Openbank, the 100% online bank of Santander Group, launches its new Welcome Savings Account, which is one of the best savings options in the market. The nominal interest rate for this product is 3% for the first six months since the account is open, for balances up to 15,000 euros. Starting the seventh month, the account will fix its nominal interest rate at 0.40% (0.10% if conditions required are not met).
So, a customer who direct deposits his or her pay check and maintains a balance of 15,000 euros in the account for the entire year will earn 255 euros gross in interest (3% during the first six months + 0.40% the following six months), obtaining a return of 1.72% APR. This performance is subject to the corresponding withholding tax.
This offer for new customers requires direct deposit of a pay check or pension payment of at least 900 euros. Also, Openbank keeps its current Welcome Savings Account with a nominal interest rate of 1.75% for the first three months for those new customers who do not want to direct deposit their pay check or pension payment.
The Welcome Savings Account with payroll at Openbank is a savings account that offers full access to the funds. This account has no fees, does not support direct debits, nor does it have any associated cards. In order to make deposits and withdrawals from this account, an Open Payroll Account or an Open Current Account is required.
Openbank has over a million customers who manage their finances through its app and its website and have a customer service hotline available 24 hours a day, 7 days a week. In 2017, Openbank upgraded its technology platform and expanded its range of products and services.