Openbank Bank Review 2025
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At a glance
Overview
Openbank is the new digital arm of Santander Bank, and it launched in October 2024, with just one savings account. Accounts at Openbank are FDIC-insured through Santander Bank. However, deposits across these banks are not insured separately, so if you open an account at both of these banks, you’ll have just one insurance pool (up to $250,000) to draw from.
Highlights:
High APYHighlights:
Savings
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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 = 4.2/5
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 = 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.
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.
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. Openbank is limited to residents of certain states.
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 relatively new bank, the quality of Openbank’s customer and digital experience is yet to be determined.
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Only residents of certain states can open an Openbank savings account.
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Openbank Bank products
Openbank High Yield Savings account
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.
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Openbank doesn’t limit withdrawals out of the account.
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
Customer support. 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.
Digital experience. 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.
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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