Expanding its consumer banking operations across the states, Santander introduces Openbank in the United States
Santander, one of the world's largest banks, is set to revolutionise the US banking landscape with the launch of Openbank, its digital-first banking product, on October 21, 2024.
Positioned as a fully digital bank, Openbank reflects Santander's strategic pivot towards digital transformation and a national digital-first banking presence, with some physical branches for added convenience. The bank's launch marks an aggressive strategic shift to digital banking for Santander, aiming to lead in the evolving US financial services landscape.
Openbank's high-yield savings account, offering competitive rates, has already proven popular, helping the bank rapidly attract deposits. By mid-2025, Openbank in the US has surpassed 100,000 customers and $4 billion in deposits, signalling strong market acceptance.
The bank's product offerings are set to expand in 2025, with plans to include certificates of deposit (CDs), payments, and checking accounts, moving towards becoming a full-service digital bank. This growth supports Santander's aim to increase low-cost digital deposits, which fuels other lending and banking operations while helping margins expand.
Openbank leverages cloud technologies and digital innovation to support scalability and efficiency, aligning with Santander’s broader technological transformation strategy. Alongside the digital launch, Santander is selling some physical branches to focus on optimising its physical footprint and investing in innovative "flagship" branch models.
Eligible US customers can access Openbank's offer through its website (openbank.us) and mobile app, making banking more accessible and convenient than ever before. With a strong focus on digital-first banking, Openbank reflects the belief that deploying a core and front-end cloud-based technology globally is essential for competitive advantage.
Santander, serving 168 million people and businesses across Europe and the Americas, is poised to make a significant impact in the US market with its digital-first banking product, Openbank. As the bank continues to grow and expand its services, it's an exciting time for consumers seeking innovative and efficient banking solutions.
Santander's strategic pivot towards digital transformation expands to the US market with Openbank's launch, offering technology-driven banking solutions that aim to lead in the evolving US financial services landscape. By leveraging cloud technologies and digital innovation, Openbank positions itself as a competitive force, promising efficient and accessible services to eligible customers, signaling a shift in the US business and finance sector.
