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APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Although this bank only offers two choices of CDs, Santander Bank CD rates are highly competitive. If you can go to a local Santander Bank branch to open an account, these CDs are worth considering.
See all of the details in our complete Santander Bank CD review.
Santander Bank CD rates for 2024
Rates as of Dec. 18, 2024
APY = Annual Percentage Yield
Santander Bank CD
Bottom Line
Santander Bank features just two CD rates and terms on its website and they are quite competitive. However, the longest term you'll find is 13 months, and you'll need to visit a Santander Bank location to open your CD.
MINIMUM DEPOSIT $500
6 Mo. APY
13 Mo. APY
4.15%
4.00%
Is a high-yield savings account a better option for you?
A high-interest savings account offers rates competitive with the best CDs accounts, but without having to lock your money away for months or even years at a time. Here are some top-rated high-yield savings account options from our experts.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
3.80%
Rate info
3.80% annual percentage yield as of December 27, 2024. Terms apply.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
up to 4.00%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
3.80%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
This smaller regional bank has big CD rates. Santander Bank's certificate of deposit (CD) options are limited. But the APYs are comparable to some of the nation's top CD rates.
Santander Bank offers only two choices of CD term length, but its low minimum deposit and high APYs make it a great choice for CD investors. Be aware that, like most CDs, you will have to pay an early withdrawal penalty if you take your deposit money out of a Santander Bank CD before the term is up.
Minimum Deposit
$500
Range of Term Lengths
6 months; 13 months
Compounding Schedule
Monthly
Early Withdrawal Penalty
CDs with terms of 12 months or less: penalty of 3 months' interest on the amount withdrawn
Grace Period
10 days
Data source: Santander Bank.
Santander Bank CD pros and cons
Santander Bank doesn't have a wide range of CD options; the bank offers only standard CDs, with just two maturity terms. But Santander Bank CD APYs (annual percentage yield) are much better than the national average, and are in line with some of the best CD rates.
Pros
APYs are highly competitive
Modest minimum deposit
Cons
Only two maturity term options
CDs must be opened in a branch location
How much can you earn with a Santander Bank CD?
Interest rates change over time, and banks are constantly shifting the APYs they offer for different CDs and savings accounts. But if you open a CD, you get a fixed rate of interest that is guaranteed for the length of the term. Here's how much interest you can earn if you deposited $1,000 into a Santander Bank CD.
The numbers in the table below may not be accurate to current APYs and are for example purposes only.
Term
APY
Earnings
6-month
4.15% APY
$20.54
13-month
4.00% APY
$43.40
Data source: Author's calculations.
Is a Santander Bank CD safe?
There's no guarantee that any bank is 100% "safe" from failure, but Santander Bank is a member of the FDIC (Federal Deposit Insurance Corporation). And that means your Santander Bank CD deposits are protected by FDIC insurance -- up to $250,000 for each category of account ownership.
How to open a Santander Bank CD
Santander Bank requires customers to open a CD in person at a Santander Bank location. Here's how to open a CD with Santander Bank.
1. Go to a Santander Bank branch
Santander Bank branches are mainly located in the Northeastern U.S., plus Miami, Florida. Use the Santander Bank website to find a location near you.
2. Prepare your personal ID documents
To open a Santander Bank CD, you need to provide a Social Security number (SSN), government-issued ID, and a valid email address.
3. Bring the money
Santander Bank requires a minimum deposit of $500 to open a CD.
Who is a Santander Bank CD right for?
A Santander Bank CD is a good choice for folks who want an excellent rate on a short-term CD. The only downside: you need to be located in the Santander Bank service area, as Santander Bank CDs can't be opened online.
Locations are limited to the following states:
Connecticut
Delaware
Florida (Miami)
Massachusetts
New Hampshire
New Jersey
New York
Pennsylvania
Rhode Island
Other Santander Bank CD accounts
Santander Bank also offers the following CD accounts:
At Motley Fool Money, certificates of deposit (CDs) are rated primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Santander Bank requires a minimum deposit of $500 to open a CD.
Santander Bank CDs do not charge monthly fees or other types of account fees that you might see from a typical bank savings account or checking account. However, if you pull your deposit out of the CD before your term is up, Santander Bank will charge early withdrawal penalties.
When you open a CD with Santander Bank, you are required to keep your money in the account until the end of the term (or when the CD reaches maturity). If you try to close a CD early, you will owe early withdrawal penalties. But at the end of the term, or maturity date, you will have a 10-day grace period where you can close your Santander Bank CD or take money out without penalty.
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