Articles from Santander Bank, N.A.

Verizon and Santander Bank, N.A., part of the global banking leader Santander1, today announced a multi-year U.S. partnership to bring a new, competitive high yield savings account to millions of Verizon mobile and 5G Home customers. Introducing Verizon + Openbank Savings: a digital high yield savings account with a rate 10 times the national average and the ability to save up to $180 a year on your Verizon bill. Verizon + Openbank Savings joins Verizon’s portfolio of financial services offerings, yet another example of outstanding value and benefits on top of mobile and home connectivity.

Santander Bank, N.A. (“Santander Bank”) today announced the results of a new survey that found while nearly eight in 10 consumers (78%) say saving is a high priority, seven in 10 (69%) do not use higher-rate accounts — such as high-yield savings accounts, money market accounts and certificates of deposit (CDs) — that would accelerate progress toward their goals. The findings were part of the fourth installment of Santander Bank’s Openbank Growing Personal Savings (“GPS”) Tracker, a research series exploring Americans’ spending and savings habits.

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Santander Bank, N.A. announced today it has lowered its prime rate from 7.75% to 7.50% effective December 18, 2024.

Santander Bank has officially launched Openbank, a new digital banking platform, whose initial offering brings high yield savings opportunities to more Americans. Openbank’s high yield savings account features an attractive Annual Percentage Yield (APY) of 5.00%*, no fees, low minimum deposits, and an exceptional customer experience with frictionless account opening that takes less than four minutes.

Santander Bank, N.A. (“Santander Bank”) today announced findings from its Openbank Growing Personal Savings (“GPS”) Tracker revealing many consumers are missing out on hundreds of dollars a year in interest by not using higher-rate savings accounts. More than seven in 10 (71%) are not taking advantage of these accounts, including high-yield savings accounts, money market accounts and certificates of deposit (CDs). Among those who have a higher-rate account and know their rate, 56% are earning at least 3% in interest, significantly above the national average annual percentage yield (APY) of 0.45%*.

Santander Bank, N.A. announced today it has lowered its prime rate from 8.00% to 7.75% effective November 7, 2024.

Santander Bank, N.A. announced today it has lowered its prime rate from 8.50% to 8.00% effective September 18, 2024.

Santander Bank, N.A. (“Santander” or “the Bank”) today announced that it has earned an overall “Outstanding” Community Reinvestment Act (CRA) rating from the Office of the Comptroller of the Currency (OCC) for the 2020-2022 exam period. Performance evaluations occur every three years. Santander also received “Outstanding” region-specific performance ratings in the major metropolitan areas of Boston, New York, and Philadelphia – three of the Bank’s core markets. Both represent the highest possible rating and is the result of achieving Outstanding ratings on each of the lending, investment and service tests.

Santander Bank, N.A. (“Santander Bank” or “the Bank”) announced today the findings of its second Growing Personal Savings (“GPS”) Tracker, a research series exploring Americans’ approach to building and managing their savings. While many Americans have been adding to their savings month-over-month, the overall percentage doing so each month dipped in Q2. The survey found expenses stemming from back-to-school shopping and energy costs over the summer will further impact households’ ability to save.

Santander Bank, N.A. (“Santander Bank” or “the Bank”) announced the opening of its second Work Café in the United States, located at 3036 Grand Avenue in the heart of Coconut Grove, Miami’s oldest neighborhood, known for its bayside views and vibrant community. The Work Café is intended to serve as an innovation hub for local businesses and the broader community.

Santander Bank, N.A. (“Santander Bank” or “the Bank”) today announced findings from its inaugural Growing Personal Savings (“GPS”) Tracker, a new series analyzing how Americans approach growing their savings. The Santander Bank GPS Tracker revealed that higher-rate savings accounts including high-yield savings accounts, money market accounts and certificate of deposits (“CDs”) are each being used by less than 20% of the survey participants.

Santander Bank, N.A. (“Santander” or “the Bank”) and the Greater Providence Chamber of Commerce today hosted their 21st Economic Outlook Breakfast for Rhode Island’s business community. Approximately 300 people gathered at the Crowne Plaza in Warwick, Rhode Island for the event, which gives business, education, healthcare, government and community leaders a forum to discuss the economy and changing dynamics of Rhode Island.

Santander Bank, N.A. (“Santander Bank” or “the Bank”) announced today that Swati Bhatia has joined as head of Retail Banking and Transformation, effective immediately. Bhatia reports to Tim Wennes, Santander Bank CEO and Santander US country head, and to Daniel Barriuso, global head of Retail and Commercial Banking and Group Transformation.

Santander Bank, N.A. ("Santander" or "the Bank") today announced that it has closed a transaction with the Federal Deposit Insurance Corporation (FDIC) to participate in a joint venture that consists of a $9 billion portfolio of New York based multifamily real estate assets retained by the FDIC following the failure of Signature Bank. The Bank acquired a 20 percent equity stake of the joint venture for $1.1 billion at an attractive basis and will service 100 percent of the assets in the portfolio.

Santander Bank, N.A. (“Santander” or “the Bank”) today announced a new consumer checking offering, Santander® Essential Checking (“Essential Checking” or “account”), to make banking easier for its customers. The account empowers customers to spend what they have without the risk of over-drafting funds or being charged associated fees by eliminating overdrafts and including a $4 monthly fee that is automatically waived if any owner on the account is under 26 years of age or at least 65 years of age.

Santander Bank, N.A. (“Santander” or “the Bank”) recently unified its commercial & industrial business and its commercial real estate & vehicle financing business into one Commercial Bank in the United States under the leadership of Michael Lee. Mike joined Santander in 2009, and most recently served as Managing Director and Head of Commercial Real Estate & Vehicle Finance. He will continue to report to Tim Wennes, Santander US CEO and Country Head, and Santander Bank President and CEO.

