Banco Santander - SAN STOCK NEWS

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.

Santander Bank, N.A. has lowered its prime rate from 8.50% to 8.00%, effective September 18, 2024. This reduction could impact various financial products and services offered by the bank. Santander Bank is a major player in the U.S. banking sector, with $102 billion in assets and over 1.8 million customers primarily located in the northeastern United States.

The bank is a subsidiary of Banco Santander, S.A. (NYSE: SAN), a global financial institution recognized by Fortune Magazine as one of the world's most admired companies in 2024. Banco Santander serves approximately 168 million customers worldwide across the U.S., Europe, and Latin America.

Santander Bank, N.A. (NYSE: SAN) has earned an Outstanding Community Reinvestment Act (CRA) rating from the Office of the Comptroller of the Currency (OCC) for the 2020-2022 exam period. This is the highest possible rating, achieved for the second consecutive time. The bank excelled in lending, investment, and service tests, particularly in Boston, New York, and Philadelphia.

Key highlights include:

• Origination of over 20,000 loans totaling $1.8+ billion through the Paycheck Protection Program
• Leadership in community development lending for affordable housing
• Significant community investments and grants
• Introduction of accessible banking products like Santander® Safety Net

In 2023, Santander US announced a new $13.6 billion Community Plan for the next three years, focusing on small business lending, community development, sustainable finance, supplier diversity, and charitable giving.

Santander Bank's Growing Personal Savings (GPS) Tracker reveals that Americans are missing opportunities to earn more interest on their savings. Key findings include:

- 74% would sit in traffic for an hour to earn $200, but only 16% moved money to higher-yielding accounts in the past year.
- 44% missed their savings goal in June, up from 35% in March.
- 63% of those aware of their interest rate are earning less than 3%.
- 48% cannot cover a $2,000 emergency expense from savings.
- Back-to-school shopping and rising energy costs are impacting savings goals.

The survey highlights the need for increased awareness about higher interest rate accounts and the importance of emergency savings in the face of financial challenges.