Openbank Review: Is It Right for You?

4.0

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Earn a Competitive APY With an Openbank High Yield Savings Account

Openbank's High Yield Savings Account earns an APY 10x higher than the national average. What's more, the accounts have no monthly maintenance or overdraft fees.

GOBankingRates rates Openbank four stars for the quality of its savings account, lack of fees, including overdraft fees, customer service accessibility and the quality of its mobile app.

Openbank offers the best of both worlds — fully digital banking, with backing from Santander Bank, N.A., which has a 167-year history in traditional banking. The result is the safety and stability of having your money FDIC-insured through one of America’s largest banks, while it earns an outstanding annual percentage yield. You can access your account anytime online or via the mobile app.

Openbank High Yield Savings Account

Openbank has just one product, and that’s the High Yield Savings account. But what it does, it does well.

The account’s main benefit is its interest rate, which is APY*. That’s more than 10x the national average savings account rate of 0.40%, per the FDIC, and it’s one of the best high yield savings account rates anywhere, especially for an account with no fees. And unlike with some high yield digital-only accounts, you’ll earn that rate on your entire balance.

Accounts are FDIC-insured through Santander Bank, N.A., so the $250,000 coverage limit applies to combined balances from both banks. However, that’s still more than enough coverage for most people.

Here are some quick facts about Openbank’s High Yield Savings account:

• APY:
• Minimum opening deposit: $500
• Account fees: $0
• Withdrawal limit: None
• Digital tools: Website and mobile app offering full control over account and click-to-call access to customer service

Openbank High-Yield Savings Account

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Rates 10x the National Average

Openbank’s High Yield Savings account has one of the highest rates available, and you earn it on your entire balance. Although you can’t deposit checks or withdraw cash, Openbank makes it easy to transfer funds between your Openbank account and accounts at Santander Bank, N.A., and other banks.

Fees

$0

APY

Min Opening

$500

Pros

• Outstanding APY
• No fees
• Click-to-call customer service from website
• High-level security
• Transferred funds available the same day Openbank receives them

Cons

• $500 minimum opening deposit
• No mobile check deposits
• No cash deposits or withdrawals
• FDIC insurance limit includes Santander Bank, N.A., account balances

Why We Like It

The High Yield Savings account from Openbank is a solid choice for digital-first users looking for a way to earn top rates on their medium- and long-term savings. Backed by one of America’s oldest banks, Openbank combines the security and stability of a traditional bank with high rates and fee-free banking only a digital bank typically offers.

Openbank’s High Yield Savings account has an APY that’s hard to beat, and it has no fees to chip away at your savings. Robust security features on the desktop and mobile apps protect your funds.

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Depositing Money Into Your Account

You have several ways to deposit money into your Openbank account. Incoming wire transfer is one, but most users will set up direct deposit or transfer funds from another account. You can make internal transfers from a Santander Bank, N.A., account, and/or link external accounts from other banks and financial institutions.

Unfortunately, Openbank accounts can’t accept mobile deposits, which is a modest inconvenience. Accounts have no ATM card and can’t be linked to debit cards from Santander Bank, N.A., accounts, so they can’t accept cash deposits. However, Openbank makes deposited funds available to you the same day it receives them.

Withdrawing Funds

Although the primary reason for having a high yield savings account is to save money, not spend it, you’re likely to want to access your money every now and then. You can do that without worrying about exceeding withdrawal limits, because Openbank doesn’t limit your withdrawals — tap into your funds whenever, and as often, as you like.

The downside to Openbank’s accessibility is that with no ATM card, you can’t make cash withdrawals. The only way to withdraw money from your Openbank account is to use the “Move money” feature to transfer it to another account, which you can set up from the desktop or mobile app, and then make a cash withdrawal. Openbank plans to launch outgoing wire transfers in late 2025.

Account Security

Openbank has robust security measures in place to keep your money and your personal information safe. Those measures are different from those implemented by Santander Bank, N.A., on its own platform, because of the unique nature of Openbank’s digital-only offerings.

At the center of Openbank’s security policies is the trusted mobile device — a phone or other device set up to verify your identity whenever you log in to your account. This allows you to add biometric verification to use your face or fingerprint as an alternative to requesting a new pass code each time you log in. Biometrics are optional, but Openbank strongly recommends them and requires a trusted device to access certain features and services of the website and mobile app.

Banking Experience

Because Openbank is a digital-only financial institution, the quality of your experience is heavily dependent on the mobile app and website. Most users will be pleased with both.

The mobile app has average ratings of 3.4 stars and 3.2 stars on Google Play and the App Store, respectively. Many users report the app is easy to use and allowed them to open their accounts quickly. Others report that the app is buggy, making it difficult to log in and/or access their account.

Some find the desktop and mobile login verifications cumbersome because they require additional steps beyond biometrics. You need your trusted device to complete the process — you can’t verify your identity via email or text.

Setting up your phone to allow biometrics and establishing your phone as your trusted device is a multistep process that might be confusing to some. But Openbank has clear instructions that walk you through screen by screen, prompt by prompt. Once your account and login are established, you can get customer service through the app or, if you prefer the desktop, via click-to-call using your trusted device.

Customer service is available by phone, Monday through Saturday, from 8 a.m. to 8 p.m. ET, and you can also visit openbank.us/help.

Openbank vs. Competitor Options

Here’s a look at how Openbank compares to similar banks.

Openbank vs. Ally

Ally has a high savings APY, no minimum opening deposit and no fees. But even though Ally’s rates are competitive, it’s lower than Openbank’s. Ally is a full-service bank with many different account types, as well as investing. Its mobile app gets 4.3 stars on Google Play and 4.7 stars on the App Store.

Openbank vs. Marcus by Goldman Sachs

Marcus is the digital-only bank by Goldman Sachs. Its savings account APY is slightly lower than Openbank’s, but there’s no minimum opening deposit. Like Openbank, it has no fees. It’s also similar to Openbank, in that you don’t get an ATM card and can’t make mobile check deposits.

Openbank vs. Bread Financial

Bread Financial offers a no-fee high yield savings account with the same rate as Openbank’s, plus CDs, loans and credit cards. Transferred funds start earning interest immediately, and your money is FDIC insured through Comenity Capital Bank. Bread’s Android and iOS mobile apps are rated 4.4 and 4.8 stars, respectively.

Final Take

Openbank’s only account is a high yield savings account that doesn’t have a lot of bells and whistles but does offer the features most people value most — a high APY, no fees and no limit on withdrawals. It’s best for people who are comfortable with technology, as the security features can get complicated. But they also provide advanced protection against fraud and other threats to your account.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

*Interest Rates and Annual Percentage Yields (APYs) are accurate as of 12:01 AM ET Oct. 27, 2025. The products and rates offered may vary between locations, are available in select markets only, and are subject to change without notice. Rate for this product will be based on the residential ZIP code entered when account is opened within online application process. This is a variable-rate account and the rate applicable may change at our discretion any time without notice. A minimum deposit of $500 is required to open a Openbank High Yield Savings account. Personal accounts only.

Openbank is a division of Santander Bank, N.A. Member FDIC. There is a maximum of $250,000 of deposit insurance from the FDIC per depositor for each category of account ownership. Visit http://FDIC.gov for details. Deposits at Santander Bank, N.A., and Openbank are combined for the purposes of calculating FDIC insurance limits (FDIC Cert #29950) and are not separately insured.

Openbank High Yield Savings is currently available to individuals who reside in the 50 states and the District of Columbia.

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