Santander Goes National in the United States with Openbank, Bringing High Yield Savings Opportunities to More Americans

• Openbank by Santander offers a high yield savings account featuring an attractive Annual Percentage Yield (APY) of 5.00% and frictionless account opening that takes less than four minutes.
• Eligible U.S. customers can take advantage of Openbank's safe and secure digital banking experience, built on Santander's proprietary technology.
• Openbank was built upon Santander's legacy of strength and stability, as a global financial powerhouse with 171 million customers.

Santander Bank has officially launched Openbank, a new digital banking platform, whose initial offering brings high yield savings opportunities to more Americans. Openbank's high yield savings account features an attractive Annual Percentage Yield (APY) of 5.00%*, no fees, low minimum deposits, and an exceptional customer experience with frictionless account opening that takes less than four minutes.

With the launch of Openbank, Santander expands its addressable market in the U.S., complementing its existing branch network to serve customers nationally and grow deposits to be a lower-cost funding source for the company's consumer lending, including its at-scale Auto business.

"Openbank brings to life our strategy to build a digital bank with branches to accelerate growth and provide easy access to high yield savings accounts for U.S. customers nationwide," said Tim Wennes, CEO of Santander US. "The early results for Openbank have been strong, and we expect our new customers will find Openbank to be a seamless and easy digital experience, backed by one of the world's largest financial services companies with 171 million customers around the globe."

Santander US's research shows that 6 in 10 middle-income Americans have not taken action to benefit from higher yields available. Consumers have been reluctant to act on higher interest rates because of commonly held misperceptions, such as that opening an account is overly burdensome, time-consuming, and not worth it. Openbank's High Yield Savings account's attractive APY is among the best savings opportunities available on the market, and the account has been rated 4.5 stars out of 5 on Bankrate.com.**

Openbank provides eligible U.S. customers with a digital banking experience built upon Santander's legacy of strength and stability, as a global financial powerhouse. This launch marks the first time Santander integrates its entire core, proprietary technology into one stack, offering customers a seamless and secure online banking experience.

"High yield savings accounts are only the beginning, as we introduce Openbank to customers across the U.S. outside our historic footprint in the Northeast," said Swati Bhatia, Head of Retail Banking & Transformation of Santander Bank. "At Santander, consumer banking is in our DNA. Operating a digital consumer bank within a global consumer bank allows us to innovate faster like a fintech and introduce new products in a matter of months, not years."

Additional products will be introduced in time to ensure that Openbank by Santander is meeting the ongoing needs of its customers.

As part of the Openbank by Santander launch, Santander Bank created an in-person and mobile launch event called "Play to Save." The innovative experience included two games focused on saving and making smart money moves. For the in-person experience, consumers were able to play using a large game controller placed in front of a projected gaming screen in Austin and Miami.

Openbank by Santander deposits, through Santander Bank, are FDIC insured up to $250,000 per depositor, per ownership category and the platform employs biometric security protocols to add an extra layer of security, so customers can bank digitally with confidence.

For more information about Openbank by Santander, including eligibility and how to open an account, please visit openbank.us.

About Santander Bank, N.A.

Santander Bank, N.A. is one of the country's leading retail and commercial banks, with $102 billion in assets. With its corporate offices in Boston, the Bank's more than 5,100 employees and more than 1.8 million customers are principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE:SAN), recognized as one of the world's most admired companies by Fortune Magazine in 2024, with approximately 171 million customers in the U.S., Europe, and Latin America. It is overseen by Santander Holdings USA, Inc., Banco Santander's intermediate holding company in the U.S. For more information on Santander Bank, please visit www.santanderbank.com.

Openbank in the United States is a division of Santander Bank, N.A., which is a Member of FDIC and a wholly owned subsidiary of Banco Santander, S.A. © 2024 Santander Bank, N.A. All rights reserved. Santander, Santander Bank, Openbank, the Flame Logo are trademarks of Banco Santander, S.A. or its subsidiaries in the United States or other countries. All other trademarks are the property of their respective owners. For more information on Openbank in the United States, please visit www.openbank.us.

*Interest Rates and Annual Percentage Yields (APYs) are accurate as of 12:01 am Eastern Time on December 10, 2024. The products and rates we offer may vary between locations, are available in select markets only, and are subject to change without notice. Availability for this product will be based on the residential zip code entered when account is opened within online application process. This is a variable-rate account and the rate applicable to your balance tier may change at any time without notice. Fees may reduce earnings. A minimum deposit of $500 is required to open a Openbank High Yield Savings account. Personal accounts only.

**Rating from Bankrate.com as of December 10, 2024.

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