Santander Bank CD Rates: March 2024

Fact checked by Michael RosenstonReviewed by Michael J Boyle

Santander Bank CD Rates

Santander Bank may not be a name with which you’re familiar. Although it serves millions of customers globally, the bank only entered the U.S. in 2010 with its acquisition of Sovereign Bank. Despite this, Santander offers a full suite of banking products, including loans, credit cards, and certificates of deposit (CDs) for both consumers and small businesses.   

Take a look at Santander Bank CD rates, the key features for this product, and how it fares against the competition.

Important

Santander Bank is only available in specific regions, and the APYs listed below use NYC zip code 10001. The APYs below are up to date as of the date of publication of this article. We review CD rates every two weeks and update the information below accordingly.

Santander Bank Personal CD Account Overview

Santander Bank Business CD Account Overview

See the best CD rates today before choosing the CD that is best for you.

Santander CD Account: Key Features

Some of Santander’s personal certificates of deposit (CD) offers a high APR for savers, especially compared to the national average, which is just 1.86% for a yearlong CD (as of 12/18/23). 

To open a CD, you’ll need to make an appointment at a Santander branch located in either the Northeast U.S. or Miami, Florida. These products are not offered online. 

Important

There are 473 Santander branches located within the United States, although you won’t find any west of the Mississippi.

About Santander Bank

Santander Bank may not have locations scattered around the country, but many of its banking products are available no matter where you live. 

However, it appears that nationwide access is limited to wealth management, corporate banking, and auto finance rather than consumer banking. This means that CDs are only going to be available to those who have local Santander banks rather than throughout the country. 

In terms of customer satisfaction, Santander Bank is underwhelming. In the 2023 J.D. Power Retail Banking Satisfaction survey, Santander ranked 11th out of 17 banks rated in the New York tri-state area.

Compare CD Account Rates

Are Santander CD Accounts Available in All States?

Santander’s website notes that it provides banking services nationwide, but limits those to auto finance, corporate banking, and wealth management. It doesn’t offer CD accounts to savers located outside the Northeast U.S. or Miami, Florida.

Is Santander FDIC Insured?

Yes, Santander is FDIC insured. This means if you choose to open a CD with Santader, it’ll receive federal protection up to $250,000 if something goes awry.

Is There an Early Withdrawal Penalty for Santander CD Accounts?

Yes, there is an early withdrawal penalty for any Santander CD account that you open. Penalties vary based on the length of your CD:

• Terms of 1 year or less: 3 months’ interest on the amount withdrawn
• Terms of 1–5 years: 6 months’ interest on the amount withdrawn
• Terms of 5+ years: 12 months’ interest on the amount withdrawn

Can You Ladder CDs at Santander Bank?

CD laddering is the practice of opening certificates of deposit with varying maturity dates. The intent behind this is to earn higher interest than you would with a savings account while still keeping your money fairly liquid. This is possible to do at Santander.

Your Guide to CDs

• What Is a Certificate of Deposit (CD)?
• What Is a Brokered CD?
• What Is a CD Ladder?
• Pros and Cons of CDs
• How to Invest With CDs
• How to Open a CD
• How to Close a CD
• CDs vs. Annuities
• CDs vs. Stocks
• CDs vs. Mutual Funds
• CDs vs. ETFs
• CDs vs. Savings Accounts
• Short-Term vs. Long-Term CDs
• CD Rates News
• Best 1-Year CD Rates
• Best 18-Month CDs
• Best Jumbo CD Rates
• Best 6-Month CD Rates
• Best 3-Month CD Rates
• Best Bank CD Rates

Read the original article on Investopedia.