Santander Bank will no longer offer retirement Certificates of Deposit (CDs) and Money Market Savings account retirement plans. Some of those retirement plans will be discontinued by December 2023 and all others by December 2024. Santander Investment Services* will continue to offer retirement plans, and those will not be impacted.

Yes, by November 20, 2023.

If we haven't received your transfer or closing instructions for any bank retirement plan account(s) by that date, the account will be automatically closed on December 4, 2023, and the funds will be mailed to you. If this occurs, there may be tax implications.^†

Consider the options available to you by:

• Speaking with a tax professional to discuss the best option for your individual situation.
• Scheduling an appointment with a Banker to understand how Santander can continue to support your retirement needs.
  Book here: www.santanderbank.com/ira-appointment

Take the action that best fits your individual needs:

• Invest funds with Santander Investment Services .* Your Banker can refer you to meet with a Santander Investment Services* Financial Advisor.
• Consolidate your funds at another financial institution. Contact the receiving bank or financial institution to complete a trustee-to-trustee transfer.
• Rollover your funds into a qualifying account. Request a check and deposit it into a qualifying account within 60 days (limitations may apply).
• Take a distribution of your Retirement Account funds. Note that withdrawals may have tax and penalty implications based on your age and individual tax situation.**

Please bring one government-issued form of ID (e.g., driver’s license, passport), and a secondary form of ID such as your Santander Bank debit card, credit card, or another card type in your name.

You’ll need to contact the receiving financial institution or bank to begin the transfer process. Please follow their guidance to complete the transfer.

Each of our customers’ individual tax situation is unique, and there could potentially be tax implications. Please seek advice from a tax professional or visit: https://www.irs.gov/retirement-plans/plan-sponsor/types-of-retirement-plans

We’ve eliminated our IRA Trustee Transfer Fee and we’re waiving the Early Withdrawal Penalty Fee for IRA CDs.

In most cases, you will not need to visit a Santander branch to complete a trustee-to-trustee transfer. However, if you've determined that a distribution is appropriate for you, we can mail you the applicable request form(s). Simply request this form by calling your local branch.

Completed forms must be notarized and sent back to:
Santander Bank
Retirement Operations
MA1 MB3 01 19
2 Morrissey Blvd
Dorchester MA, 02125

No, we are not making changes to your non-retirement bank accounts (checking, savings, etc.). We recommend that you review your non-retirement accounts with your Banker to ensure you have the best solution for your banking needs. If you have any questions, please reach out to a Banker or call us at 888-875-5089.

If you're at least age 59½ and your Roth IRA has been open for at least five years, you can withdraw money tax- and penalty-free, but always consult your tax professional for advice. Generally you must start taking withdrawals from your traditional IRA, SEP IRA, SIMPLE IRA, and retirement plan accounts when you reach age 73, but again, always speak with a tax professional.