Santander’s Openbank Celebrates First Year in the United States with More Than $6 Billion in Deposits

Among the fastest-growing digital banks in the U.S., Openbank continues to innovate with a simple and secure platform and a leading rate 10 times the national average

BOSTON--(BUSINESS WIRE)--Openbank by Santander, part of Santander Bank, N.A., today marks its first anniversary in the United States, celebrating strong momentum, innovation, and customer adoption in one of the world’s most dynamic banking markets.

Launched in October 2024 with a market-leading high-yield savings account – offering an interest rate ten times higher than the national average, according to FDIC data – Openbank has grown to more than $6 billion in deposits as of today. Openbank has quickly established itself as a trusted, digital-first platform delivering a simple, safe, and rewarding experience, powered by Banco Santander, one of the world’s leading financial institutions.

“Openbank represents our commitment to building the future of retail banking in America,” says Swati Bhatia, Head of Retail Banking and CEO of Openbank in the U.S. “We’re combining cutting-edge technology, best-in-market value, and the strength of Santander to create a smarter way to save. Our rapid growth and industry recognition for offering one of the best high yield savings rates in the country reflect that we are continuing to raise the bar for what customers expect from their bank.”

As part of its strategy to become a leading digital bank with branches, Santander Bank extended Openbank’s reach through a strategic partnership with Verizon. Through the collaboration, qualified Verizon customers have exclusive access to open a Verizon + Openbank Savings account where they can earn up to $180 per year off their Verizon bill, while maximizing their savings with a top-tier interest rate, 10 times the national average.

Earlier in the year, Santander Bank opened its first U.S. Openbank-branded location at Miami Worldcenter, a flagship location that showcases the bank’s digital-first model and deepens customer engagement. Openbank also launched its 2025 brand campaign, You’re Smart Like That, which celebrates customers’ savvy financial choices and brings the brand’s message to life across out-of-home, digital, and social channels. The campaign underscores Openbank’s commitment to empowering customers with smart, innovative banking solutions.

Looking ahead, Openbank will continue to expand its product offerings, including plans to launch Certificates of Deposit (CDs) and introduce new daily-use transaction products to meet client needs, providing customers in the United States with greater choice and value to better manage their finances.

Openbank deposits are FDIC insured up to $250,000 per category, per depositor, and the platform employs biometric security protocols to add an extra layer of security, so customers can bank digitally with confidence.

For more information about Openbank, including eligibility and how to open an account, please visit Openbank’s US website.

Santander Bank, N.A. is one of the country’s leading retail and commercial banks, with $102 billion in assets as of December 31, 2024. With its corporate offices in Boston, the Bank’s more than 4,400 employees and more than 1.8 million customers are principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN), recognized as one of the world’s most admired companies by Fortune Magazine in 2025, with approximately 178 million customers in the U.S., Europe, and Latin America. It is overseen by Santander Holdings USA, Inc., Banco Santander’s intermediate holding company in the U.S. For more information on Santander Bank, please visit www.santanderbank.com.

Openbank in the United States is a division of Santander Bank, N.A., which is a Member of the FDIC and a wholly owned subsidiary of Banco Santander, S.A.

© 2025 Santander Bank, N.A. All rights reserved. Santander, Santander Bank, Openbank, the Flame Logo are trademarks of Banco Santander, S.A. or its subsidiaries in the United States or other countries. All other trademarks are the property of their respective owners. For more information on Openbank in the United States, please visit www.openbank.us.