Digital banking newcomer openbank makes its entrance in Mexico, offering a fee-free, fully digital banking service with competitive returns on investments
Openbank, a digital-first banking service owned by the Santander Group, has officially launched its operations in Mexico on November 19, 2024. This marks a significant expansion for the bank, which has already seen success in Europe and other regions.
One of the key attractions of Openbank's offering in Mexico is the Open Debit Account, which promises an annual return of up to 12.5% on savings. This is a notably high yield compared to typical savings products, making it an appealing option for those looking to grow their money faster.
The digital-first banking experience offered by Openbank allows customers to manage their accounts entirely online via the Openbank app. This includes instant balance and transaction viewing, money transfers, payments, and potentially additional investment options.
Safety and control are also prioritised by the app, with features such as card control (the ability to turn cards on/off), a password manager, and customisable payment confirmations. These features are designed to enhance user security and prevent fraud.
Being a fully digital bank, Openbank eliminates the need to visit physical branches, making account management quick and intuitive, especially for tech-savvy users or frequent travellers. Moreover, Openbank customers have access to 24x7 telephone support.
As part of Santander, Openbank provides a trusted and regulated banking environment. Openbank customers can use the entire network of 10,000 Santander Mexico ATMs free of charge, adding to the convenience of the digital banking experience.
Openbank has been recognised for its strength and long-term projection, with Moody's and Fitch both acknowledging its credentials. The bank has also been named the most recommended bank in its primary market.
Additional benefits commonly associated with digital savings accounts in Mexico, which Openbank may also offer, include easy fund access via smartphone apps, the ability to set up electronic transfers using CLABE or IBAN, and integration with other financial products like investments or cards with perks.
However, specific details such as fees or minimum balances were not covered in the search results and should be verified directly with Openbank. For precise product terms or how the 12.5% return is structured, customers are advised to contact Openbank Mexico or check their official site/app.
Overall, Openbank's savings account in Mexico is positioned as a high-yield, secure, fully digital banking solution with additional customer-centric features intended for convenience and safety, supported by the credibility of Santander. Openbank is set to be a new addition to the digital banking landscape in Mexico, offering a fresh and innovative approach to banking.
- With technology at its core, Openbank brings a new kind of finance to Mexico, offering a digital banking solution that prioritizes customer convenience and security.
- Leveraging technology, Openbank allows customers to manage their finances through a mobile app, offering features like high-yield savings accounts, card control, and 24x7 support, all backed by Santander's trusted reputation.
