This article will discuss Santander savings accounts in the UK, the US and beyond.
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Introduction:
Savings Account – Savings account is a type of bank account that provides returns in the form of interest to the customers over the funds deposited by them. Due to the safety and reliability offered by savings accounts, they are considered one of the best investment options.
However, a savings account might not be considered as the most profitable option. This is due to the profits (interest) earned with the help of a savings account is very low when compared to that of many other investment options. Savings accounts are offered by Banks or other Financial Institutions.
As for the process of how the banks are able to pay returns to the customers in the form of interests, the procedure is as follows:
First of all, a person deposits a certain amount of money in a bank. The bank makes use of the money by lending to someone who is eligible to obtain a loan from the bank. The bank offers a loan with an interest rate is higher than that of the interest rate paid by the bank.
There are different types of savings accounts offered by the banks to the individuals. A few notable examples for the savings accounts offered by the banks are ‘Individual Savings Account’, ‘Basic Savings Account’, ‘Online Savings Account’, ‘Money Market Account’, ‘Individual Retirement Account’, ‘Certificate of Deposit’, etc.
Some of the benefits of depositing money into savings accounts are:
- The safety of the deposited funds is ensured. In most countries, the government even guarantees up to a certain amount of the deposited funds per each individual.
- In most types of accounts, the funds deposited within a savings account are easily accessible by the customers and can be withdrawn by the customer whenever they want.
- Profits can be earned from idle money. Instead of keeping unused money in a safe or a locker, if the money is deposited within a savings account, profits can be earned in the form of interest.
Some of the disadvantages of having savings accounts are:
- The ability to access the funds whenever required by the customer can be tempting, and in most cases, it results in the withdrawal of the funds.
- Even though profits are generated in the form of interest, these profits are not considered as high as the profits generated by other types of investment opportunities.
- In some countries, the withdrawals that can be made are limited up to a certain extent. In certain cases, even taxes may be applicable to the interests earned.
Santander Bank:
In the United States:
Santander Bank – Initially started with the name ‘Sovereign Bank’, ‘Santander Bank’ or ‘Santander Bank, NA (National Association)’ is a bank that is completely owned by the ‘Santander Group’. The headquarters of Santander bank is located in Boston and the principal market of the bank is in the North-Eastern part of the United States.
It has approximately 650 retail banking branches, around 2,000 ATMs and, an employee count of 9,800. According to the statistics based in 2013, the revenue is estimated to be around $3.345 billion, the operating income is around $1.50 billion, and the net income is around $1.042.
The overall assets in the form of deposits were estimated to somewhere around $57.5 billion. Some of the major financial services provided by Santander bank are ‘Retail Banking’, ‘Mortgages’, ‘Corporate Banking’, ‘Cash Management’, ‘Wealth Management’, ‘Insurance’, ‘Credit Card services’, etc.
Santander Bank offers some of the best in class options for basic checking accounts, savings accounts and CDs (Certificates of Deposit). Monthly fees are applicable to the checking and savings accounts, anyhow, they can be easily waived off. The interest rates at Santander bank are low and the overdraft fees are high.
Pros – Some of the major advantages of having an account at Santander bank are given below.
- Availability of more than 2,000 ATMs and 600 branches, which are located across the Northeast region.
- A very low amount is needed to be deposited as a minimum account balance in order to open an account.
- No fees are applicable for wire transfers for international students.
- Low monthly charges (as low as $1)
- Very robust and high yielding APYs on the deposits made in a savings account (which exceed $10,000).
Cons – Some of the major disadvantages of having an account at the Santander bank are as follows:
- Interest rates range between 0.03% to 0.25% on the savings accounts having an account balance lower than $10,000. This is considered to be very low when compared to the interest rates provided by the competitors in this field.
- Checking accounts have very low-interest rates to no interest at all.
- There are three types of credit cards provided by Santander and the interest rates for these credit cards are very high.
- The APY is very low.
- The branches although being more than 600, the branches located in the United States are considered to be low.
- A very high amount of fees charged for non-network ATMs and the paper statements.
- The overdraft fees are considered to be expensive.
Let us have a brief look over some of the details of services (excluding savings accounts) offered at Santander bank.
Checking Accounts:
Simply Right Checking Account – The checking account provided at Santander bank is known as ‘Santander Bank’s Simply Right Checking Account’. The Simply Right Checking account is known to have a monthly fee of $10, which can be waived off if a person can be able to make at least one transaction per month.
