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The Forbes Advisor editorial team is independent and objective. Santander provides a seven-day grace period following the maturity date, in which CD owners can add or withdraw funds, close the account or change terms. Jumbo CDs feature early withdrawal penalties of up to three months’ interest on the principal amount withdrawn.ĬDs automatically renew upon maturity. Santander charges an early-withdrawal penalty of up to one year’s interest on the principal amount withdrawn if you need to access standard CD funds before the maturity date. Interest on jumbo CDs with terms of 12 months or more compounds daily but is credited at maturity. Interest on Santander CDs with terms shorter than one year compounds daily and is credited monthly. The bank’s personal CDs require a $500 deposit to open, while its jumbo CDs require a $100,000 minimum opening deposit. Specific details on the bank’s CD accounts aren’t publicly available, but you can speak to a representative or visit a Santander branch to learn more about CD options and to open an account. Santander CD rates vary depending on location. The only way to open a CD account through Santander Bank is by making an appointment with a banker at one of its branches, which are located primarily in northeastern U.S.
