Openbank

Openbank is a Spanish digital bank owned by Banco Santander that operates via web and mobile channels and issues Spanish IBAN accounts. Its core offer includes a current account with a Mastercard debit card, SEPA transfers and direct debits (including instant transfers where available), and mobile wallet compatibility with Apple Pay and Google Pay; fees can apply for services such as certain ATM withdrawals, foreign currency transactions, or non-SEPA payments, and conditions may apply to card issuance and maintenance. Savings products are available with variable rates that change over time, and the bank provides investment services ranging from fund supermarkets and brokerage to automated portfolios, alongside credit products such as personal loans and mortgages that are typically limited to residents subject to approval. Account opening is completed fully online with digital identity verification, and customer support is provided through remote channels. Cash withdrawals can be made at Santander Group ATMs in Spain, while international usage may incur network or currency conversion fees; cross-border use of a Spanish IBAN can face acceptance frictions with some counterparties despite SEPA rules. Openbank is supervised in Spain and deposits are covered by the Spanish Deposit Guarantee Fund up to €100,000 per depositor, per institution. Product availability, pricing, and limits depend on residency, profile, and market, and terms and interest rates are updated periodically in official schedules.