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Legal Paradox®
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Openbank México
Next Fintech
Openbank México is Santander’s 100% digital bank in Mexico, operating with its own full banking license (Institución de Banca Múltiple) granted by the CNBV and with deposits insured by IPAB up to 400,000 UDIS (roughly MXN 3.3 million) per customer. Launched nationwide in early 2025, it offers a fully app‑based experience with remunerated accounts, debit and credit cards, and access to over 10,000 Santander ATMs for free cash withdrawals and deposits.
Core account and yield (9% in Apartados Open)
Openbank’s main product is the Cuenta Débito Open+, a no‑fee, no‑minimum digital account whose “Apartados Open” (savings sub‑accounts) currently offer a fixed 9% annual yield on pesos, with interest calculated daily and money available 24/7, without lock‑up periods or penalties. Users can start saving from MXN 1, and the account includes unlimited SPEI transfers, no account‑opening or maintenance fees, and control of the card (limits, countries, channels) from the app.
Earlier communications from Santander and Openbank mentioned an initial yield of 10–12.5% on these savings pockets, which was later adjusted; as of late 2025, Openbank confirmed maintaining a highly competitive rate (around 9–10%) above the average 7.79% for Mexican digital banks.
Credit card Open and cashback
The Tarjeta de Crédito Open complements the debit account and is designed for everyday use with:
- No annual fee or minimum‑spend requirements
- 3% cashback on online purchases and the option to convert them to 3 months interest‑free (3 MSI) over MXN 1,500
- Full control from the app, including changing due date and choosing the card’s design.
Digital experience and backing
Openbank leverages Santander’s 167‑year history and the technology already deployed in Europe and Argentina, combining fintech‑style UX (instant opening, card controls, fully digital onboarding) with a full‑service banking license. This allows it to position itself as a “best of both worlds” option: higher yields and low friction like a fintech, but regulation, deposit insurance, and product depth like a traditional bank.
