Openbank strengthens its business in Germany with a local IBAN and credit offer

Openbank, the fully digital bank of the Santander Group, is strengthening its position in Germany by offering customers a German IBAN and the possibility to take out loans.

By switching to a German IBAN, Openbank customers will be able to receive their salaries, set up direct debits for bills and arrange their capital gains exemption orders (such as for interest income), among other actions. With this measure, which means operating as a German branch instead of under the European passport framework, the bank will be able to offer its customers more products and to simplify their daily banking experience. With this step, Openbank in Germany is now also subject to regulatory oversight by BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht), in addition to Spanish banking supervision, carried out by the Bank of Spain.

Loans to widen the product range and other features

In addition to offering German IBANs, customers can now apply for personal loans of up to 24,000 euros with terms of up to 60 months. The interest rates for these loans range from 4.33% APR.

Openbank has also introduced new features to optimise user experience. These include an upgraded mobile app with a more intuitive interface that enables account opening and access in a few minutes. These updates also include the benefit of making instant and free transfers within the eurozone, providing an even more convenient solution tailored to current needs. Over the course of the year, Openbank will continue to expand its offering to customers in Germany with additional products and services.

Petri Nikkila, Global CEO of Openbank, said: “After four years operating in the German market, Openbank is expanding its presence in a key region for growth in Europe. We believe customers value the potential of a digital banking model, such as Openbank, that offers products with competitive returns and the security and backing of a financial group like Santander.”

Openbank has more than €19 billion in deposits and is backed by the Santander Group, one of the world’s largest financial groups.

In addition to the local IBAN and loans, the bank offers an attractive digital banking model. Customers enjoy free current and savings accounts that are among the most competitive in Germany, as well as deposits and investment products. Additional benefits include a German-speaking customer service desk, which provides telephone support from Monday to Sunday between 8:00 am and 10:00 pm, up to five free cash withdrawals per month at any ATM within the eurozone, and unlimited access to cash withdrawals at over 40,000 Santander ATMs worldwide.

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