There is no requirement for a minimum balance that is needed to be maintained, however, in order to open an account, a person is required to pay $25. The Simply Right Checking account does not provide interest to the users on the deposits made by them.
Money can be withdrawn in the Santander ATMs (more than 2,000), which are also present within many CVS pharmacy locations. However, if a person chooses to withdraw money from the ATMs other than those of the bank, they would have to pay additional charges (which are considered to be very high).
For a transaction made at a domestic non-Santander ATM, the charges are $3. For the transactions at the non-Santander international ATM, the fee is $6 along with 4% of the withdrawal amount.
Student Value Checking Account – Students who are nearby any branch of Santander can consider using a checking account offered by them, especially if they are from other countries. This account is known as ‘Student Value Checking Account’ and is considered a good option based on some key factors, which are as follows.
Santander does not charge any type of fees for international wire transfers. This means the students can be able to save money every time they receive money from their home country. Typically, other banks usually charge around $15 for each wire transfer. That means students can be able to save the $15 every time they make a transaction.
In addition to that, there is no monthly maintenance fee applicable. This makes it more convenient for the students to save money without having to pay any type of unnecessary charges.
The minimum amount required to open a Student Value Checking Account is $25.
Santander Basic Checking Account – This is the basic checking account provided to the customers at Santander. The monthly fee is $3 and cannot be waived off under any circumstances. The amount required to open a Santander Basic Checking Account is $25.
Santander Premier Plus Checking Account – This is an account specially designed for the high-value customers at Santander bank. The amount required to open a Santander Premier Plus Checking Account is $50.
The $35 monthly fee can be waived off if a customer has an average daily balance of at least $75,000 or $6,000 direct deposits made in their account frequently. The average balance that needs to be maintained is considered to be very high when compared to most other banks’ premium checking accounts.
Certificate of Deposit – The minimum amount required to open a certificate of deposit (CD) at Santander bank is $500, which is relatively low when compared to most other banks. However, the interest rates that can be earned with the CDs at Santander are low as well.
People can be able to find promotional rates that are reasonable for some specific Santander term lengths. The APY rates for Santander bank are as follows:
| Term length | APY |
| 1 year | 0.10% |
| 3 years | 0.30% |
| 5 years | 0.30% |
Overdraft details – First of all, over drafting an account might not be considered as a good idea. Managing the account regularly and keeping sufficient funds in the account can help in avoiding overdrafts.
Santander has 4 different types of overdraft protection options available. They are ‘Some Bank Overdraft Protection’, ‘All Bank Overdraft Protection’, ‘Linked Accounts’ and ‘Overdraft Line of Credit’.
For Some Bank Overdraft Protection option, every transaction is covered except for the ATM withdrawals and one-time debit transactions that lead to overdraft. The Overdraft fee is $35 per transaction.
For All Bank Overdraft Protection option, all transactions are covered (which are made under the discretion of the bank). The Overdraft fee is $35 per transaction. The major thing that needs to be considered here is that even after the depletion of funds, the debit card transactions won’t get declined. This can be an advantage as a person can get the amount they need even after the depletion of funds, however, the disadvantage is that it can lead to overspending which can be hard to catch up afterward.
For the Linked Accounts option, all types of transactions occurring in a customer’s account can be covered. The Overdraft fee is $12 per transaction.
For the Overdraft Line of Credit, all overdrafts are covered. The Overdraft fee is N/A. However, the customer is required to pay interest on the line of credit.
Lines of Credit – Three types of Lines of Credit are available at Santander, they are ‘Home Equity’, ‘Personal’ and ‘Overdraft’. Lines of Credit can be reusable, once a customer has paid them off (similar to a credit card).
The Approval and the interest rates depend on the factors such as Income, Creditworthiness, whether the person has equity in a house, etc.
Lines of Credit can be considered as a good option when compared to the credit cards as they have lower interest rates. People can make use of Lines of Credit whenever they are short of money for an emergency expense or any other expenses.
They also provide services related to Mortgages and Loans as well.
Investment Services – Wide range of investment opportunities such as Retirement Planning, College Planning, Managed Accounts, etc. are offered at Santander bank.
Investment services offered at Santander bank are not protected by the FDIC, which makes them vulnerable. In order to manage the investments, it is better to seek the services offered by a financial advisor before making an investment.
Credit Cards – There are three types of credit cards offered at Santander bank, they are ‘Santander Ultimate Cash Back’, ‘Sphere’ and ‘Bravo’. All three credit cards have cashback or rewards.
