Openbank's high-yield savings account features an Annual Percentage Yield (APY) of 5.00%, no fees, low minimum deposits, and fast account opening.
Santander US's research shows that six in ten middle-income Americans don't take action to benefit from higher yields available. Consumers are reluctant to act on higher interest rates because of the commonly held misperception that opening an account is overly burdensome, time-consuming, and inconvenient.
In response to this issue, the company launched Openbank, a digital bank with branches to accelerate growth and provide easy access to high-yield savings accounts. Operating a digital consumer bank within a global consumer bank allows Santander to evolve faster as a fintech and introduce new products in a matter of months, not years.
Openbank deposits, through Santander Bank, are FDIC insured up to USD 250,000 per depositor, per ownership category, with the platform employing biometric security protocols to add an extra layer of security.
With Openbank, Santander expands its US market, complementing its existing branch network to serve customers nationally and grow deposits to be a lower-cost funding source for the company's consumer lending, including its at-scale Auto business.
This launch marks the first time Santander integrates its entire core technology into one stack, offering customers a simple and secure online banking experience.
Additional products and services will be introduced in time to ensure that Openbank is meeting the ongoing needs of its customers.
In November 2024, Santander launched Openbanking for customers and partners in Mexico. The solution was developed to offer a savings account with a 12.5% annual return in Mexico, in line with other digital banks in the country. In addition, Santander aims to optimise the customer experience while accelerating the development of the overall financial landscape as well.
Openbank already operates in multiple countries, such as Spain, Germany, Portugal, and the Netherlands, and represents a digital bank in Europe.