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Santander Bank CD Rates: January 2025

3 days ago
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5 Min Read
Fact checked by Michael Rosenston
Reviewed by Michael J Boyle

SDI Productions / Getty Images

SDI Productions / Getty Images

Santander Bank CD rates, as high as 4.15% for a 6-month personal CD, are better than you may find at many other banks. Still, you may be able to get a better rate from the CDs with the highest yields currently available.

Important

Santander Bank is only available in specific regions, and the APYs listed below use NYC zip code 10001.

Santander Bank Personal CD

Santander Bank Business CD

Compare Santander Bank CD Rates

The rates on certain Santander Bank CD terms are fairly competitive, but you may be able to find higher yields by shopping around. Explore some of the CD rates below and see how they compare to Santander Bank’s rates.

Santander CD Account: Key Features

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. 

Pros and Cons of Santander Bank CDs

Pros

  • Competitive rates

  • Flexibility with terms

  • Low minimum deposit

Cons

  • Possibly better rates elsewhere

  • Limited availability

Pros Explained

  • Competitive rates: Santander Bank offers CDs with rates that are higher than what you can find on many other CDs. You cannot get one online.
  • Flexibility with terms: You can find different term lengths for both personal and business CDs, which can meet various needs.
  • Low minimum deposit: Santander Bank’s CD’s have a low minimum deposit requirement of $500.

Cons Explained

  • Possibly better rates elsewhere: You can earn a decent interest rate with Santander Bank’s CDs, but by shopping around you may be able to secure even higher returns with other CDs or financial products.
  • Limited availability: You must visit a branch in person to get a CD with Santander Bank, and its branch network is limited.

About Santander Bank: Other Options

Santander Bank serves millions of customers globally, but 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.   

It 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 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.

Alternatives to Santander Bank CDs

  • Credit unions: Credit unions are not-for-profit financial institutions that require you to become a member. But they may offer higher rates than local banks. See the best savings account rates available today, many of which are provided by credit unions.
  • Online banks: Online banks may offer easier-to-meet deposit requirements to earn higher interest rates. Take a look at the best banks for savings accounts for more information.
  • Investment brokerages: You could potentially earn more money by investing with a brokerage, but you’ll also have a higher potential for losses as well. 
  • U.S. Treasuries: You may be able to earn more than savings accounts offer with a Treasury bill or bond, but without as much risk as some other investments.
  • Certificates of deposit (CDs): If you have a stash of cash you won’t be touching for a while, these timed deposit accounts offered by most banks and credit unions offer a very high potential for return without investing your money. The best CD rates today are similar to the top savings account rates.

Frequently Asked Questions (FAQs)

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 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 Santander, 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?

Yes, you can ladder CDs at Santander. CD laddering is the practice of opening certificates of deposit with varying maturity dates. The intent is to earn higher interest than you would with a savings account while still keeping your money fairly liquid.

Your Guide to CDs

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