‘Santander Ultimate Cash Back’ – Customers can avail unlimited cashback of 1.5%. The best option for the people who prefer to get cashback on their purchases. There is no annual fee applicable to this credit card.
‘Sphere’ – Customers are gifted with one reward point every time they spend a dollar. The best option for the people who seek an introductory rate on a balance transfer. No annual fee for this credit card.
‘Bravo’ – The rewards are maximized up to 3 times on purchases people usually make on everyday purchases. Customers can gain up to 15,000 points every 3 months. The annual fee is $49. Ideal for the customers who usually spend big and want to increase their rewards.
Customers who pay off the outstanding amount on their credit cards can be relieved from the interest and in this way, people can get profits/rewards with the help of these credit cards. People who like carry a balance can choose a line of credit instead of a credit card in order to lower the interest rates.
IRAs (Individual Retirement Accounts) – There are several options at Santander for IRAs, they are ‘Traditional IRAs’, ‘Roth IRAs’, ‘Rollover IRAs’ and ‘529 College Savings Plans’.
IRAs should be kept in the CDs or Savings accounts, or else, they won’t be insured by FDIC. This makes them vulnerable creating a chance of losing money if invested in the market or any other financial instruments.
Customer Service – The customer support can be approached in different methods. They can be contacted via a phone call between 6 AM and 10 PM, can be contacted via email, or directly approaching a branch.
Santander Bank Savings Accounts:
There are many types of savings accounts provided at Santander bank depending on the needs of different types of customers. There are different types of savings accounts depending on the requirements of the customers.
They are ‘Santander Savings Account’, ‘Santander Money Market Savings’, ‘Santander Premier Plus Money Market Savings’, ‘Santander Select Market Savings’ and ‘Santander Youth Savings Account’
‘Santander Savings Account’ – The main features of a Santander Savings Account are as follows.
- $1 monthly fee, which can be waived off if a customer has a personal checking account at Santander or has an average daily balance of $100 in their savings account.
- AutoSave savings feature which can be utilized for making automatic transfers.
- Transfers can be made easily, which makes the process of transfers hassle-free for the customers.
- Account can be managed with the help of their Mobile Banking App.
- The interest rate and APY of Santander Savings Account (currently) is 0.03%.
‘Santander Youth Savings Account’ – The main features of a Santander Youth Savings Account are as follows.
- There is no monthly fee applicable to the Youth Savings Account.
- Deposits can be made starting from $10, which is a very good option.
- Only available for the children under 18 years of age.
‘Santander Money Market Savings’ – The main features of a Santander Money Market Savings Account are as follows.
- Great way to grow the interest on savings in order to reach personal goals. However, a minimum amount of $10,000 is required to be maintained within the account in order to increase the profits.
- The interest for 6 months is 0.50% and APY is 0.35%.
- The above-mentioned interest rate and APY are applicable only to the people who have a minimum balance of $10,000 and a personal checking account at Santander bank.
- Different interest rates apply for different types of balance maintained. The details are given below in the form of a table.
| Account Balance | Interest Rate for 6-month period | Annual Percentage Yield (APY) |
| $1 – $9,999 | 0.10% | 0.10% |
| $10,000 – $49,999 | 0.50% | 0.35% |
| $50,000 – $99,999 | 0.65% | 0.45% |
| $100,000 – $399,999 | 0.65% | 0.47% |
| $400,000 – 4,999,999 | 0.65% | 0.47% |
| More than $5,000,000 (up to 9,999,999,999,999) | 0.65% | 0.47% |
‘Santander Premier Plus Money Market Savings’ – The main features of a Santander Premier Plus Money Market Savings Account are the same as the Santander Money Market Savings Account. The only difference is that a Santander Premier Plus Checking Account is required to open this account.
‘Santander Select Money Market Savings’ – The main features of a Santander Select Money Market Savings Account are given below.
- Customers having this account are eligible for a highly competitive interest rate as well as a prioritized and dedicated service.
- There is no monthly fee applicable to this type of account.
- Customers should have a Santander Select Checking account to open this account.
| Account Balance | Interest Rate for 6-month period | Annual Percentage Yield (APY) |
| $1 – $9,999 | 0.65% | 0.58% |
| $10,000 – $49,999 | 0.65% | 0.58% |
| $50,000 – $99,999 | 0.65% | 0.58% |
| $100,000 – $399,999 | 0.65% | 0.58% |
| $400,000 – 4,999,999 | 0.65% | 0.58% |
| More than $5,000,000 (up to 9,999,999,999,999) | 0.65% | 0.58% |
In the UK:
Santander UK – ‘Santander UK plc’ is a bank located in England that is owned by the Spanish Santander Group. It is known to operate autonomously and is solely responsible for all the operations carried out.
