BOSTON – The Spanish parent company of Boston-based Santander Bank N.A. says it is launching its digital bank in the U.S. to serve consumers beyond its established branch network in the U.S. Northeast.
Banco Santander S.A. says the Openbank initially will offer competitive high-yield savings products through a digital platform, with more products and features rolled out in 2025. Santander already offers full-service digital banking in Europe.
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Santander currently has more than 400 branch locations in nine states. In Rhode Island, the bank has 20 offices and $2.9 billion in deposits, making it the fourth-largest bank in the state with a 6.8% market share in deposits.
Globally, Santander is one of the largest banks, managing $1.3 trillion in deposits.
Santander said the launch of the digital bank is key to its growth strategy in the U.S., helping the bank generate deposits to help fund its auto lending. Santander is reportedly the fifth-biggest auto lender in the U.S.
“The launch of Openbank in the U.S. marks a significant milestone in our group’s transformation,” said Ana Botin, Banco Santander executive chairperson. “Openbank reflects our belief that to be the best for both our customers and shareholders, deploying our own core and front-end cloud-based technology globally is essential and will deliver sustainable competitive advantage.
“The U.S. is a key market for us, where we have been expanding our business over the past years,” she said.
To attract the attention of prospective depositors, Openbank is offering an initial competitive yield of 5.25% on savings accounts with no fees and a low minimum deposit.
“Our goal is to offer U.S. customers the best high-yield savings account through a digital-first service, which is fast, simple, with a competitive rate and a superior customer experience accessible anytime, anywhere,” said Petri Nikkilä, global CEO of Openbank.
