Openbank, the fully digital bank of Grupo Santander, is expanding its operations in Germany by introducing a German IBAN and offering loans. This development allows customers to manage their finances more efficiently by receiving salaries and setting up direct debits for bills with ease. By operating as a German branch, Openbank will now be subject to regulatory oversight from BaFin, alongside Spanish supervision.
The bank has introduced personal loans of up to 24,000 euros with terms extending to 60 months. Interest rates start at 4.33% per annum. Additionally, Openbank has improved its mobile app interface for quicker account setup and access, facilitating instant and free transfers within the eurozone.
Openbank plans further expansion of its product offerings throughout the year in Germany. Backed by Grupo Santander, which holds over €19 billion in deposits, Openbank provides competitive current and savings accounts along with investment products. The bank also offers a German-speaking customer service desk available daily from 8:00 am to 10:00 pm, five free monthly cash withdrawals at any ATM within the eurozone, and unlimited access to cash withdrawals at over 40,000 Santander ATMs globally.