Banco Santander - SAN STOCK NEWS

Verizon and Santander Bank (NYSE: SAN) have announced a multi-year partnership to launch Verizon + Openbank Savings, a high-yield savings account offering Verizon customers up to $180 annual bill savings and interest rates 10 times the national average.

The service, launching in April, will be available to Verizon mobile and 5G Home customers with a minimum average daily balance of $1,000. The digital banking platform, operated through Santander's Openbank division, features no fees, low minimum deposits, and 24/7 access to funds.

Openbank's U.S. platform, launched in late 2024, has already accumulated over $3 billion in deposits. The service will expand to include Certificates of Deposit (CDs) and Checking Accounts later in 2025. The partnership aims to enhance Verizon's financial services portfolio while expanding Santander's national reach in its strategy to become a leading digital bank.

Santander Bank's latest survey reveals a significant savings paradox: while 78% of Americans prioritize saving, 69% aren't utilizing higher-yield accounts that could accelerate their financial growth. The survey, part of Santander's GPS Tracker series, shows that 82% of Americans faced savings obstacles in Q4 2024, citing bills, unexpected expenses, and debt as main barriers.

Despite challenges, 70% of Americans are optimistic about saving more in 2025, with younger generations showing the most confidence. The study found that 22% recently moved money to higher-yielding accounts, with 45% of informed savers earning at least 3% APY. Notably, 77% of high-yield savings account holders regret not opening their accounts sooner, with 90% reporting faster savings accumulation.

The survey identified key misconceptions preventing wider adoption of high-yield accounts, including beliefs about fund accessibility and bank relationship requirements. A typical saver with $8,000 could earn over $300 annually at 4% APY, nearly 10 times more than traditional savings accounts.

Santander Bank announced that its Openbank digital platform has achieved $2 billion in total deposits since its U.S. launch in Q4 2024. This milestone aligns with Santander's strategy to boost national deposit acquisition and transform its Retail Bank operations.

The bank launched its '2025 You're Smart Like That' branding campaign and outlined strategic priorities including: expanding the Openbank digital platform with new products like CDs, payments, and checking accounts in 2025, and enhancing bank branches, which showed improved Net Promoter Scores and retail deposit growth in 2024.

Openbank, currently Europe's largest 100% digital bank by deposits, operates in Spain, Germany, Portugal, Netherlands, and Mexico. In the U.S., it functions as a division of Santander Bank, which manages $102 billion in assets and serves over 1.8 million customers primarily across northeastern states.

Santander US's latest survey reveals significant optimism among middle-income consumers regarding the economy and their financial outlook for 2025. Recession expectations dropped 17 percentage points year-over-year, with 64% of middle-income households anticipating a stronger job market and 60% expecting improved inflation conditions.

The survey highlights that 76% of middle-income households expect their financial situations to improve in 2025, with 95% planning proactive financial improvements, including debt reduction (45%) and increased savings or investments (44%). Despite inflation remaining the primary financial challenge, 85% of respondents took action to manage it, with 53% reducing retail spending.

Notable findings include shifting perspectives on homeownership, with only 29% viewing it as essential for financial prosperity. Among recent homebuyers, 73% have made spending cuts to manage costs. The survey also reveals strong vehicle demand, with 45% considering a purchase in 2025, and 81% viewing vehicle access as important for lifestyle flexibility.

Santander Bank announced a reduction in its prime rate from 7.75% to 7.50%, effective December 18, 2024. The bank, with $102 billion in assets, serves more than 1.8 million customers primarily across eight northeastern U.S. states through its workforce of over 5,100 employees. The Boston-headquartered bank operates as a subsidiary of Madrid-based Banco Santander (NYSE: SAN), which serves approximately 171 million customers globally across the U.S., Europe, and Latin America.

Santander Bank has launched Openbank, a new digital banking platform offering a 5.00% APY high-yield savings account nationwide in the United States. The platform features no fees, low minimum deposits of $500, and a quick account opening process taking less than four minutes. This expansion allows Santander to serve customers nationally beyond its Northeast branch network and grow deposits as a lower-cost funding source for its consumer lending operations.

The platform is built on Santander's proprietary technology stack and provides FDIC-insured deposits up to $250,000 per depositor. According to Santander's research, 60% of middle-income Americans haven't taken advantage of higher yields, often due to perceived barriers in account opening processes. The account has received a 4.5/5 rating on Bankrate.com.

A recent Santander Bank survey reveals that many Americans are missing opportunities to earn more interest on their savings due to misconceptions about high-yield accounts. Despite higher-rate savings accounts offering significant returns, over 70% of consumers aren't utilizing these options. Key findings show that 56% of high-yield account holders earn at least 3% interest, substantially above the national average of 0.45%.

The survey identified five main misconceptions preventing adoption, including beliefs about bank relationships, FDIC insurance, and account setup time. With holiday shopping approaching, 58% of respondents say it will negatively impact their savings goals, while 75% would prefer receiving money as gifts. The study also found that saving became more challenging in Q3, with only half of savers adding to their balances in August and September.

Santander Bank announced a reduction in its prime rate from 8.00% to 7.75%, effective November 7, 2024. The bank, with $102 billion in assets, operates primarily in the northeastern United States with over 5,100 employees serving approximately 1.8 million customers. Santander Bank is a subsidiary of Madrid-based Banco Santander (NYSE: SAN), which serves about 171 million customers globally across the U.S., Europe, and Latin America.

Santander US released findings from a survey on middle-income Americans' financial outlook. Despite 81% considering inflation a major concern, 76% remain current on bills, and 71% feel on track towards financial prosperity. Economic uncertainty persists, with 62% expecting a recession in the next year, though down from 2023 highs.

The survey revealed changing attitudes towards homeownership, especially among younger generations. 60% of Gen Z and millennials view homeownership as an outdated sign of financial prosperity, with many valuing renting for its flexibility and perceived affordability.

Vehicle access remains crucial, with 84% saying it provides greater lifestyle flexibility. 52% delayed vehicle purchases due to costs, but 30% are likely to take out an auto loan if interest rates decrease. The study also found that many consumers haven't taken advantage of high-yield savings accounts, with 60% not moving savings to earn higher interest rates.