Santander Bank will no longer offer retirement Certificates of Deposit (CDs) and Money Market Savings account retirement plans. Your plan type will be discontinued by December 2024. 

 To ensure the timely processing of your IRA closure and alleviate any future potential tax implications, we ask that you meet with your tax professional and take action as soon as possible. You’ll receive a formal notification at least 30 days prior to the final date by which you must take action. After that date, your IRA account(s) will be closed and a check will be mailed to you (there may be tax penalty implications if this occurs).

Santander Investment Services offers IRA and other retirement plans. Please make an appointment to meet with a Banker who can make a referral to a Financial Advisor at Santander Investment Services. 
Connect with a Banker

Consider the options available to you by:

• Speaking with a tax professional to discuss the best option for your individual situation.
• Scheduling an appointment with a Banker to understand how Santander can continue to support your retirement needs.
  Book here: www.santanderbank.com/ira-connect

Take the action that best fits your individual needs:

• Invest funds with Santander Investment Services .* Your Banker can refer you to meet with a Santander Investment Services* Financial Advisor.
• Consolidate your funds at another financial institution. Contact the receiving bank or financial institution to complete a transfer.
• Roll over your funds. You can take a distribution of the funds and roll over the funds into a qualifying retirement account at another financial institution including Santander Investment Services.
  There are limitations to rollovers, including…
  • Restrictions by Plan type (i.e., Traditional Inherited and ROTH Inherited IRA).
  • Frequency of how often they can be performed (i.e., once in the past 365 days).
  • The window of time to perform (i.e., within 60 days of taking a distribution).
  • Before processing this request, please consult with your tax advisor to avoid any potential tax penalties. 
• Take a distribution of your Retirement Account funds. Note that withdrawals may have tax and penalty implications based on your age and individual tax situation.**

Please bring one government-issued form of ID (e.g., driver’s license, passport), and a secondary form of ID, such as your Santander Bank debit card, credit card, or another card type in your name.

You’ll need to contact the receiving financial institution or bank to begin the transfer process. Please follow their guidance to complete the transfer.

Each of our customers' individual tax situation is unique, and there could be tax implications. 

A direct transfer from your IRA to another IRA (referred to as a “trustee transfer” or a “trustee-to-trustee transfer”) or a rollover from your IRA to the same IRA type (Traditional or Roth IRA) may be completed without tax consequences. If you select the trustee-to-trustee transfer method, we’ll transfer the funds directly to your recipient IRA without the application of any withholding. The IRA and Roth IRA rules are complex, and this should not be treated as tax advice.

We strongly suggest that you consult with a tax advisor before making any decision with respect to your IRA plan(s). We also recommended visiting: https://www.irs.gov/retirement-plans/plan-sponsor/types-of-retirement-plans

We’ve eliminated our IRA Trustee Transfer Fee and we’re waiving the Early Withdrawal Penalty Fee for IRA CDs.

If your account has a balance of $9.99 or less, we’ll send you a check and close your account. No action is necessary on your part. There are no tax implications on distributions of less than $10.00.

To complete a trustee-to-trustee transfer to Santander Investment Services, you will not need to visit a Santander Branch. 

If you’ve determined that a trustee-to-trustee transfer to an external institution is appropriate for you, please contact the other financial institution for a Transfer of Assets form. All forms must be notarized and sent to the address below.  

If you’ve determined that a distribution is appropriate for you, we can mail you the applicable request form(s). Simply request this form by calling your local branch. Upon completion, the forms must be notarized and sent back to the address below.

Completed forms must be notarized and sent to:
Santander Bank
Retirement Operations
MAQ-IRA6
75 State Street
Boston, MA 02109

No, we are not making changes to your non-retirement bank accounts (checking, savings, etc.). We recommend that you review your non-retirement accounts with your Banker to ensure you have the best solution for your banking needs. If you have any questions, please reach out to a Banker or call us at 888-875-5089.

If you're at least age 59½ and your Roth IRA has been open for at least five years, you can withdraw money tax and penalty free, but always consult your tax professional for advice. Generally, you must start taking withdrawals from your traditional IRA, SEP IRA, and retirement plan accounts when you reach age 73, but again, always speak with a tax professional.

If you still have questions, please call your local branch, or our Customer Contact Center at 888-875-5089.