Santander Consumer Bank review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Santander Consumer Bank is an easy-access savings account for savers who want free day to day money and no account charge, rather than a competitive return. The headline rate of 0.3% sits well below the savings account median of 3%, so the value here is convenience.
Key facts
- Best for
- Anyone in Germany parking spare cash with no minimum balance and no monthly fee.
- Headline rate
- 0.3%↗
- Rate type
- Variable↗
- Minimum deposit
- €0↗
- Access terms
- Daily availability; payout only to your own chosen reference account↗
- Monthly fee
- €0↗
- Account kind
- Easy access↗
- Legal entity
- Openbank Deutschland AG↗
- Headquarters
- Germany↗
- Founded
- 1957↗
- Support channels
- Help-centre↗
- Pricing model
- No monthly fee
- Official website
- santanderconsumer.de
Facts checked September 26, 2026, 3 sources
Apps and profiles
- Get the app
- App StoreGoogle Play
Pros and cons
Pros
- No monthly fee, with a monthly fee of €0 on the account
- Minimum deposit of €0, so the account opens without a floor
- Daily availability, with payout only to your own chosen reference account
- Sits at position 1 of 370 brands on minimum deposit
Cons
- Headline rate of 0.3% ranks 417 of 473 brands, well short of the median of 3%
- Support runs on help centre only, with no direct line listed
Who it suits
- German savers who keep an emergency buffer and need same day access
- Anyone who wants to hold euro cash without a minimum balance
- Customers of the Openbank Deutschland AG entity already in the group
Who should look elsewhere
- Savers chasing a competitive return, who may earn more elsewhere
- People who need phone or chat support, since help is limited to a help centre
- AXI Card Tarjeta y Credito and Plazo ES list headline rates of 21.59% and 24.19%, far above this account
How it compares on our data
On the headline rate, Santander Consumer Bank ranks 417 of 473 brands, which places it well down a field whose median rate is 3%. On the minimum deposit it ranks 1 of 370 brands, the strongest position of the two. A free entry point and a low rate make this a parking spot for cash, not a place to grow it.
How Santander Consumer Bank compares
9.2 vs 8.6
9.2 vs 9.5
9.2 vs 8.0
9.2 vs 8.9
9.2 vs 8.9
9.2 vs 9.1
9.2 vs 9.1
9.2 vs 8.9
9.2 vs 8.7- 9.2 vs 8.0
9.2 vs 9.0
9.2 vs 8.1
9.2 vs 8.7
9.2 vs 8.0
9.2 vs 9.5
9.2 vs 9.4
9.2 vs 9.3
9.2 vs 9.2
9.2 vs 9.0
9.2 vs 8.7
9.2 vs 8.5
9.2 vs 8.5
9.2 vs 8.5
9.2 vs 8.4
9.2 vs 8.3
9.2 vs 9.0
Where Santander Consumer Bank is available
- Available
- Germany
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What interest does this account pay?+
The headline rate is 0.3% and it is a variable rate, so it can move rather than being fixed for a term. That is modest next to the site median of 3% for savings accounts.
Is there a monthly fee?+
The monthly fee is €0, and the account runs on a no monthly fee model. There is no charge to keep the balance, so the cost of holding cash here is the interest you give up.
Do I need to put money in to open it?+
The minimum deposit is €0, so no opening balance is required. It ranks 1 of 370 brands on that measure, among the most open entry points on the site.
How do I get my money out?+
Availability is daily, which suits an emergency fund. Payouts run only to your own chosen reference account, so the money cannot be redirected to a third party account.
Is this a fixed term account?+
No, it is an easy access account with a variable rate type. There is no term to run out, so the rate is the only thing that can change over the life of the balance.
Who operates the account?+
The legal entity behind it is Openbank Deutschland AG, based in Germany, with the brand tracing back to 1957. The account is a German product, so a German bank account and euro deposits are the expected setup.
What support can I reach?+
Support is listed on help centre, which means a help centre rather than a direct phone or chat line. For questions about the account itself, that is the route described.
Is my deposit protected?+
The account is held by Openbank Deutschland AG, a German banking entity, so deposits sit with a bank rather than a payments firm. The deposit protection arrangement itself is not stated here, so check the terms for the cover that applies.
Sources
- santanderconsumer.de checked September 26, 2026
Backs: Founded
“1957 gegruendet”
- openbank.de checked September 26, 2026
Backs: Headquarters, Legal entity
“Openbank Deutschland AG (vormals Santander Consumer Bank AG)”
- santander.de/privatkunden/anlegen-und-sparen/sparen/tages... checked September 26, 2026
Backs: Access terms, Account kind, Headline rate, Minimum deposit, Pricing model, Monthly fee, Rate type, Support channels
“Tagesgeld 0,30 % p.a. (variable base rate; Tagesgeld Aktionszins 2,75 % p.a. for the first 4 months)”
Compiled from 3 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Term, Deposit protection.
Related by the facts
Santander Consumer Bank
Anyone in Germany parking spare cash with no minimum balance and no monthly fee.