Openbank Bank Review 2024
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At a glance
Savings
About Bankrate Score
Overview
Openbank is best for customers who seek a digital banking experience, as it is Santander Bank's new digital division, featuring a single savings account with a relatively low minimum deposit and no monthly fee.
Highlights
- High APY
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APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Openbank launched with just one account: its High Yield Savings account. True to its name, the account offers a top-notch APY, even as many banks reduce the interest rates on their deposit accounts in reaction to the Federal Reserve’s recent rate cut. More deposit products — including certificates of deposit and a checking account — are expected to launch sometime next year.
Pros
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Openbank’s savings account comes with a top-tier APY.
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There are no fees associated with Openbank’s savings account.
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Accounts can be opened online.
Cons
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Openbank offers just one savings account to pick from.
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As a new bank, the quality of Openbank’s customer and digital experience is yet to be determined.
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Santander Bank’s physical footprint in the U.S. is in most of the northeast and in Miami, Fla. Only residents from states outside of those areas can open an account at Openbank.
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Openbank banking products
APY last updated between 11/14 and 11/20.
Openbank savings overview
Pros
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Openbank offers a top-notch APY on its savings account.
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There’s no monthly maintenance fee.
Cons
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Other online banks don’t have minimum deposit requirements.
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Openbank doesn’t offer debit cards or ATM access at this time.
Bank fees
| Fee | Charged |
|---|---|
| Overdraft fee | N/A |
| Non-sufficient funds fee | N/A |
| Account maintenance fees | None |
| Out-of-network ATM fee | N/A |
| Excessive transaction fee | None |
Customer experience
As a newly launched bank, the quality of Openbank’s customer support and digital experience is still largely unknown. Customers can generally get help through Openbank’s mobile app or over the phone Monday through Saturday, from 8 a.m. to 8 p.m. Eastern time.
Openbank offers a mobile app on both the Apple App and Google Play stores. There aren’t many user reviews on either platform since the bank launched very recently, but iOS users generally rate the app better than Android users at this time.
About Openbank
Openbank is the new digital arm of Santander Bank. It launched in October 2024 with just one savings account, which is available only for residents of states outside of Satander’s physical footprint. Openbank is FDIC-insured through Santander Bank, but deposits across both banks are insured together, not separately.
Openbank Bank FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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