BOSTON, April 12, 2016 /PRNewswire/ -- Santander Bank offers one of 2016's "Best Money Market Accounts" according to the popular consumer finance blog, NerdWallet. This distinction comes as part of NerdWallet's first-ever "Best Banks and Credit Unions" awards program, which highlights the year's best bank and credit union products. Out of more than 50 financial institutions reviewed, Santander's money market savings product stood out as one of the top four accounts available at a brick and mortar bank.
"As a respected source of consumer finance information, NerdWallet knows that people want to maximize their returns while being able to access funds easily," said Michael Cleary, Santander's head of Consumer and Business Banking. "Santander's FDIC-insured money market savings account is a standout because our customers' balances grow faster than in traditional savings accounts while giving them that access through checks, online banking or mobile. We design our products so they reflect how people like to bank. NerdWallet's recognition tells us that we're getting it right."
According to NerdWallet, Santander's money market savings account is an excellent option for people who keep a lot of money in liquid savings and want a high interest rate. Requiring a minimum opening deposit of only $25.00, customers can waive the account's $10.00 monthly fee by maintaining a $10,000 average daily balance or by maintaining a consumer Santander checking account. Nationally competitive rates are available for new accounts over $10,000. In its review, NerdWallet notes Santander's Apple and Android mobile apps receive consistently high reviews, making Santander an especially good banking option for those who like to bank on the go.
"Santander offers customers with higher balances especially a best-of-both-worlds money market account, with a rate that's nationally competitive and branch banking options that you can't get with the online players," says Devan Goldstein, NerdWallet Banking Expert.
To determine the best accounts for its "Best Banks and Credit Unions" awards program, NerdWallet looked at more than 50 financial institutions: the largest U.S. banks based on assets, debit card volume and Internet search traffic, the nation's largest credit unions with broad-based membership requirements, and other notable and/or emerging players in the industry.
Consumers can find out more about Santander's money market savings accounts by visiting www.santanderbank.com/us/personal/banking/savings/money-market-savings-account.
About Santander Bank
Santander Bank, N.A. is one of the country's top retail and commercial banks by deposits and a wholly owned subsidiary of Banco Santander, S.A. - one of the most respected banking groups in the world. With its corporate offices in Boston, Santander Bank's more than 670 branches and nearly 2,100 ATMs are principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware. The Bank's 9,400 employees are committed to helping our 2.1 million customers make progress toward their financial goals with the support of our call centers, interactive online banking platform and easy-to-use mobile app. Madrid-based Banco Santander (NYSE: SAN) serves more than 117 million customers in the U.K., Europe, Latin America and the U.S. Through its local affiliates, including Santander Bank, Banco Santander is the largest corporate contributor to higher education in the world, investing over $165 million annually in colleges and universities across more than 20 countries, including the U.S. For more information on Santander Bank, please visit www.santanderbank.com.
NerdWallet gives consumers clarity around key financial decisions at every stage of their lives. When it comes to credit cards, mortgages, insurance, loans or expenses like hospital costs, consumers make almost all of their decisions in the dark. NerdWallet is changing that, helping guide consumer decisions with free, accessible tools, research and expert advice that can't be found anywhere else. We call it putting knowledge in your wallet.
SOURCE Santander Bank, N.A.