Openbank, a fully digital bank under Grupo Santander, has officially launched its services in Mexico. The bank offers a wide range of financial products, including interest-bearing accounts and debit and credit cards. Customers can also access cash withdrawals at 10,000 Santander ATMs across the country.
The sign-up process is designed to be quick, taking only five minutes, and the service is completely digital with no fees involved. It provides customers with benefits such as 3% cash back on online credit card purchases and an option to defer payments for three months without interest for amounts over MXN 1,500.
"Openbank will boost Grupo Santander’s retail business in Mexico through an agile, simple and secure platform built with cutting-edge technology," according to the press release.
Openbank's platform aims to combine fintech innovation with a comprehensive range of products to meet essential financial needs. The bank promises a 24x7 customer service line and access to Santander's extensive ATM network throughout Mexico. Its technology platform is designed for simplicity and efficiency, allowing it to offer competitive savings products and loans backed by Grupo Santander.
For its initial offering in Mexico, Openbank introduces an account yielding 10% interest without requiring a minimum balance or charging fees. This account is insured by the Instituto para la Protección al Ahorro Bancario (IPAB) up to MXN 3.35 million. Additional features include free SPEI transfers and customizable security settings for card use based on location and transaction type.
Openbank plans to expand its product offerings in Mexico over time. Currently operating successfully in several European countries as well as the US, where it garnered USD 2 billion in deposits within three months of launching, Openbank is noted for its robust performance and strong customer satisfaction ratings from agencies like Moody’s and Fitch.
Interested individuals can learn more about Openbank's offerings via their website or app.