Santander Bank Review

Santander Bank Review: My Deep Dive

Our review critically examines Santander Bank, a global banking giant with roots dating back to 1857. Originating in Spain, Santander has expanded significantly, especially after its strategic merger with Banco Central Hispano in 1999. This review scrutinizes Santander’s services, customer feedback, and overall reputation. We assess its offerings across personal and commercial banking, evaluating the bank’s performance in the US through various channels such as the Better Business Bureau (BBB), Trustpilot, Google Reviews, and Best Company ratings. While Santander’s global presence and extensive service range highlight its strength in the financial sector, customer feedback suggests areas for improvement in service quality. This article provides a balanced perspective on Santander’s suitability as a financial partner, discussing its merits and customer concerns.

Who are Santander?

Santander Group is a prominent banking institution with a rich history dating back to its founding in 1857 in Spain. Today, it is a global powerhouse in the financial sector, boasting a vast network that serves over 102 million customers through more than 14,000 branches worldwide.

Key Facts about Santander:

  • Global Presence: Santander operates internationally, providing various banking services to individuals and businesses alike.
  • Customer Focus: The bank’s mission revolves around helping people and businesses prosper, striving to achieve this through a philosophy that is simple, personal, and fair.
  • Financial Services: Santander Consumer USA Holdings Inc. (NYSE: SC), a part of the Santander Group, specializes in vehicle finance and third-party servicing, highlighting the company’s diverse range of financial products.
  • Regulatory Compliance: In the UK, Santander is registered and authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, ensuring strict financial standards and practices are adhered to.
  • Commitment to Equality: Santander is an equal opportunity employer, emphasizing its dedication to creating an inclusive work environment that respects diversity.

The bank’s longevity and expansion testify to its commitment to customer service and ability to adapt to the evolving financial landscape. As a trusted financial entity, Santander’s reputation is built on a foundation of reliability and responsibility towards its customers and the communities it serves.

For more detailed insights and customer experiences with Santander, the following sections of this review will delve into ratings and feedback from various platforms, including the Better Business Bureau (BBB), Trustpilot, Google Reviews, and Best Company. Stay tuned to learn more about what customers say about Santander’s services, their commitment to customer success, and the overall success rate of their financial solutions.


Santander is a global banking institution with a significant presence around the world. The corporate headquarters of the Santander Group is situated in:

In the United States, Santander operates primarily in the northeastern region, with its U.S. headquarters located at:

Santander’s expansive network includes numerous branches and operational centers across various countries, catering to a diverse clientele with a range of banking and financial services.


Santander offers comprehensive financial services catering to individuals, businesses, and corporations. Below is an overview of the primary services provided by Santander:

Personal Banking:

  • Current Accounts: A variety of checking account options to suit different needs.
  • Savings Accounts: Savings products, including regular savings and fixed-term deposits.
  • Mortgages: Home financing solutions for buyers and homeowners.
  • Loans: Personal loans for various purposes, such as debt consolidation or home improvements.
  • Credit Cards: A selection of credit cards with different rewards and benefits.

Investment Services:

  • Retirement Accounts: Options like IRAs to help plan for retirement.
  • Annuities: Insurance products that can provide a steady income stream for retirement.
  • Mutual Funds, Stocks, and More: Investment opportunities to grow wealth.

Consumer Auto Loans:

  • New Car Loans: Financing for purchasing a new vehicle.
  • Used Car Loans: Loans for buying used cars.
  • Auto Refinance: Refinancing options for existing car loans.
  • Cash-Back Refinance: Customers can refinance their car loan and receive cash back.

Digital Services:

  • Santander Digital Services: Technology solutions for modern banking needs.
  • Getnet: Payment processing solutions for businesses.
  • Aquanima: Procurement services for cost management.

Merchant Services:

  • Payment Solutions: A suite of services for businesses to accept various payment types, including in-store and online transactions.

Please note that as of March 31, 2023, Santander has discontinued offering Notary Public services.

For more detailed information on each service, visit the official Santander website or consult a Santander representative at a local branch.

Secretary of State Information

Santander operates in the United States through various entities, including Santander Bank, N.A., and its corporate offices in Boston, Massachusetts. As such, Santander Bank, N.A., is registered with the Secretary of State’s website for Massachusetts.

Santander - Secretary of State Information

For the most accurate and up-to-date information regarding Santander Bank’s registration with the Secretary of State, performing a business entity search on the official website or contacting the office directly is recommended. This will provide details such as the company’s registration date, entity type, and legal standing in the state.

