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 473 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 12 month 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
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
| Term | APY |
| 9 months | 5.25% |
| 12 months | 5.50% |
To put this yield into perspective, the current national average for a 12 month and 24 month CD sit at just 1.72% and 1.37% 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.
How Much Can You Earn with a Santander Bank CD?
How much money you can earn with a Santander Bank CD is going to depend on the term you choose, the going APY (annual percentage yield) and your deposit size. Below is a table showing an example of how much money you’d earn with each Santander CD assuming a one-time deposit of $10,000.
| CD Term | APY | Earnings |
| 9 months | 5.25% | $391.22 |
| 12 months | 5.50% | $550.00 |
How do Santander Bank CD Rates Compare?
Take a look at the table below comparing Santander Bank’s CD rates with the best CD rates offered by other popular FDIC-insured banks and nationally available credit unions.
| Bank or Credit Union | Best CD Rate (APY) |
| Santander Bank | 5.50% |
| Capital One | 5.15% |
| Tiaa Bank | 5.25% |
| American Express Bank | 4.75% |
| Navy Federal Credit Union | 4.85% |
| Mountain America Credit Union | 5.50% |
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 Term | Fee |
| 12 months or less | 3 months’ interest |
| Over 1 year and less than 5 years | 6 months’ interest |
| 5 years + | 12 months’ interest |
With Santander Bank’s 9 month and 12 month CD you’d owe 3 months’ interest for withdrawing funds early.
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
Santander CD FAQs
Do you still have questions about Santander Bank’s CD rates? Take a look at what other consumers are asking around the web along with our responses below.
Are Santander CDs FDIC Insured?
Yes. Santander Bank CDs are federally insured by the FDIC up to $250,000 per depositor. Their FDIC certificate number is 29950.
Does Santander Bank Offer Business CD Accounts?
Yes. Santander Bank offers FDIC insured CDs for small businesses and they come with different rates then their personal CDs. See their business CD rates below.
| CD Term | APY |
| 3 – 5 months | 4.50% |
| 6 – 7 months | 4.50% |
| 8 – 11 months | 4.75% |
| 12 months | 5.00% |
| 13 – 17 months | 0.10% |
| 18 – 23 months | 4.25% |
| 24 – 35 months | 0.15% |
Santander Bank’s business CD rates were surveyed on August 14, 2023.
Does Santander Bank Offer a Money Market Account?
Yes. Santander Bank has two FDIC-insured, variable-rate money market accounts. These are called the Money Market Savings account and the Select Money Market savings account. See their rates and account requirements below.
| Account Name | Min. Deposit | APY |
| Money Market Savings | $25.00 | 0.05% |
| Select Money Market Savings | $25.00 | 4.25% |
The Select Money Market Savings is the only worthwhile money market account with Santander Bank at the moment. It has zero monthly fees but requires you to also have a Santander Select Checking account.
The Money Market Savings has an extremely low yield and imposes a $10 monthly fee unless you have a checking account with them OR if you maintain an average daily balance of $10,000 or more.
What is Santander Bank’s Routing Number?
If your account number has 11 digits, your routing number is 011075150.
If your account number has 10 digits your routing number is 231372691.