Openbank debuts in Mexico with fully digital proposition, no fees and competitive rates of return

The bank is launching in Mexico with a savings account that offers up to 12.5% annual return.

Becoming a customer will take just a few minutes, beginning with those who signed up to the waiting list.

Customers have 24x7 telephone support and can use the entire network of 10,000 Santander Mexico ATMs free of charge.

November 19, 2024.
Openbank, Grupo Santander's fully digital bank, today began operating in Mexico with the launch of its website and app. It brings a competitive offer of debit and savings products, no minimum balance or hidden fees, and one of the world's most advanced technology platforms.

For its debut in Mexico, Openbank is making the Open Debit Account available to savers, which rewards savings at a 12.5% annual return. Its offer for day-to-day finances also includes debit and credit cards, SPEI transfers and free cash withdrawals at Santander's 10,000-plus ATMs.

Over the next few weeks, people who signed up to the waiting list will receive instructions on how to become a customer in just minutes on the Openbank Mexico app.

According to Matías Núñez, CEO of Openbank Mexico: "Openbank Mexico is now a reality for all Mexicans who want to manage their finances quickly, easily, 100% digitally and with the security and solvency of Santander. Our proposition combines one of the most advanced digital banking experiences with the best fintech, not to mention the trust and backing of a large international financial group. We're certain that our customers in Mexico will really embrace it".

Petri Nikkila, Global CEO of Openbank, said: "Openbank's banking model is a key component of Santander's digital transformation. Mexico is a market with great potential for a state-of-the-art digital bank like Openbank. We hope to become a benchmark for Mexican customers who want competitive products through a first-class experience."

Openbank offers a digital-first experience, which it has successfully tested in recent years in Spain, Germany, Portugal and the Netherlands. It is Europe's largest digital bank by deposit volume, has doubled its customer base in five years, and has been named the most recommended bank (best Net Promoter Score) in its primary market. In recent weeks, it has also begun operating in the United States, where it will provide financial services throughout the country.

In Mexico, a series of free features for all customers complement the product proposition. These features enable them to maximize the security of their cards and their use by location or type of transaction and business. What's more, Openbank will be adding new products and services for all its customers in Mexico in the coming months and is putting the finishing touches on the value proposition that will launch at the end of the waiting list period.

Openbank Mexico's customer deposits are insured by the Institute for the Protection of Bank Savings (IPAB), while Moody's and Fitch has recognized the bank for its strength and long-term projection, with the highest local scale ratings.