Santander Bank Review 2021: Business Banking, Mobile App, & More


No matter where you do business, your banking institution needs to work for you. As one of the largest banks in the world, Santander Bank offers many services for international business transactions that can make them a major contender in the banking industry, especially if your business does any international transactions.


Santander Bank Business Banking 

With account options geared towards accelerating company growth, Santander Bank offers account options for both smaller and larger businesses. Here’s the lowdown on their main business account offerings.

Account TypeCompany TypeDetails
Basic Business CheckingSmall companies with low monthly transactions.• $7.50 monthly fee
• Daily balance of $1,500
• 50 free transactions per month
Business CheckingCompanies with low to moderate balances and transaction volumes.• $15 monthly fee
• Daily balance of $5,000
• 300 free transactions per month
Business Checking PlusLarger organizations seeking a premium banking partnership.• $50 monthly fee
• Daily balance of $40,000
• 750 free transactions per month

Minimum Deposit and APY

The minimum initial deposit for your new business account varies between checking account types, but you can waive the monthly account fee by maintaining a balance of at least $1,500 for Basic Business Checking, $5,000 for Business Checking, and $40,000 for Business Checking Plus. Santander Bank offers decent CD and money market rates, as well as other specialty banking accounts, but with a relatively low APY of 0.03% on savings accounts, businesses looking for high interest-bearing potential may need to look elsewhere.


App Store Ratings

While the personal banking app seems to perform better, the Santander Bank mobile business banking app receives consistently low ratings for both iPhone and Android users. Rated 1.7 out of 5 stars in the Apple store (4.4k ratings), and 3.2 out of 5 stars in the Google Play store (318 ratings), the app could use some more focused development. Common complaints include feeling like the app development needs a serious upgrade to make it competitive with other banking apps, though I did like the fact I could keep my business and personal banking separate within the app. More on the mobile app below:


Features of the Mobile App

Though under-performing compared to larger retail banks, Santander’s mobile app does provide some advantages to business consumers. Check out these pros and cons of the app itself.

Mobile Bill Pay
With an update to the in-app calendar, you can now set up and schedule bill pay services from your mobile device.
Poor UX Design
Compared to other mobile banking apps, the user interface is lackluster, and new developments tend to be released before the bugs are fixed.
Business or Pleasure
For small business owners who want to keep personal and business banking separate but within reach, you can see your balances from both types of accounts on the same dashboard screen.
Essential mobile account access features like mobile deposit are lackluster and often crash or freeze at the most inconvenient times.

Small Business Banking

A bank’s reputation goes beyond their mobile presence. You probably want to know how banking with Santander Bank would affect your bottom line, so here are a few more details to consider.

International Exchange Rates
When it comes to doing business overseas, Santander offers competitive currency exchange rates and dedicated foreign exchange advisors to help you grow your business internationally.
Few U.S. Branches
Their domestic presence is limited to a small Northeast region of the U.S., making branch visits difficult outside of that area.
Foreign Trade Partner
International-trade services and an online Trade Portal are designed to make the financial aspect of your exporting and importing activities go smoothly.
High Fees
Be prepared for some hefty fees when withdrawing money abroad or out-of-network. High overdraft fees can also be piled on, so watch your balance.
Entrepreneur Resources
Check out their Business First resources for ideas and inspiration for growing or improving your business


As far as banking goes, Santander Bank could be a good option for businesses that are looking for a banking partnership that will give them an international edge. However, busy entrepreneurs in the digital age need better mobile access to their financial lifeline, so I give them 3 out of 5 stars. 

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Originally written in 2018. Most recently updated in March 2021.

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