The number of employees working at Santander UK is around 25,872. The revenue is estimated to be around £5.4 billion. the operating income is around £2.4 billion, and the net income is around £1.3 billion.
The headquarters is located in ‘Euston, London’. It is known to be one of the topmost leading personal financial service providers located in the United Kingdom. There are 800 branches and 64 corporate business centers. The number of customers that avail the services offered by Santander UK, as per the statistics of 2018, was 14 million.
Pros – Let us take a brief look at all the advantages offered while banking at Santander bank in the UK.
- It has won the award for best business current account provider 17 for 17 years in a row.
- They offer a wide range of products and services depending on the needs of the customers.
- Independent and quality service without relying on any other institution.
Cons – The disadvantages are as follows.
- Higher fees for business accounts.
- Most people often have problems with this institution and gave poor reviews on several review websites.
- Most other banks in this range provide a wide range of choices for current accounts.
Let us have a brief look at the services provided at Santander (excluding savings accounts).
Current Accounts – There are many types of current accounts provided at Santander bank. Here are the details related to the current accounts provided by Santander.
‘Everyday Current Account’ – A person would have to be more than 18 years of age and should be residing in the UK permanently in order to acquire an Everyday Current Account. This type of account does not have any monthly fees. However, it does not provide interest on the account balance either.
An overdraft facility is available. The arranged overdraft service lets the customer borrow up to an agreed-upon limit.
Any other current account can be switched easily with the help of the Current Account Switch Service. The customers can also avail cashback of 15% when they use the Santander debit card at a wide range of retailers.
‘1|2|3 Current Account’ – The eligibility criteria for opening a 1|2|3 current account is as follows.
- Should be an adult having age more than 18 years.
- Should live in the UK permanently
- Should deposit at least £500 into their accounts on a monthly basis.
- 2 active direct debits required.
People with a 1|2|3 current account at Santander bank are eligible for a cashback of 15% at major retailers and 3% on a selected range of household bills. They can also avail the 1|2|3 World offers.
An arranged overdraft facility is available. The customer having this account should pay a monthly fee of £5.
The interest rate for accounts having a balance of up to £20,000 is 0.60% AER/gross (variable).
‘1|2|3 Lite Account’ – The eligibility criteria for opening a 1|2|3 Lite account is as follows.
- Should deposit at least £500 into their accounts on a monthly basis.
- Should be an adult having age more than 18 years.
- Should live in the UK permanently
- 2 active direct debits required.
- Must accept to the terms that this is a paper-free account and all the documents, statements, etc., will be sent only via a secure inbox through online banking.
The monthly is £1 to maintain an account before 27 October 2020, from there onwards the monthly fee would be £2
Overdraft and cashback are the same as the 1|2|3 Current Account. People can apply for a 1|2|3 Lite account online within 10 – 15 minutes.
‘Choice Current Account’ – In order to obtain this a customer just has to be more than 18 years old and should live in the UK permanently. Arranged overdraft facility available and the interest for this is capped at £20 per month.
People who exceed the agreed-upon limit for overdraft are still subjected to the arranged overdraft interest.
15% cashback available while using a debit card at major retailers and the customers are also provided with retailer offers as well.
‘Select Current Account’ – In order to open this account, the person should be more than 18 years of age and must be a permanent resident in the UK.
They should also be able to deposit £5,000 into their Select Current Account or they should maintain a balance of £75,000 in any current, investment, or savings accounts at Santander bank.
The monthly interest is 0.60% AER/gross (variable). Customers can avail cashback of 3% on household bills and 15% at retailers using a debit card.
Withdrawal of £1,000 at cash machines is allowed daily. Personal banking support is provided by a Relationship Manager.
Customers can also withdraw money at any international Santander ATM without having to pay any additional charges (in that country’s local currency).
‘Essentials Current Account’ – With the help of an Essentials Current Account, customers can be able to build a credit history in the UK. Must be at least 18 years and should be a permanent resident in the UK to open this account.
In addition to that, any person who wants to open this account should have been moved to the UK 12 months prior to opening this account and they should provide proof of study or employment in the UK.
