Openbank reduces brokerage fees to 1 euro amid Spanish banking competition

Openbank, the digital arm of Santander Group, has reduced its brokerage commission for buying and selling stocks and Exchange Traded Funds (ETFs) to a flat fee of 1 euro. The bank has also eliminated custody fees, effective September 10. This new rate applies to both domestic and international markets regardless of the investment amount. Customers can access over 4,000 stocks and 1,200 ETFs through the bank's digital platforms.

In the broader Spanish banking landscape, major institutions including BBVA, Santander, CaixaBank, and Sabadell continue to apply significant maintenance fees on traditional accounts. These fees, which can exceed 200 euros annually, are typically waived only if customers meet specific requirements, such as direct deposit of payroll or maintaining certain investment products. The contrast highlights a competitive divide between traditional banking maintenance structures and the low-cost models adopted by digital entities.