Santander Launches Openbank in US to Boost Auto Lending

The digital bank aims to increase deposits and reduce funding costs for Santander's U.S. auto loan portfolio.

Santander's Openbank offers a high-yield savings account with a competitive 5.25% interest rate, surpassing other major digital banks in the U.S.
The launch is part of Santander's strategy to enhance its digital banking presence while maintaining physical branches.
Openbank's proprietary technology allows for rapid account setup and aims to improve customer experience and operational efficiency.
Santander's U.S. operations focus on auto financing and retail banking, with plans to expand digital services over the next year.
The bank seeks to align its retail and auto lending units to leverage lower-cost funding opportunities through increased deposits.