Licenses and Accreditations

Santander operates under strict regulatory oversight and holds various licenses and accreditations across different regions, ensuring its legitimacy and compliance with financial regulations. Below is a summary of Santander’s key licenses and regulatory authorities:

  • Spain: Listed on the Madrid Stock Exchange and regulated by the UK’s Financial Conduct Authority (FCA).
  • United States: Member of the Federal Deposit Insurance Corporation (FDIC) and holds a Class B license from the Cayman Islands government, which allows it to accept electronic deposits.
  • Switzerland: Santander Private Banking International has a license to offer custody of crypto assets.
  • France: CACEIS Bank, Santander’s asset servicing arm, received a crypto custody license and is subject to France’s new crypto regulations.
  • United Kingdom: Financial service activities must be authorized by the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority.

These accreditations demonstrate Santander’s commitment to the highest financial regulation and customer protection standards. The bank’s regulatory compliance ensures it operates within the legal frameworks designed to safeguard its clients’ interests and the financial system’s integrity.

Offer Mail Example

Santander sends offer mails to current or prospective customers with information about their services, such as personal loans, account features, or investment opportunities.

Here’s an example of such mail:

Santander - Mail Example - Front
Santander - Mail Example - Back

Typically, these offer emails include:

  • Personalized Greetings: Addressing the recipient by name to establish a connection.
  • Service Details: Outlining the features and benefits of the service being offered.
  • Terms and Conditions: Clearly stating the terms, including interest rates, fees, or requirements.
  • Call to Action: Encourage the recipient to take advantage of the offer, often by visiting a website, calling a phone number, or visiting a branch.
  • Contact Information: Providing a way for the recipient to contact Santander for more information or to ask questions.
  • Security Reminder: Remind customers to stay vigilant against fraud and never share personal details in response to an email.

Recipients of such mails need to verify the authenticity of the communication before responding, as financial institutions are commonly impersonated in phishing attempts. Always contact the bank directly using official channels if you are unsure about the legitimacy of an offer mail.

Official Website

Santander’s official website is a comprehensive portal designed to meet the financial needs of its customers. It offers a wide range of services, including:

  • Current accounts
  • Savings accounts
  • Mortgages
  • Loans
  • Credit cards

Santander - Official website

The website is also a hub for online banking, where users can easily manage their finances. Some of the standout features include:

  • Billpay: Easily manage and pay your bills online.
  • Transfers: Transfer money between accounts or to other individuals.
  • Santander® Instant Card Hold: Temporarily freeze your card if lost or stolen.
  • Account alerts: Stay informed with customizable alerts on your account activity.
  • Paperless statements: Reduce clutter and access your statements online.

Whether you’re looking to manage your personal finances, apply for a loan, or learn more about Santander’s offerings, the official website is a valuable resource that provides both functionality and security.

LinkedIn Profile

On LinkedIn, Santander Bank presents itself as a company deeply invested in the prosperity of its customers and employees. It offers competitive compensation, benefits, and career development opportunities.

Santander - LinkedIn profile

The bank is an equal opportunity employer and is actively involved in social initiatives, such as supporting accessibility for people with disabilities and partnering with organizations like Patriot PAWS Service Dogs.

Santander Bank is also committed to consumer safety, offering education on cybersecurity and participating in campaigns like International Fraud Awareness Week. The bank shares valuable insights on economic trends and the Federal Reserve Bank’s policies.

In terms of recruitment, Santander Bank manages its hiring process exclusively through its Recruiting Department, ensuring a professional and streamlined experience for job seekers.

The bank’s innovation in customer-centric products is evident with the launch of the Essential Checking account, which is designed to be safe, affordable, and free from the risk of overdraft fees. This account is part of Santander’s commitment to meeting its customers’ diverse financial needs and goals.

Santander Bank also honors veterans and supports small businesses, including those owned by women, minorities, and veterans, recognizing their vital role in local communities.

For more information about their services and products, visit their official website or explore their LinkedIn page for the latest updates and career opportunities.

Commitment to Customer Service and Success

Santander’s commitment to customer service is multifaceted, aiming to provide ethical and accessible financial solutions to its customers. The company has policies to ensure that ethical factors are considered in business conduct and offers support for hearing- and speech-impaired customers through relay services. Santander strives to offer the best auto financing products and services, focusing on improving customer experiences.

However, customer feedback from sources such as the Better Business Bureau (BBB) and Trustpilot suggests room for improvement. Despite an A- BBB rating, Santander is not BBB accredited and has a low average customer review rating. Trustpilot reviews reveal various customer service issues, including transaction delays, account lockouts, and poor communication, with an overall negative sentiment from customers.

