How to Open an Account with Santander Bank USA: A Step by Step Guide for Residential & Non-Residential Customers

As of October 2024, Santander Bank has expanded its services nationwide in the United States through its digital platform, Openbank. This initiative offers a seamless banking experience to both residents and non-residents. This guide provides a step-by-step process for opening an account, details on required documentation, account types, interest rates, and more.

Step-by-Step Account Opening Process

1. Choose the Right Account Type

Santander Bank USA offers various account types to suit your needs:

• Checking Accounts: Everyday banking with options like Santander Select Checking.
• Savings Accounts: Earn interest on your savings with accounts like Santander Savings.
• Fixed Deposit Accounts: Higher interest rates for locked-in deposits.
• Senior Citizen Schemes: Special accounts with additional benefits for seniors.
• MIS (Monthly Income Scheme): Regular income through interest payouts.

2. Gather Required Documents

To open an account, you’ll need the following documents:

• For Residential Customers:
  • Government-issued ID (e.g., passport, driver’s license).
  • Social Security Number (SSN).
  • Proof of address (utility bill, lease agreement).
• For Non-Residential Customers:
  • Passport or foreign government-issued ID.
  • ITIN (Individual Taxpayer Identification Number) if no SSN.
  • Proof of address (both local and foreign).

3. Visit a Branch or Apply Online

• Online Application:
  1. Visit Santander Bank’s official website.
  2. Select the account type you wish to open.
  3. Fill out the application form with your personal and financial details.
  4. Upload scanned copies of your documents.
  5. Complete the KYC (Know Your Customer) process.
  6. Submit the application and wait for approval.
• In-Branch Application:
  1. Locate the nearest Santander Bank branch.
  2. Bring all required documents.
  3. Speak to a bank representative to complete the application.
  4. Provide biometric data (if required).

4. Complete KYC and Biometric Updates

Santander Bank may require you to complete KYC and biometric verification for security purposes. This can be done online or in-branch.

5. Fund Your Account

Once your account is approved, you’ll need to deposit the minimum required balance to activate it.

Account Opening Charges and Minimum Balance

• Account Opening Charges: Most accounts have no opening fees, but some premium accounts may charge a nominal fee.
• Minimum Balance:
  • Checking Accounts: 25–25–100.
  • Savings Accounts: 10–10–500.
  • Fixed Deposit Accounts: Varies based on the deposit term.

Interest Rates

Daily Interest Rate Chart

• Savings Accounts: 0.01%–0.05% (subject to change).
• Checking Accounts: Typically no interest.

Yearly Interest Rate Chart

• Savings Accounts: 0.10%–0.50%.
• Fixed Deposit Accounts: 1.50%–3.00% (depending on the term).

Fixed Deposit Rate Chart

Term	Interest Rate
6 months	1.50%
1 year	2.00%
2 years	2.50%
5 years	3.00%

Senior Citizen Scheme Facilities

Santander Bank offers special benefits for senior citizens, including:

• Higher interest rates on savings and fixed deposits.
• Free checkbooks and debit cards.
• Discounts on locker rentals.

MIS (Monthly Income Scheme)

• Earn a fixed monthly income through interest payouts.
• Ideal for retirees or those seeking regular income.

Insurance and Investment Options

Santander Bank provides:

• Life insurance policies.
• Health insurance plans.
• Investment options like mutual funds and retirement plans.

Mobile Apps and Online Payment Methods

• Mobile App: Santander’s mobile app allows you to manage your account, transfer funds, pay bills, and more.
• Online Payment Methods: Use Zelle, online bill pay, or wire transfers for seamless transactions.

Customer Facilities

• 24/7 customer support.
• Free online banking.
• Access to over 600 ATMs nationwide.

New Updates in 2025

• Introduction of AI-powered banking assistants.
• Enhanced mobile app features, including voice banking.
• Lower fees for international transfers.

FAQ

1. Can non-residents open an account with Santander Bank USA?
Yes, non-residents can open an account with proper documentation, including a passport and ITIN.

2. What is the minimum balance for a savings account?
The minimum balance ranges from 10to10to500, depending on the account type.

3. Are there any fees for online banking?
No, Santander Bank offers free online banking services.

4. How do I update my KYC details?
You can update your KYC details online or by visiting a branch.

5. What is the interest rate for fixed deposits?
Interest rates range from 1.50% to 3.00%, depending on the term.