Banco Santander has debuted its digital bank in the United States.
The Spanish bank launched Openbank, which has been available in Europe for some time, by offering a high-yield savings account. The plan is to add more products, including a checking account, debit cards and CDs in 2025; loans could be available a year after that.
The move should allow Santander to expand deposit gathering beyond its retail bank, which had about $75 billion in U.S. deposits on June 30. The low-cost funds would support the bank’s auto financing business.