Santander has officially launched Openbank in the United States, marking the bank's first nationwide consumer banking expansion beyond its traditional Northeast branch network. Openbank will provide U.S. customers with a high-yield savings product, coupled with an intuitive and secure digital experience. The bank plans to introduce additional products through 2025, positioning Openbank as a full-service digital bank in the U.S., similar to its operations in Europe.
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Seamless account opening through Openbank app and website
Openbank operates on Santander's proprietary technology, which integrates the bank’s core infrastructure with advanced digital tools. This allows customers to open an account in as little as five minutes through the Openbank app or website, ensuring a seamless and user-friendly experience. The platform aims to accelerate Santander’s U.S. growth strategy by generating deposits to support its leading auto finance business.
Santander's U.S. expansion and digital transformation
Ana Botín, Executive Chairman of Banco Santander, described Openbank’s U.S. launch as a significant milestone in the bank's global transformation. By deploying its own cloud-based technology, Santander aims to offer superior digital banking services to both customers and shareholders. The launch underscores the bank’s commitment to providing a secure, fast, and competitive high-yield savings product backed by Santander’s global trust and expertise.
Fintech agility with the security of a global bank
Petri Nikkilä, Global CEO of Openbank, emphasized that the platform combines the agility of a fintech with the security of one of the world’s largest financial institutions. Openbank, already Europe's largest fully digital bank by deposits, aims to offer U.S. customers a best-in-class savings account with a competitive interest rate and 24/7 accessibility through its app and website.
