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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 suits German students and travellers who want everyday banking on a no monthly fee model (no monthly fee) plus savings they can draw on daily. Deposits carry EU deposit guarantee cover (EU DGS up to EUR 100,000), which settles the cost and safety question.

Key facts

Best for
A German student or traveller wanting low cost everyday banking with savings in the same place.
Monthly fee
€0 to €6.95↗
Deposit protection
EU DGS up to EUR 100,000↗
Currency conversion fee
0% to 1.85%↗
Local account details
IBAN↗
Legal entity
Openbank Deutschland AG (formerly Santander Consumer Bank AG)↗
Headquarters
Germany↗
Founded
1957↗
Support channels
Email, Phone, Help-centre↗
Audience
Students, Travelers
Pricing model
No monthly fee
Features
Free ATM withdrawals, Joint account
Official website
santander.de

Savings

Headline rate
0.3%↗
Rate type
Variable↗
Minimum deposit
€0↗
Access terms
Daily availability, no notice period; payout only to the customer's own reference account; no direct third-party transfers↗
Account kind
Easy access↗

Facts checked September 26, 2026, 5 sources

Apps and profiles

Get the app
App StoreGoogle Play
Elsewhere
WikidataWikipediaLinkedIn

Pros and cons

Pros

  • The everyday account sits on a no monthly fee model, the most common setup on the site at 91.7%.
  • Free ATM withdrawals and a joint account come with it, free atm and joint account.
  • Money is held under EU deposit protection, EU DGS up to EUR 100,000.
  • The savings side pays 0.3% at a variable rate, so it tracks the market.

Cons

  • Conversion costs run 0% to 1.85%, above the 0.5% site median, so foreign spending is the expensive part.
  • Monthly fees run €0 to €6.95, so a paid tier costs more than the €0 site median.
  • Savings payouts go to the holder's own reference account only, which limits how the money can be moved on.
Santander Consumer Bank

Ready to try Santander Consumer Bank?

Scored 9.4 / 10 by VaultCue.

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Who it suits

  • Students and travellers in Germany, the audience the bank names itself, student and travelers.
  • People who want one current account plus easy access savings with daily access and no notice period.
  • Couples who want a joint account and free ATM use, free atm and joint account.

Who should look elsewhere

  • bunq, at a monthly fee of €0, if you want a second monthly fee figure to set against this range.
  • bunq Spain Bank Account, at a monthly fee of €0, when you want a second euro account price to check.
  • Pixpay FR, at a monthly fee of €3.99, for anyone who prefers a single flat price to a fee range.

Fees and currency costs

Monthly fees for the current account run €0 to €6.95, so the price depends on which tier you pick. Currency conversion is charged at 0% to 1.85%, which keeps euro spending at the cheap end and pushes frequent foreign spending to the dearer end. The conversion spread matters more than the headline for anyone who travels.

How Santander Consumer Bank compares

Where Santander Consumer Bank is available

Available
Germany
Licence in Germany
Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), checked September 26, 2026
Licence in Germany
European Central Bank, checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

How much is the monthly fee on the everyday account?+

The account runs on a no monthly fee model, no monthly fee, and monthly fees are set at €0 to €6.95. The lowest priced tier covers the everyday case, and the range shows what a higher tier costs. The site median for monthly fees is €0.

What does it cost to convert currency?+

Conversion is charged at 0% to 1.85%, so euro spending sits at the cheap end of that range while foreign spending pays the dearer end. The site median is 0.5%, so the top of the range costs more than the middle of the market.

Is the money protected and who regulates the bank?+

Deposits are covered by EU deposit protection, EU DGS up to EUR 100,000. In Germany the bank is supervised by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and is listed with the European Central Bank. The legal entity is Openbank Deutschland AG, previously Santander Consumer Bank AG.

How quickly can I reach money in the savings account?+

Savings here are easy access money, with daily availability and no notice period. The minimum deposit is €0, so there is no floor to clear. Access terms send payouts to the holder's own reference account only.

What interest does the savings account pay?+

The savings side pays 0.3% and the rate type is variable, so the return moves with the market rather than being fixed for a term. The site median headline rate is 3%, which puts this offer below the middle of the market.

Who is this account built for?+

The stated audience is student and travelers, so students and travellers are who the bank has in mind. It suits a German resident who wants everyday banking and savings in the same place. Support runs on email, phone and help centre, so help is available by phone, email and a help centre.

What comes with the everyday account?+

Free ATM withdrawals and a joint account are included, free atm and joint account. Account details follow the German IBAN format, iban, which keeps the setup familiar for a euro household. The brand has been trading since 1957 and is based in Germany.

How do the alternatives price it?+

Monthly fees here run €0 to €6.95. bunq lists €0 and bunq Spain Bank Account lists €0, while Pixpay FR charges €3.99. Those three price a single amount, so the fee range here is the one that needs a tier check.

Sources

Compiled from 6 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Licence type, Currencies.

Santander Consumer Bank

Santander Consumer Bank

A German student or traveller wanting low cost everyday banking with savings in the same place.

9.4/10See alternatives