What is Santander Bank's minimum balance?

Simply Right Checking requires a $1,500 minimum daily balance to waive the $10 monthly fee — OR just one qualifying transaction per month (no balance required). Simply Right Savings requires a linked Simply Right Checking account (not a balance) to waive its $1 monthly fee. Santander Basic Checking has no minimum balance requirement.

What happens if I fall below $1,500 in my Santander checking account?

If your balance falls below $1,500 on any day in the statement cycle AND you did not make at least one qualifying transaction that month, Santander charges the $10 monthly fee. Making a single debit purchase at any point in the month satisfies the transaction requirement regardless of balance.

Does Santander have a minimum balance to open an account?

Santander does not state a mandatory minimum opening deposit for Simply Right Checking or Simply Right Savings. You can open an account online or in a branch with any initial deposit. A Santander representative can confirm the current minimum at 1-877-768-2265.

Is the $1,500 minimum balance hard to maintain at Santander?

For many customers, the transaction-based waiver is easier to meet. Making any single qualifying transaction — one debit card purchase, one ACH payment, one direct deposit — waives the $10 fee regardless of your balance. Customers who actively use the account rarely pay the monthly fee.

Santander Bank Minimum Balance 2026: Requirements by Account Type

Santander Simply Right Checking requires either a $1,500 minimum daily balance OR just one qualifying transaction per month to avoid the $10 monthly fee. Most active account holders satisfy the transaction requirement without thinking about it.

Santander Minimum Balance Requirements

Account	Minimum to open	Minimum to avoid fee	Alternative waiver
Simply Right Checking	None stated	$1,500 daily balance	1 qualifying transaction/month
Santander Basic Checking	None	None (no fee)	N/A
Simply Right Savings	None stated	N/A	Link to Simply Right Checking

What Counts as a Qualifying Transaction

Any one of the following satisfies the monthly transaction requirement for Simply Right Checking:

Any debit card purchase (in-store, online, or contactless)
Direct deposit
ACH payment or transfer
Check written from the account
Bill pay via online banking

One transaction per month — there is no minimum dollar amount.

How the $1,500 Balance Waiver Works

The $1,500 minimum must be maintained every day in the statement cycle, not just as an average. If your balance drops below $1,500 on even one day and you made no qualifying transactions that month, the $10 fee applies.

Example:

Balance stays above $1,500 all month → fee waived (balance method)
Balance drops to $1,200 mid-month, but you used your debit card once → fee waived (transaction method)
Balance drops to $1,200 mid-month, zero transactions → $10 fee charged

Which Waiver Is Easier?

For most customers, the transaction waiver is far easier to satisfy than maintaining a $1,500 daily balance. Any single use of your Santander debit card — even a $1 purchase — satisfies the requirement for the entire month.

Savings Account Minimum Balance

Simply Right Savings: No balance-based fee waiver. The $1 monthly fee is waived automatically when the account is linked to a Simply Right Checking account. No minimum balance is required for the savings fee waiver.

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Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.

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