Openbank begins its operations in the USA | Companies

Openbank, which earlier this month allowed all Americans and foreigners living in the United States to open accounts through its website, is taking a decisive step into the world’s leading economy. The digital bank of the Santander group has officially launched operations in the United States with the aim of developing Banco Santander’s retail and consumer business in North America, the organization announced this Monday in a statement published by Europa Press.

Banco Santander President Ana Botín, who visited New York this Monday, said: “The United States is a key market for us, where we have been expanding our business in recent years. “Openbank is a simple banking model that will offer the most competitive savings products in the United States.”

The bank will operate in a digital format, as in the rest of the territories where it operates, so it will be able to serve the entire country. Until now, Santander has only served select customers through its network of branches located in the northeastern United States.

Through the Openbank brand, Santander will offer high-yield savings products to American customers. The goal is to launch more products during 2025 to transform Openbank into a “full service banking” like in Europe.

Openbank will accelerate Santander’s growth strategy in the US by raising deposits to provide liquidity to its auto finance business.

The company offers Americans deposits with an annual interest rate of 5.25%. The minimum deposit will be $500 and users will need to have a mobile device capable of facial or fingerprint recognition.

The launch of Openbank in the US is being carried out in parallel with the launch in Mexico. In this country, Santander plans to launch the bank in the fourth quarter of this year, so it has already provided the opportunity to sign up for a waiting list to become a customer.