Santander Goes National in the United States with Openbank, Bringing High Yield Savings Opportunities to More Americans

In This Article:

  • Openbank by Santander offers a high yield savings account featuring an attractive Annual Percentage Yield (APY) of 5.00% and frictionless account opening that takes less than four minutes.

  • Eligible U.S. customers can take advantage of Openbank’s safe and secure digital banking experience, built on Santander’s proprietary technology.

  • Openbank was built upon Santander’s legacy of strength and stability, as a global financial powerhouse with 171 million customers.

BOSTON, December 10, 2024--(BUSINESS WIRE)--Santander Bank has officially launched Openbank, a new digital banking platform, whose initial offering brings high yield savings opportunities to more Americans. Openbank’s high yield savings account features an attractive Annual Percentage Yield (APY) of 5.00%*, no fees, low minimum deposits, and an exceptional customer experience with frictionless account opening that takes less than four minutes.

With the launch of Openbank, Santander expands its addressable market in the U.S., 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.

"Openbank brings to life our strategy to build a digital bank with branches to accelerate growth and provide easy access to high yield savings accounts for U.S. customers nationwide," said Tim Wennes, CEO of Santander US. "The early results for Openbank have been strong, and we expect our new customers will find Openbank to be a seamless and easy digital experience, backed by one of the world’s largest financial services companies with 171 million customers around the globe."

Santander US’s research shows that 6 in 10 middle-income Americans have not taken action to benefit from higher yields available. Consumers have been reluctant to act on higher interest rates because of commonly held misperceptions, such as that opening an account is overly burdensome, time-consuming, and not worth it. Openbank’s High Yield Savings account’s attractive APY is among the best savings opportunities available on the market, and the account has been rated 4.5 stars out of 5 on Bankrate.com.**

Openbank provides eligible U.S. customers with a digital banking experience built upon Santander’s legacy of strength and stability, as a global financial powerhouse. This launch marks the first time Santander integrates its entire core, proprietary technology into one stack, offering customers a seamless and secure online banking experience.

"High yield savings accounts are only the beginning, as we introduce Openbank to customers across the U.S. outside our historic footprint in the Northeast," said Swati Bhatia, Head of Retail Banking & Transformation of Santander Bank. "At Santander, consumer banking is in our DNA. Operating a digital consumer bank within a global consumer bank allows us to innovate faster like a fintech and introduce new products in a matter of months, not years."