Openbank

Openbank is a fully digital bank owned by Banco Santander, S.A., operating under Open Bank, S.A. and offering retail banking via web and mobile in Spain and selected EU markets through passporting. Its product set includes a current account and savings accounts with variable rates by market and conditions, Mastercard debit and optional credit cards compatible with major mobile wallets, and SEPA transfers (including instant transfers and Bizum in Spain); international transfers are processed via SWIFT with fees and foreign exchange markups per the published tariff. Cash access is primarily through Santander Group ATMs, with potential charges at other networks depending on location and account terms. Investment services comprise a brokerage for equities, ETFs, and funds, and discretionary portfolio management/robo-advisory under separate management, custody, and transaction fees; available instruments and pricing differ by country. Lending covers consumer loans and mortgages (fixed, variable, or mixed) in Spain, subject to eligibility and underwriting, with common conditions such as salary direct deposit or product bundling to qualify for specific rates. Account opening is completed online with identity verification for residents in supported jurisdictions; documentation, availability, and residency requirements vary. The platform provides card controls, virtual cards, spending categorization, and two-factor authentication; customer service is provided via digital channels and phone with extended hours. Deposits are protected by the Spanish Deposit Guarantee Fund up to €100,000 per depositor, per institution, and the bank is supervised by Banco de España within the EU’s Single Supervisory Mechanism alongside the European Central Bank. The standard account typically has no maintenance fee, while services such as out-of-network cash withdrawals, international transfers, card reissues, paper-based operations, and brokerage transactions incur charges according to the official fee schedule; interest rates, limits, and promotions are subject to change and differ by market. The bank operates without a traditional branch network, and access, features, and pricing are constrained by the customer’s country of residence; applicants should review current terms, rate sheets, and legal documents on Openbank’s website before applying.