Background on Openbank Mexico and its Relevance
Openbank Mexico, a digital banking arm of the Spanish multinational financial services company Banco Santander, has decided to maintain its savings rate at 10% annually. This decision positions Openbank Mexico as the market leader in savings rates, especially when compared to other digital banks.
Current Interest Rate Landscape
As of September, the average interest rate among leading digital banks stands at 7.79%. Openbank Mexico’s 10% savings rate places it 2.2 basis points above this average, making it a highly attractive option for potential customers.
Unique Advantages of Openbank Mexico’s Savings Product
Openbank Mexico highlights that its “Apartado Open” digital savings space within the application does not impose mandatory lock-in periods to access the 10% rate. This ensures that savings are always available without any limits on the amount, unlike other products that restrict amounts or require minimum balances.
“Apartado Open is a simple, fully digital, and cost-free savings option for Openbank customers, now solidifying itself as the best choice in terms of both rate and flexibility,” the bank stated.
Additional Benefits for Credit Card Holders
Openbank Mexico also rewards its credit card customers with a 3% cashback on digital purchases.
Impressive Growth and Transaction Volume
At the start of September, Openbank Mexico reported that it had surpassed 300,000 customers in Mexico just six months after its launch. The digital bank has also experienced rapid growth, with over 5 billion pesos captured in accounts since its launch.
“To date, more than 1.3 million transactions have been processed and over 5 billion pesos have been captured in accounts,” Openbank Mexico stated.
Declining Interest Rates Trend
Currently, Banco de Mexico (Banxico) is in a cycle of reducing interest rates. The reference rate has dropped from a peak of 11.25% to the current 7.75%. This trend has led to cheaper bank loans but also decreased returns on savings.
Key Questions and Answers
- What is Openbank Mexico and its parent company? Openbank Mexico is a digital banking arm of Banco Santander, a Spanish multinational financial services company.
- Why is Openbank Mexico’s 10% savings rate significant? This rate places Openbank Mexico above the average of 7.79% offered by other leading digital banks, making it an attractive option for savers.
- What makes Openbank Mexico’s savings product unique? Unlike other products, “Apartado Open” does not require mandatory lock-in periods and has no limits on the amount saved, ensuring flexibility for customers.
- What additional benefits does Openbank Mexico offer to its credit card holders? Credit card customers receive a 3% cashback on digital purchases.
- How has Openbank Mexico performed since its launch in Mexico? In just six months, Openbank Mexico has amassed over 300,000 customers and captured more than 5 billion pesos in accounts.
- What is the current trend in interest rates in Mexico? Banco de Mexico (Banxico) is reducing interest rates, which has led to cheaper bank loans but also decreased returns on savings.
