Santander CD rates of July 2024
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Updated 10:16 a.m. UTC July 16, 2024
Editorial Note: Blueprint may earn a commission from affiliate partner links featured here on our site. This commission does not influence our editors' opinions or evaluations. Please view our full advertiser disclosure policy.
Pablo Blazquez Dominguez, Getty Images
Santander certificates of deposit (CDs) are limited to two terms, available in just nine states and the only way to open is in person at a branch. But if none of that’s a problem, the yields are attractive.
Account details and annual percentage yields (APYs) are accurate as of July 10, 2024.
Overview of Santander certificates of deposit
Santander Bank offers fixed-rate CDs with two-term options: six and ten months. Both require a minimum deposit of $500, which is low compared to many other banks.
But you must open an account in person, and the bank has branches in only nine states: Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and select areas in Florida (Miami-Dade, Monroe, Broward counties and Collier county).
| SANTANDER BANK CDS OVERVIEW | |
|---|---|
Minimum opening deposit
| $500
|
Term lengths
| Six and 10 months
|
Compounding schedule
| Daily (credited monthly)
|
Early withdrawal penalty
| Three months’ interest on the amount withdrawn
|
Grace period for penalty-free withdrawals after maturity
| 10 calendar days
|
How much can you earn with a Santander CD?
Here are the CD yields for the bank’s two terms. Both are competitive.
| TERMS | APY |
|---|---|
6 months
| 4.75%
|
10 months
| 5.00%
|
If you invested $10,000 for 10 months with a 5.00% APY, you’d gain nearly $415 in interest. Our CD calculator below lets you run the numbers and see how much you’d earn.
How Santander CDs compare
Santander Bank offers competitive CD yields, but most institutions offer more CD terms and it’s possible to find those with lower or no deposit requirements. Credit union CDs and those from online banks tend to be especially attractive.
Here’s how Santander certificates of deposit rates stacks up against yields from U.S. Bank CD Special and Barclays Online certificates of deposit:
| TERMS | SANTANDER BANK CD RATES | U.S. BANK SPECIAL CD APYs | BARCLAYS CD APYs |
|---|---|---|---|
6 months
| 4.75%
| 4.50% (7 months)
| 4.85% (9 months)
|
10 months
| 5.00%
| 4.00% (11 months
| N/A (12 months)
|
18 months
| N/A
| 3.75% (15 months)
| 4.50%
|
If you’re interested in longer terms, check out the best 1-year, 2-year, 3-year, 4-year and 5-year CDs.
How to open a Santander CD account
Santander doesn’t allow online applications for its CDs. You must visit a local branch to get started. Use the bank’s branch locator to review your options. You can even book an appointment with a banker ahead of time.
To open an account, you need your Social Security number and a valid email address, among other personal information. You also must have the funds for your deposit, which can be cash or a check.
The bank requires that you provide a government-issued photo ID.
Learn more: See the pros and cons of using CDs for your savings.
Other savings options at Santander
In addition to its CDs, Santander offers a savings account and two money market accounts:
- Santander® Savings: This basic savings account offers a 0.03% yield on your balance. There’s a $25 and a $1 which can be waived with a $100 average daily balance in the account, by having any personal Santander checking account or if any owner on the account is under age 26.
- Santander® Money Market Savings: This basic money market account has a $25 minimum opening deposit and offers 0.03% APY on balances below $10,000 (down to $1) and 0.05% APY on balances of $10,000 or greater. It charges a $10 which can be waived with any personal Santander® checking account or with a $10,000 average daily balance in the account.
- Santander® Select Money Market Savings: You can only open this account if you have a Santander® Select Checking account, which has a waivable monthly fee. The account bears interest, but the bank doesn’t publicly disclose the rate. Other perks include ATM fee rebates, waived bank fees and complimentary airport lounge access with Priority Pass (enrollment required).
While these account options aren’t bad, they pale compared to the best high-yield savings and the best money market accounts, which you should check out if you’re interested in better returns in addition to no (or low) fees.
Frequently asked questions (FAQs)
Santander Bank, formerly Sovereign Bank, has been in business since 1902. The bank is part of Santander Group, a multinational financial services company based in Spain, and is insured by the Federal Deposit Insurance Corporation (FDIC).
Santander CDs are available only in the nine states where the bank has physical branches. If you want to open an account, you must visit a local branch and apply in person.
Depending on the CD term, an early withdrawal may cost you anywhere from three to 12 months interest on the amount withdrawn.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