Santander Bank, N.A. announced today it has raised its prime rate from 8.25% to 8.50% effective July 26, 2023.

Santander Bank, N.A. announced today it has raised its prime rate from 8.0% to 8.25%, effective May 3, 2023.

Santander Bank, N.A. announced today it has raised its prime rate from 7.75% to 8.0%, effective March 22, 2023.

Santander Bank, N.A. announced today it has raised its prime rate from 7.50% to 7.75%, effective February 1, 2023.

Santander Bank, N.A. announced today it has raised its prime rate from 7.00% to 7.50%, effective December 14, 2022.

Santander Bank, N.A. today announced the expansion of its Commercial Equipment and Vehicle Finance business to include commercial equipment financing to healthcare organizations. The new, nationwide offering will provide financing for state-of-the-art medical technology and equipment to hospitals and health systems, out-patient clinics, and specialized providers.

Santander Bank, N.A. today announced the appointments of Donna Cleary to Market Manager and Jim Bravyak to Head of Underwriting & Portfolio Management. In her new role, Cleary will lead an additional team of bankers to focus on the vast opportunity with middle market companies in the New York City and Long Island markets. Bravyak will assume Cleary’s previous role, leading Underwriting and Portfolio Management. Both executives will report to Joe Abruzzo, Head of Commercial Banking for Santander Bank.

Santander Bank, N.A. announced today it has raised its prime rate from 6.25% to 7.00%, effective November 2, 2022.

Santander Bank, N.A. ("Santander Bank,” “Santander” or “the Bank”) today announced further enhancements to Santander® Safety Net, the company’s flexible overdraft policy that was initially introduced in 2021. With these updates, Santander is eliminating its non-sufficient funds (NSF) fee, charged when a payment transaction is returned, and is reducing the overdraft fee to $15 from $35, charged when items are paid. These changes position Santander as having one of the most flexible overdraft fee structures among traditional U.S. Banks.

Santander Bank, N.A. announced today it has raised its prime rate from 5.50% to 6.25%, effective September 21, 2022.

Santander Bank, N.A. announced today it has raised its prime rate from 4.75% to 5.50%, effective July 27, 2022.

Santander Bank, N.A. announced today it has raised its prime rate from 4.00% to 4.75%, effective June 15, 2022.

Santander Bank, N.A. ("Santander Bank,” “Santander” or “the Bank”) announced the opening of its new branch in Boston located at 885 Boylston Street. To commemorate the new branch, Santander recently hosted a grand opening and ribbon cutting, during which Santander executives presented a $50,000 donation to representatives from St. Francis House. Boston City Councilor Kenzie Bok, who represents the Back Bay, was in attendance to celebrate the branch opening.

Santander Bank, N.A. today announced the launch of Santander eLockBox, an electronic lockbox that works to consolidate incoming digital payments and simplify electronic receivables management for businesses. The enhanced product offering allows customers to automate their revenue cycle, saving them time, reducing costs, and optimizing more resources to help support the core needs of their organizations.

Santander Bank announced today it has raised its prime rate from 3.25% to 3.50%, effective March 16, 2022.

Santander Bank, N.A. ("Santander Bank,” “Santander” or “the Bank”) announced the opening of its new branch in King of Prussia located at 140 Allendale Road. Santander recently hosted a grand opening and ribbon cutting to commemorate the new branch. As part of the celebration, Santander executives presented a $10,000 check to representatives from Habitat for Humanity to support financial education seminars, the construction of four homes and additional home repair projects.

Santander Bank, N.A. ("Santander Bank,” “Santander” or “the Bank”) announced today the launch of Santander® Safety Net, which dramatically raises the no-fee overdraft threshold to $100, the highest of any traditional U.S. bank1 and double the next-highest overdraft threshold of leading competitors ($50). This industry-leading overdraft program applies automatically to every Santander Bank client and is expected to completely eliminate overdraft fees for nearly one-third of clients who have recently overdrawn.

Santander Bank, N.A. (“Santander Bank” or “Santander”) today announced that its Corporate & Investment Banking division (“Santander CIB”) has acted as financial advisor, joint lead arranger, administrative agent and green loan coordinator for the financing of Vineyard Wind 1, the first large-scale offshore wind farm in the United States. Santander is one of nine international and U.S.-based banks raising approximately $2.3 billion of senior debt to finance the construction of the project.

Santander Bank, N.A. (“Santander” or “the Bank”) today announced its charitable commitments for the first half of 2021. Through two grant cycles, Santander has committed $7,590,000 in grants to 240 nonprofit organizations throughout Santander’s operating footprint.

Santander Bank, N.A. (“Santander Bank” or “Santander”) today announced that its Commercial Banking division is collaborating with Revenue Management Solutions (“RMS”), a healthcare remittance provider, to offer an end-to-end receivables lockbox product for its healthcare clients. The remittance and reconciliation process for healthcare providers is often a time-consuming, repetitive, manual task. The RMS streamlined solution allows healthcare providers to automate their revenue cycle, saving them time, reducing costs, and optimizing more resources to help support their mission and growth needs.

Santander Bank, N.A. (“Santander Bank,” “Santander” or “the Bank”) today announced it is expanding its Cultivate Small Business program beyond Massachusetts to include small businesses in northern and southern New Jersey. Now in its fourth session, Cultivate Small Business is Santander’s signature philanthropic small business initiative. The program helps early-stage entrepreneurs in food-related industries build and sustain their businesses, with a focus on women, minority and immigrant-owned businesses in low-and moderate-income neighborhoods.