Santander Bank introduces new Essential Checking account

BOSTON — Santander Bank N.A. has rolled out a new consumer checking product for customers — the Essential Checking account.

In adding its Essential Checking account, Santander has eliminated overdrafts and the fees associated with them. In addition, a $4 monthly account fee will automatically be waived if any owner on the account is under 26-years-old or at least 65-years-old, according to a press release.

“At Santander, we are consistently adapting our offerings to create a seamless and simple banking experience for our customers,” Patrick Smith, head of consumer and business banking at Santander Bank, N.A., said in a statement. “The introduction of our Essential Checking account marks another exciting milestone in our ongoing work to best serve our customers and provide various options that are tailored to support them at every stage in life.”

Essential Checking has received national certification as a safe, affordable account, according to the release. It has been certified by the Cities for Financial Empowerment Fund as meeting the Bank On National Account Standards — indicating the account meets more than 25 features for customers who are looking to improve their finances.

Santander Essential Checking also includes reduced fees for paper statements and for domestic non-Santander ATM withdrawals, as well as a discount on Santander Exclusive Checks.

In addition to unveiling the Essential Checking account product, Santander announced additional benefits to its Simply Right Checking and Santander Savings accounts, for customers that are under 26. Those enhancements include:

• Simply Right Checking: Waived monthly fee, a reduced cash withdrawal fee at domestic non-Santander ATMs and no incoming wires fee.

• Santander Savings: Waived monthly fee and $0 cash withdrawal fee at domestic non-Santander ATMs.

The new checking product and product enhancements follow changes in 2022 to Santander Safety Net — the bank’s overdraft policy — which eliminated its non-sufficient funds fee, charged when a payment transaction is returned; and reduced the overdraft fee, charged when items are paid.

The bank’s product enhancements and rollout of Essential Checking builds upon the latest Santander US Community Plan — a “three-year commitment of $4.6 billion in community reinvestment and $9 billion in sustainable finance,” the bank said.

Santander is headquartered in Boston, Mass., employs nearly 8,600 and serves 2 million customers in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware. The bank operates branch locations in Berks, Chester, Delaware and Montgomery counties.