Saving for the Future

Santander recognizes the importance of saving for your future, including retirement, and offers a 401(k) Plan to help you do that.

Your Contributions to the Santander 401(k) Plan You have a choice in how you contribute to the 401(k) Plan: pre-tax contributions, Roth after-tax contributions or a combination of both. You can contribute up to an annual IRS limit ($19,500 in 2020). If you’re age 50 or older, you can contribute an additional $6,500 in catch-up contributions to the 401(k) Plan. To maximize the Santander match, you need to contribute 6% in 2021.

Santander Matching Contributions Santander matches 100% of the amount you contribute, up to 6% of your eligible pay. Amounts you and Santander contribute are 100% vested, which means you own the money in the account.

For more information about the 401(k) Plan or to enroll, go to workplace.schwab.com.

Health Savings Account (HSA) HSAs offer another way to save and plan for future medical expenses. If you’re enrolled in the HSA Choice Plus plan for medical coverage and you’re eligible to open a Fidelity HSA®, the money you and Santander contribute to your Fidelity HSA is not taxed and can be invested. The earnings aren’t taxed, and you won’t be taxed on distributions used to pay for eligible out-of-pocket medical, prescription, dental and vision expenses — even in retirement. See the Health Savings Account section for more information.