documents to sign. You will typically receive a welcome packet in the mail within 5 to 7 business days with your account details and debit card. Until then, you can deposit money by transferring from another bank account or setting up direct deposit.

Phone opening works well if you have questions during the process or if you are not comfortable uploading documents online. However, you cannot complete the entire process in one call — you will need to sign and return documents by mail before your account is fully active for all services.

What happens after you open your account

Once your account is open, you can log into online banking when ready (if you opened online or at a branch) or within a few days (if you opened by phone). read the Santander mobile app to deposit checks by phone, transfer money, pay bills, and check your balance.

Your debit card will arrive in 7 to 10 business days. set up it by calling the number on the back of the card or through your online account before you use it. Set up direct deposit by providing your employer with your account number and routing number — both appear in your online account and on your welcome documents.

If you opened a CD, your money is locked until the maturity date. You cannot withdraw it early without paying a penalty. The penalty amount varies by CD term and is listed in your account agreement. Santander will automatically renew your CD at maturity unless you tell them otherwise.

Monthly fees and minimum balance requirements

Santander's basic savings account has no monthly maintenance fee and no minimum balance requirement. You can open it with $0 and never face a fee, though you will earn very little interest on small balances.

Money Market accounts typically require a minimum opening deposit (usually $2,500 to $10,000, depending on current terms) and a minimum balance to earn the advertised interest rate. If your balance falls below the minimum, the interest rate drops significantly. Some Money Market accounts also charge a monthly fee if the balance requirement is not met.

CDs have no monthly fee, but they require an opening deposit that varies by term. A 3-month CD might require $500, while a 5-year CD might require $2,500. Check Santander's current terms before you open, because these minimums change.

Review your account agreement for the exact fees and minimums that explore to your specific account. You can find this in your welcome packet or by logging into your online account.

Frequently Asked Questions

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

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. Contact Santander directly at 1-855-289-1200 to discuss your specific situation, as requirements can vary.

How long does it take to open an account online?

The online process itself takes 10 to 15 minutes. Identity verification is usually when ready, but can take up to 24 hours if Santander needs to review your documents manually. Once verified, your account opens when ready and you can begin using it.

What is the difference between a savings account and a Money Market account at Santander?

A savings account has no minimum balance, no monthly fee, and lower interest rates. A Money Market account requires a higher opening deposit and minimum balance but pays more interest. Money Market accounts sometimes include a limited number of free transfers per month, while savings accounts may have more restrictions on withdrawals.

Can I open multiple savings accounts at Santander?

Yes, you can open more than one savings account. Some people open separate accounts for different goals (emergency fund, vacation, down payment). Each account has its own number and can be managed separately through your online banking.

What if I need to close my account after I open it?

You can close your Santander savings account at any time by visiting a branch, calling 1-855-289-1200, or through your online account. Withdraw any remaining balance or transfer it to another account. There is no penalty for closing a savings account, though CDs do have early withdrawal penalties if closed before maturity.