In the past, Santander has faced criticism for misleading telemarketing practices that have impacted customer trust. Despite these challenges, there are instances of positive feedback, with some branch employees being praised for their professionalism and helpfulness.

At the same time, according to Glassdoor, not all US branches are equal:

Santander - Glassdoor profile

Better Business Bureau (BBB) Rating

Santander Consumer USA, Inc. is on the Better Business Bureau (BBB) with an A- rating. However, it’s important to note that the company is not BBB-accredited. Despite the relatively high BBB rating, customer feedback paints a different picture:

  • Average Customer Review Rating: 1.11 out of 5 stars, based on 293 reviews.
  • Customer Complaints: More than 2,105 complaints have closed in the last three years, with 605 in the past year.

Santander - BBB review

Santander Bank is on the Better Business Bureau (BBB) and has no rating. It’s also not BBB-accredited. Despite the relatively high BBB rating, customer feedback paints a different picture:

  • Average Customer Review Rating: 1.07 out of 5 stars, based on 96 reviews.
  • Customer Complaints: 426 complaints closed in the last three years, with 167 in the past year.

The volume of complaints and the low customer review rating suggest that there may be significant dissatisfaction among Santander’s clientele. The most common issues customers report include service problems, such as handling payment deferrals.

Trustpilot Rating

Santander has received significant customer feedback on Trustpilot, which provides insights into the bank’s reputation among its users. Unfortunately, the feedback is not very positive. As of the latest data, Santander has an average rating of 1.4 out of 5 stars from more than 690 reviews. This low rating indicates widespread customer dissatisfaction with various aspects of the bank’s services.

Santander - Trustpilot rating

Key Issues Highlighted by Customers

  • Incomplete OTP Texts: Customers have experienced incomplete one-time password (OTP) texts, leading to long wait times for customer service.
  • Account Management: There are numerous reports of accounts being locked without clear reasons or resolutions, causing distress and financial inconvenience.
  • Customer Service: The helpdesk and fraud team are criticized for poor treatment of customers, including instances where customers felt criminalized for transferring money between their accounts.
  • Fraud Claims: Valid fraud claims have been rejected, even with police report evidence, resulting in significant customer losses.
  • Communication: Accounts have been frozen without prior notice, and there have been issues with cooperation and communication, particularly in resolving inheritance issues.
  • Promotional Communications: Long-term customers have expressed frustration over insensitive promotional communications and difficulties in obtaining financial services like overdrafts.
  • Technical Issues: Customers have faced extended holds on checks, malfunctioning ATMs, and subpar support from overseas call centers.

Despite these issues, there have been isolated instances of positive feedback for individual employees, suggesting that there are some areas where Santander’s service meets customer expectations. However, most customer experiences reflect a consistent pattern of poor service and account management, leading many customers to advise against using Santander Bank.

For a more detailed understanding of customer experiences with Santander, you can view the reviews directly on Trustpilot.

Google Reviews Rating

Customer feedback on Santander’s services appears to be mixed at Google Maps, with a tendency towards negative experiences.

Santander - Google Reviews

Customers have reported issues such as unsatisfactory customer service, weak security measures, rude branch employees, high-interest rates, and problems with loan management. These feedback points are crucial for potential customers to consider when evaluating Santander as a financial services provider.

Readers are encouraged to research and visit the official Google reviews page for Santander Bank to get a more comprehensive understanding of the bank’s customer feedback.

Best Company Rating

Reviews of Santander on BestCompany (company, credit cards, personal loans, car loans) do not have a lot of records.

The overall rating of Santander‘s businesses is above 4 out of 5, with the worst 1.8 rating of the Santander Consumer USA.

Santander - Best Company rating

Success Rate

Santander’s success rate can be evaluated from different perspectives, including financial performance and customer satisfaction. Financially, Santander reported a record profit of €9.6 billion for 2022, indicating a solid rise in revenues and lending income. This suggests a strong performance in the banking sector and a positive indication of the company’s success rate in terms of profitability.

However, the picture is less rosy when it comes to customer satisfaction. According to the Better Business Bureau (BBB), Santander Consumer USA, Inc. has an average customer review rating of 1.11/5 stars, with many customer complaints. Similarly, Trustpilot reviews show an average rating of 1.4 out of 5 stars, with customers expressing dissatisfaction with various aspects of the bank’s services.

Despite these challenges, it is important to recognize that online reviews may not represent the entirety of customer experiences and may be biased toward negative feedback. Santander has made efforts to address customer service issues and improve their offerings. The company’s financial success and commitment to addressing customer concerns are critical to its success.

