Frequently Asked Savings Account Questions

Just getting started with savings accounts, or have a question about a long-standing account? Start here for answers to common savings account questions.

Account Opening Questions

How do I open a savings account? 

All savings accounts can be opened in a Santander Bank branch and the Santander® Savings account can be opened online. To open an account, you will need:

  • Your Social Security number
  • A government-issued ID
  • Funds for an opening deposit (can be paid with a credit or debit card)
  • A valid email address

How long does it take to apply for a savings account online? 

As long as you have everything you need, applying for a savings account online should only take 15 minutes.

Is there a minimum opening balance for a savings account? 

Yes, each account has a minimum deposit:

  • Santander® Youth Savings: $10
  • Santander® Savings: $25
  • Santander® Money Market Savings: $25
  • Santander® Premier Plus Money Market Savings: $50

If you are opening an account online, the minimum opening deposit can be made with a debit or credit card.

When do I start earning interest on my account? 

You will begin to earn interest as soon as the funds in the account clear and are available in the bank.

Can a minor open a savings account? 

Yes, minors can open an account with a parent or legal guardian as the co-owner of the account. Consider Santander® Youth Savings, a great starter account for children under the age of 18.

Can I open a joint savings account? 

Yes, you can open a savings account jointly with anyone over the age of 18, 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

How is interest paid on my savings account? 

Interest accrues daily and is credited to your account monthly.

How much interest does a savings account earn per year? 

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.

How do I check my savings account balance? 

You can check your balance in your Online Banking profile, on the Santander Mobile Banking App, on your account statement, at an ATM, or at your local Santander branch.

Are there any savings account fees? 

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.

Can I use my savings account to avoid overdraft fees? 

Yes, you can elect to use your savings account as overdraft protection, for a $12 Sweep Fee.

Do savings accounts have routing numbers? 

Yes, your savings account routing number will be the same as your checking account routing number.

How many withdrawals can I make from a savings account or money market account? 

By federal law, you can only make six (6) convenient withdrawals or transfers from a savings account each month. If you exceed the limit of 6 transactions, the bank will charge an Excess Activity Fee. If you make more than 6 transactions in a Service Fee Period 3 separate times within 12 months, the bank will convert your savings or money market savings account to a checking account.*

Can you pay bills from a savings account? 

Yes, you can set up BillPay to withdraw money from your savings account. However, paying bills does count against your monthly transaction limit, so be sure that this will not take you over 6 withdrawals for the month.

Can you write checks from a savings account? 

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.

Learn more about the difference between savings accounts and money market accounts.

Can I direct deposit to my savings account? 

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.

Do I need emergency savings? 

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.

¤No Monthly Fee for Santander® Savings with any personal Santander checking account or with $100 average daily balance in the Santander® Savings account (otherwise, $1.00). All other fees apply.

*You can withdraw or transfer funds from a savings or money market savings account a total of six (6) times per service fee period (such as by automatic or pre-authorized transfers using telephone, Online Banking, or Mobile Banking, Overdraft Protection, Payments to third parties, Wire Transfers, Checks, and Drafts). Fees apply if you exceed these limits and, if you repeatedly exceed these limits, we will convert your account to a checking account, which may be a non-interest bearing checking account.