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- Rated 3.5 stars
- Very Good
- Santander Student Value Checking
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The Santander Student Value Checking account has no monthly fee and no minimum balance, but there’s much more to this account than meets the eye. Check out what’s good, what’s bad, and our impressions below.
Current Sign-Up Promotions?
There aren’t any cash sign-up bonuses for the Santander Student Value Checking currently, but this account does qualify for Santander’s referral program that doesn’t have a set expiration date. You can read about the referral bonuses program and other Personal and Business Checking offers at this Santander Bank promotions page.
As an alternative, another great college student Checking account with a sign-up bonus is the Chase College CheckingSM (read about it’s features and bonus offer here).
Santander Value Checking Requirements
To opt in, you’ll have to be between 16 to 25 years old (with a legal guardian as co-owner for those under 18). Proof of enrollment in a college, university or other undergraduate-level school is required.
The Good
No Monthly Fee
Ever! There’s nothing you have to do!
No Minimum Balance
The minimum opening deposit is a mere $10, and there’s no minimum balance after that.
Mobile Banking
Make deposits, send transfers, and set customizable alerts at your convenience from your phone or laptop.
Apple Pay
Santander’s debit and credit card are compatible with Apple Pay, a simple and secure way to make purchases and send or receive money.
Savings Account Benefit
By having the Santander Student Value Checking account, monthly fees are waived on Santander Savings and Santander Money Market Savings accounts.
The Bad
Few ATM & Branch Locations
There are a limited number of Santander ATM & branch locations in the United States compared to big banks like Chase and Wells Fargo. You’ll find over 600 branches across Connecticut, Delaware, Florida, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island.
No Yield on Deposits
As with many student checking accounts, don’t expect to earn interest on your deposits.
The Fees
| USAGE | FEE | NOTES |
| Domestic non-Santander ATM | $2 | Includes ATMs in Puerto Rico as well. |
| International ATM | $6 | Waived at Santander ATMs in Mexico |
| Paper Statements | $3 | Per statement. |
| International Debit Card Transaction | 4% | For international cash withdrawal or purchase using your debit card. |
| International ATM Card Transaction | 3% | For international cash withdrawal using your ATM card. |
| Replacement Card – Expedited | $30 | |
| Insufficient Funds | $35 | Per item returned on item paid (max 6 items per business day). |
| Sustained Overdraft | $35 | Applies to accounts in the red for 5 consecutive days. |
Bottom Line
While the Santander Student Value Checking offers a handful of no-fee, no minimum goodies, what it lacks is a robust physical presence in terms of ATMs and branches. However, in this tech age with mobile banking and Apple Pay at your fingertips, there’s little need to have cold hard cash in your hands.
What’s more, Santander Student Value Checking has the unique feature of fee-free incoming international transfers. It’s the perfect account for international students studying in Santander’s service area and regularly receiving money from mom and pops back home.
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Simple Bank has an offer where you can earn a $20 bonus after opening their free online Checking account that's available nationwide. You'll then be able to earn unlimited $20 referral bonuses. Direct deposit isn't a requirement and all you and your referrals need to do is open a new account and use the Simple Visa debit card to make a first purchase. - Bank Of America Core Checking Account For Students Under 24
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*These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.