In conclusion, while Santander has demonstrated financial robustness, there is room for improvement in customer satisfaction. The company’s success rate is a blend of strong financial results and a focus on enhancing the customer experience.

Santander Pros and Cons

When considering Santander for your banking needs, it’s important to weigh the advantages and disadvantages that customers have experienced. Below is a summary of the pros and cons based on customer feedback and available information.


  • No Origination Fees: Santander offers loans without the extra cost of origination fees, which can save customers money when taking out a loan.
  • Autopay Discount: Customers can receive a 0.25% APR discount on loans by setting up autopay, a convenient way to reduce interest costs.
  • Physical Branch Network: With over 450 brick-and-mortar locations, Santander provides a solid regional presence for customers who prefer in-person banking services.
  • Overdraft Buffer: Some accounts offer an overdraft buffer, which can help prevent fees associated with overdrawing an account.


  • Customer Service Issues: Numerous reviews on various online sources highlight poor customer service experiences, including rude interactions and dismissive responses.
  • High Loan Interest Rates: Customers have reported higher-than-expected interest rates on loans, which can lead to increased borrowing costs.
  • Unauthorized Payments and Fees: Complaints about unauthorized transactions and unexpected fees can be frustrating and financially burdensome.
  • Limited ATM Network: Customers have noted limited ATM options within Santander’s network, which can be inconvenient for those who need regular cash access.
  • Expensive Overdraft Fees: Overdraft fees can be costly, and customers should ensure they have sufficient funds to avoid these charges.
  • Account Management Difficulties: Issues such as account lockouts, unexpected interest charges, and declined debit cards have been reported, causing customer distress.

Considering these factors in the context of your banking needs and preferences is important. While some customers have had positive experiences with individual employees and specific services, the overall sentiment from online reviews suggests significant areas where Santander could improve to serve its customers better.

Santander Alternatives

Several reputable institutions could be considered when considering alternatives to Santander for your banking and financial services needs. Below is a list of some of the major competitors to Santander:

  • JP Morgan Chase & Co. – A leading global financial services firm with a strong presence in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management.
  • Bank of America – Offers a wide range of banking, investing, asset management, and other financial and risk management products and services.
  • Wells Fargo – Provides banking, investment, mortgage products and services, and consumer and commercial finance.
  • Citi is a multinational investment bank and financial services corporation with a broad portfolio of financial products and services.
  • Ally Financial Inc. – Specializes in digital financial services, including banking, auto finance, and investing.
  • Capital One – Offers a broad array of financial products and services to consumers, small businesses, and commercial clients.
  • TD Bank – Provides a full range of financial products and services to personal and small business customers.
  • Barclays is a British multinational bank and financial services company with a wide range of personal banking, wealth management, and investment services.
  • UBS is a global firm providing financial services in over 50 countries, focusing on wealth management, investment banking, asset management, and retail banking.
  • Bank of China – One of the largest banks in the world, offering a comprehensive range of financial services to customers across the globe.
  • Banco Bilbao Vizcaya Argentaria (BBVA) is a multinational Spanish banking group offering various financial services.

Each institution has strengths and may be more suitable for certain financial needs or preferences. Researching and comparing these banks’ services, fees, and customer satisfaction ratings is important to determine the best fit for your financial requirements.


In our comprehensive review of Santander, we’ve explored various facets of the company, from its historical roots to its current global presence in the financial sector. Santander has established itself as a legitimate banking institution, offering various services to individuals and businesses. However, like any large organization, it is not without its challenges.

Customer feedback from platforms such as Trustpilot and anecdotal evidence from Google reviews suggest that while Santander provides convenient banking solutions, there is significant room for improvement in customer service. Instances of dissatisfaction, particularly regarding account management and customer support, highlight the need for Santander to prioritize customer experience and address service issues promptly.

Despite these concerns, it’s important to recognize that customer reviews represent individual experiences and may not reflect the overall quality of the bank’s services. Moreover, Santander’s commitment to innovation and adapting to customer needs is evident in its digital offerings and security features.

In summary, Santander is a legitimate financial entity with a strong global presence. While there are areas for improvement, particularly in customer service, the bank continues to offer valuable services to its customers. Prospective clients should weigh the pros and cons, consider the mixed customer feedback, and monitor the bank’s efforts to enhance its service quality before making a final decision.

Comparing services, fees, and customer reviews of other financial institutions is advisable for those seeking alternatives. Ultimately, choosing a banking partner should align with one’s financial goals and the level of service they expect.

Remember, the most informed decision considers a comprehensive view of the available information.

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