APY GUY: Maximize Your Savings & Earnings

Santander Bank

Santander Bank CD Rates – Now up to 4.25% APY!


Santander Bank, originally Sovereign Bank, was founded in 1902 and is currently based out of Boston, Massachusetts.

They primarily operate in the Northeast and have 486 branches throughout the following states:

  • Connecticut
  • Delaware
  • Florida
  • Massachusetts
  • New Hampshire
  • New Jersey
  • New York
  • Pennsylvania
  • Rhode Island

If you live in the Northeast (or Florida) are in the market for a FDIC-insured CD (certificate of deposit) with a competitive rate and APY (annual percentage yield), then you may want to stop by a branch and ask about their 9 month and 15 month promotional CDs.

These two accounts are Santander Bank’s only CD offerings currently. To learn more, continue reading our review below.

Santander Bank CD Rates + Account Details

image credit: santanderbank.com

Santander Bank’s CDs come with a minimum deposit requirement of $500 and a maximum deposit allowance of $250,000 per depositor. Their CDs are federally insured by the FDIC up to the applicable limits.

CD Rates

TermAPY
9 months2.75%
15 months4.25%
APY = Annual Percentage Yield

To put this yield into perspective, the current national average for a 12 month and 24 month CD sit at just 0.71% and 0.77% APY, respectively, according to FDIC data.

📌 Please note – Santander Bank CDs must be opened at one of their branch locations. To find a branch near you start here.

Compounding and Crediting Interest

Santander Bank CDs feature daily compounding interest. Interest is credited back to the account monthly. If you wish to have the interest transferred to another Santander Bank account like a checking account or money market account you may do that as well. You can also have the interest payments mailed to you via a physical check.

Grace Period and Early Withdrawal Fees

Santander Bank CDs come with a 7 calendar-day grace period that starts the day after your CD’s maturity date.

During this 7 day period you can renew or close out your CD. You can also change the maturity date (if applicable) and/or your deposit size.

All Santander CDs automatically renew for the same term and the going APY if nothing is done during the grace period.

If you need funds prior to the maturity of your CD, you will incur an early withdrawal fee. The fee is determined based on the length of the term. See fee structure below:

CD TermFee
12 months or less3 months’ interest
Over 1 year and less than 5 years6 months’ interest
5 years +12 months’ interest

With Santander Bank’s 9 month promotional CD you’d owe 3 months’ interest for withdrawing funds early and with the 15 month promotional CD you’d owe 6 months’ interest.

How to Open a CD with Santander Bank

As mentioned, the only way to open a CD with Santander Bank is to stop by a local branch. Once. your CD is opened, you may have it renewed without visiting a branch, but you will need to call their customer service line at 1-877-768-2265, 8 a.m. to 8 p.m. EST, Monday – Saturday.

If opening a CD at a Santander branch, please be prepared with the following:

  • Your Social Security number
  • A government-issued ID
  • A valid email address

If transferring from another bank, please have:

  • bank or credit union’s routing number
  • bank account number where the funds will be withdrawn from to fund your Santander CD