Santander Bank CD Rates March 2023

Santander Bank offers various certificate of deposit (CD) terms for individuals and businesses. The bank’s personal CD terms range from nine months to two years, while its small business CDs range from three to 35 months.

The regional bank offers competitive CD rates for some terms, while others feature lower rates. Santander Bank Standard Certificates of Deposit require a minimum opening deposit of $500 for both types of CDs, while Jumbo CDs require a minimum deposit of $100,000 to open. For the purposes of this article, we’ve used the New York City ZIP Code of 10001.
Here’s an overview of Santander’s CD rates. While Santander also offers personal CDs with terms of 15 months, 18 months and two years, you have to call the bank to get those rates. Rates are accurate as of March 14, 2023.

CD Term
APY
Minimum Deposit

9 months
3.25%
Standard: $500 Jumbo: $100,000

12 months
4.00%
Standard: $500 Jumbo: $100,000

Santander Bank Small Business Certificates of Deposit

CD Term
APY
Minimum Deposit

3-5 month business CD
3.00%
$500

6-7 month business CD
1.01%
$500

8-11 month business CD
3.25%
$500

12 month business CD
4.00%
$500

13-17 month business CD
0.10%
$500

18-23 month business CD
0.10%
$500

24-35 month business CD
0.15%
$500

Overview of Santander Bank CDs
The only way to open a CD account through Santander Bank is by making an appointment with a banker at one of its branches, which are located primarily in northeastern U.S. states and Florida.
Santander CD rates vary depending on location. Specific details on the bank’s CD accounts aren’t publicly available, but you can speak to a representative or visit a Santander branch to learn more about CD options and to open an account.
The bank’s personal CDs require a $500 deposit to open, while its jumbo CDs require a $100,000 minimum opening deposit.
Interest on Santander CDs with terms shorter than one year compounds daily and is credited monthly. Interest on jumbo CDs with terms of 12 months or more compounds daily but is credited at maturity.
Santander charges an early-withdrawal penalty of up to one year’s interest on the principal amount withdrawn if you need to access standard CD funds before the maturity date. Jumbo CDs feature early withdrawal penalties of up to three months’ interest on the principal amount withdrawn.
CDs automatically renew upon maturity. Santander provides a seven-day grace period following the maturity date, in which CD owners can add or withdraw funds, close the account or change terms.

Minimum Deposits
Standard: $500 Jumbo: $100,000

Term Lengths
9, 12, 15, 18 and 24 months

Compounding Frequency
Daily

Early-Withdrawal Penalty
Standard CDs: Up to one year’s interest Jumbo CDs: Up to three months’ interest

Grace Period for Penalty-Free Withdrawals After Maturity
7 days

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How Much Can You Earn With a Santander Bank CD?
Because Santander Bank’s CD rates vary significantly across available terms, your return could also vary based on the term you choose. Use our CD calculator to determine how much you can earn with Santander Bank CDs.

How Santander Bank CDs Stack Up
Some of Santander’s CD rates are competitive with the best CD rates, especially its shorter-term offerings. Some of its other rates, though, fall more in line with the national average CD rates, according to the FDIC, or other brick-and-mortar banks.
Call or visit Santander Bank to learn more about Santander’s specific CD terms and rates in your area. Then shop around by researching the best rates to find an option that fits your needs and offers the highest possible return on your investment. Many banks and financial institutions let you view current CD rates online, though Santander Bank doesn’t.
About Santander Bank
Santander Bank is a full-service national bank in operation since 1902. The bank primarily operates in states along the northeastern coast of the U.S. and in Florida. Santander Bank is the 32nd largest U.S. bank by assets and is part of the Santander Group, a worldwide leader in retail and commercial banking.

Find The Best CD Rates Of 2023

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Frequently Asked Questions (FAQs)

Is Santander FDIC insured?

Yes, all accounts with Santander Bank are FDIC insured (FDIC Certificate #29950) up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.

Which U.S. states have a Santander Bank location?

Santander Bank operates branches and ATMs in nine states, including Connecticut, Delaware, Florida, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island.

What other services does Santander Bank offer?

Santander is a full-service bank offering personal, small business and commercial banking solutions. Products offered by Santander Bank include checking and savings accounts, money market accounts, CDs, credit cards, mortgages, personal loans and investment services.

What is the minimum deposit needed to open a Santander Bank CD?

Santander’s standard personal and business CDs require a $500 minimum opening deposit, while its jumbo CDs require a $100,000 minimum deposit to open.