Bills can be paid by depositing money. A contactless debit card is provided. Direct Debits and Standing Orders can also be set up.
There are other types of current accounts as well such as ‘Basic Current Account’, ‘1|2|3 Mini Account’ and ‘1|2|3 Student Current Account’. Before choosing a current account, it is wise to consider the details and pick the right type of account that suits all the needs and requirements of the person.
Credit Cards – There are various types of credit cards offered by Santander bank. The details of the credit cards are given below.
‘Everyday Credit Card’:
- Customers can be able to transfer money without any interest for 18 months starting from the date of opening their account.
- There is no interest on purchases made for 3 months from the date of opening their account.
- No monthly account fee is applicable.
- The estimated credit limit is £1,200
- Representative – 18.9% APR (variable) and Purchase Rate – 18.9% per annum (variable).
‘Zero Credit Card’:
- Customers can be able to transfer money without any interest for 18 months starting from the date of opening their account.
- No monthly account fee is applicable.
- Foreign transaction fees are not charged for making purchases abroad (in that country’s specific currency).
- No cash withdrawal fee applicable to the international withdrawals.
- The estimated credit limit is £1,200
- Representative – 18.9% APR (variable) and Purchase Rate – 18.9% per annum (variable).
‘Santander World Elite™ Mastercard’:
- Foreign transaction fees are not charged for making purchases abroad (in that country’s specific currency).
- £15 monthly fee is charged.
- Access is provided for more than 1000 airport lounges and 1 million Wi-Fi hotspots worldwide.
- The estimated credit limit is £1,200
- Representative – 48.9% APR (variable) and Purchase Rate – 18.9% per annum (variable).
‘Insurance’ – At Santander bank, a wide range of insurances are provided to the customers. A few examples of the types of insurance provided are ‘Home Insurance’, ‘Car Insurance’, ‘Travel Insurance’, ‘Health Protection’, etc.
They also provide Mortgage and Loan services as well.
Investment Services – Santander bank is known to provide investment services in the form of ‘Stocks and Share ISA’ and ‘Investment Account’. People can also benefit from other types of services related to investments such as Choosing their investment, Person-to-Person advice, Online advice, etc.
Savings Accounts and ISAs:
Santander Bank offers various types of Savings Accounts depending on the needs of its customers. They offer Savings Accounts as well as Individual Savings Accounts (ISAs).
Savings Accounts – Let us have a detailed look at the Savings accounts offered at Santander bank and their details.
‘Regular eSaver’ – The eligibility criteria for opening a Regular eSaver account at Santander bank is as follows:
- Must be a permanent resident in the UK and should be at least 18 years of age.
- Funds must be deposited from a Santander Current account that too with the help of a standing order.
- If a customer deposits more than £200, then their accounts will be changed to Everyday Saver Accounts.
- Customers applying for a Regular eSaver account should not already have it.
- Only available for the customers who already have a current account, which is 1|2|3 World, Santander Select, or Private Banking.
The interest rate provided for the customers having a Regular eSaver account is 0.75% AER/gross, which is for the first 12 months. People can save up to £200 a month.
The funds are automatically rolled over at the end of the savings period in order to save at the rate available at that time.
‘eSaver’ – The people who wish to have an eSaver account at Santander bank should be of at least 16 years and be a UK resident.
The interest rate provided on the eSaver accounts for the first 12 months is 0.05% AER/gross (variable). People having this account can save up to £1 million – £2 million. This account can be managed online or via Mobile Banking.
‘Everyday Saver’ – The people who wish to have an Everyday Saver account at Santander bank should be of at least 16 years and be a UK resident.
The interest rate provided is 0.01% AER/gross (variable). Customers can request for a cash card and be able to withdraw money whenever they like. With this account, customers can save up to £1 million to £2 million.
Accounts can be managed by approaching a branch, via telephone, online, or via mobile banking.
‘Fixed Term Bond’ – The people who wish to invest in a Fixed Term Bond at Santander bank should be of at least 16 years and be a UK resident.
The interest provided is a fixed rate interest. The interest rate for 1 year is 0.20% AER/gross for 1 year. However, customers can 0.30% interest if they are an existing 1|2|3 World or Santander Select customer.
ISAs (Individual Savings Accounts)
Santander Bank offers different types of ISAs, which are known to be tax-efficient and let people save and invest their funds. Let us have a brief look at the ISAs provided by Santander bank.
