How to designate beneficiaries at Santander

A beneficiary can be added to any consumer checking, savings, time deposit (such as a CD) or money market savings account.^{1, 2}

Santander calls this a payable on death (POD) beneficiary, also referred to as an informal trust or Totten trust. The beneficiary receives the funds outside of the probate process.^{1, 2}

Up to five beneficiaries can be named on an eligible account, and different accounts can have different beneficiaries.^{1, 2}

More than one person may act as trustee on an informal trust account. The trustees own the funds during their lifetimes and may withdraw funds or delete or change beneficiaries at any time.³

Beneficiaries have no access to the account during the owner's lifetime.^{1, 2}

To see who is named on an account, visit a branch or call the customer service center during regular business hours.^{1, 2}

Living trusts may open personal checking, savings, money market savings and CD accounts as long as the trust's beneficiaries are natural persons.³

A CD can only be opened in a branch.⁴

Penalties apply to a withdrawal from a CD before the end of its term.⁴

Santander Investment Services accounts, which are handled separately⁵