Frequently Asked Savings Account Questions | Santander Bank - Santander
Frequently Asked Savings Account Questions
Account Opening Questions
All savings accounts can be opened in a Santander Bank branch and the Santander® Savings account can be opened online. Santander® Money Market Savings, Santander Select® Money Market Savings and Santander® Private Client Money Market Savings accounts can only be opened online in conjunction with an online personal checking account opening. To open an account, you will need:
- Your Social Security number
- A government-issued ID
- Funds for an opening deposit (For online, can be paid with a credit or debit card)
- A valid email address
As long as you have everything you need, applying for a savings account online should only take 15 minutes.
Yes, each account has a minimum deposit:
- Santander® Youth Savings: $10
- Santander® Savings: $25
- Santander® Money Market Savings: $25
- Santander Select® Money Market Savings: $25
- Santander® Private Client Money Market Savings: $25
You will begin to earn interest as soon as the funds in the account clear and are available in the bank.
Yes, you can open a savings account jointly in branch or online with anyone 18 years of age or older, or a child under the age of 18 if you are their parent or legal guardian. Learn more about joint savings accounts.
Savings Account Maintenance
Interest accrues daily and is credited to your account monthly.
The actual amount of interest paid on your savings account each year is dependent on how much money you keep in your account. You will receive an Annual Percentage Yield (APY) when you open your account, which is your estimated annual rate of return including compound interest. The APY may vary depending on your average daily balance.
Learn more about earning interest on a savings account.
You can check your balance in your Online Banking profile, on the Santander Mobile Banking App, on your account statement, at an ATM with your ATM card or linked debit card, or at your local Santander branch.
Fees vary by account, and some fees, like the Monthly Fee, may be waived by having a personal checking account.¤ Compare fees for different types of savings accounts, or refer to the Personal Deposit Product Guide and Fee Schedule for a complete list.
Yes, you can find your routing number by logging into Online Banking or your Santander Mobile Banking App and viewing Account Info.
While you cannot write checks from standard savings accounts, you can write checks from money market accounts. Checks written on a money market account count towards your 6 convenient withdrawals or transactions.
Yes, you can direct deposit into your savings account by including your savings account number and routing number on the direct deposit form.
Learn how to set up direct deposit.
Emergency savings can be beneficial if you lose a source of income or face unexpected expenses. Consider keeping several months of your monthly expenses saved up in case of emergency.
Learn more about emergency savings.
Have any additional questions? Learn more about how savings accounts work, or get in touch with a Santander Bank representative.