‘2 Year Fixed Rate ISA’ – With this ISA, customers can be able to get interest, which is fixed as well as free from taxes. The people who wish to have a 2 Year Fixed Rate ISA at Santander bank should be of at least 16 years and be a UK resident.
They should be able to open their account by depositing £500 or more. The fixed interest rate is 0.30% AER for 2 years, which is tax-free.
People can transfer ISAs from other providers within 14 days of opening. They can also be able to combine different cash ISAs into a single cash ISA.
However, customers cannot be able to withdraw money without closing their accounts. The penalty for closing an account early is equal to 120 days of interest.
‘eISA’ – The people who wish to have an eISA at Santander bank should be of at least 16 years and be a UK resident. They should be able to open their account by depositing £500 or more. As the name indicates, they also should sign up for online or mobile banking.
The interest rate provided for 12 months is 0.05%, which is tax-free. If the person has an existing 1|2|3 World or Santander Select account, they can be able to get 0.10%.
People can transfer ISAs from other providers within 14 days of opening. They can also be able to combine different cash ISAs into a single cash ISA.
‘Easy ISA’ – The people who wish to have an eISA at Santander bank should be of at least 16 years and be a UK resident.
The interest rate is 0.01% for savings ranging from £1 to £39,999, which is tax-free. For savings of more than £40,000, the interest rate is 0.10%.
‘Junior ISA’ – The people who are residents of the UK having age more than 16 years can be able to open a Junior ISA for their children having age less than 16 years. The person opening a Junior ISA should have the full parental responsibility of their child.
Any existing Child Trust Fund or a Junior ISA within other providers should be transferred as a part of the application process. Any individual having an age between 16 and 17 years can also open a Junior ISA for themselves.
The interest rate provided for the Junior ISA at Santander Bank is 0.75%, which is tax-free. Withdrawals cannot be made until the child’s 18th birthday.
‘Inheritance ISA’ – people who wish to have an Inheritance ISA should be 16 years or older. They should be living with the deceased during the time of their death. In the case of a spouse, the partner should be dead on or after 3 December 2014.
The interest rate is 0.01% for savings ranging from £1 to £9,999 and for the savings of more than £10,000, the interest rate is 0.10%. An additional ISA allowance is also offered.
Review of Savings Accounts at Santander Bank:
(in the USA)
The first and foremost thing that needs to be taken into consideration is that the interest rates provided for the savings account at Santander Bank are considered to be low when compared to most other banks in this category.
Online banks can be able to provide higher rates of interest as they wouldn’t have to deal with the operational costs of running branches.
For people who are ready to deposit $10,000 or more, the Santander bank’s Select Money Market Savings might be a good choice. Among all the monthly fees of different savings accounts at Santander, the monthly fee is low when compared to many other rivals in this category. That monthly can also be waived off making it even better.
Having an opening deposit of $25 makes it a little bit backward among other banks as some of the brick and mortar banks require a lower deposit amount than this or no deposit amount at all.
The accounts at Santander bank are FDIC insured for an amount up to $250,000 and $500,000 for the people having a joint account.
Features such as Overdraft protection, Discounts & Rewards, Rewards on achieving the Savings goals, financial management software make Santander bank a better choice.
However, the savings account at Santander is good when compared to other brick and mortar banks. For people wishing to have a higher rate of interest, online banks might be a perfect choice.
(in the UK)
The main features that can be considered are as follows:
- Not so good yet not so bad interest rates.
- Ability to open an account with an amount as low as £1 and being able to save money as high as £2 million.
- Unlimited withdrawals.
- Accounts can be accessed online which easy, fast and hassle-free process.
People who are looking for an account from which they can be able to access their funds and get moderate rates of interest can choose to bank with Santander.
Having full online access and more than 1000 physical branches makes it easy to access their services. However, in order to obtain competitive rates on the deposited money, a person would also have to open a current account at Santander.
Bottom Line:
Either in the USA or in the UK, Santander bank is one of the reputable banks. Although there are some disadvantages such as lower interest rates (when compared to online banks), there are some advantages that need to be taken into consideration as well.
People who wish to open an account at Santander should take all the above-mentioned details into consideration and choose a savings account that is suitable for their needs.
While selecting a banking service provider, it is better to do some research and consult a personal financial advisor before making any decision.
If you require further information on this or if you need a financial advisor to take care of your banking needs, please feel free to approach and avail financial services offered by us.
Further Reading: RL360 Oracle Offshore Bond Review explores offshore investment opportunities, similar to the offerings discussed in the Santander Bank Savings Account Review.
