Openbank Review

Openbank High Yield Savings Account Visit Site

Advantages Over Traditional Banks

Openbank is a digital bank, which means it saves on overhead costs and can pass those savings on to customers. Accordingly, its High Yield Savings Account features no monthly fees or transaction fees and 5.00% APY, which is 10 times the national average for savings accounts, according to the FDIC. 

Cutting-Edge Banking Services

Openbank hasn’t announced all its banking services for the US yet. But with Santander US, you can enjoy online savings, interest calculators, and an auto-save feature, where money is automatically transferred from your checking to your savings account.

Traditional Banking Services

While a new offering in the US, Openbank is a subsidiary of Santander, so it offers the stability of a bank with 167 years of experience.

A European Openbank account gives you access to over 40,000 Santander ATMs and 14,000 branches worldwide, so it’s likely a US Openbank account will similarly give you access to over 2,000 Santander ATMs and 650 branches across the US.

Since the High Yield Savings Account doesn’t offer checks, Openbank will probably offer an online, low-fee everyday banking account for paying bills, depositing income, and more.

Santander US offers many traditional banking services, including savings accounts, certificates of deposit, cash-back credit cards, personal loans, investment services, and business banking services. Openbank US may also offer some of these same services.  

Note, however, that Openbank High Yield Savings is currently unavailable to individuals who reside in CT, DE, MA, NH, NJ, NY, PA, or RI, and to Santander Bank customers with: (1) a deposit account(s) opened in these states or FL, or (2) a lending account.

Interest Rates and Fees

An Openbank High Yield Savings Account comes with very few fees, though you won’t have access to check writing. The interest rate for your account will depend on your area of residence, and the rate you receive can change without notice. 

Customer Service and Online Experience

Openbank customer service phone support is available to help Monday-Saturday, 8:00 AM to 8:00 PM ET. In addition, the website offers a comprehensive resources page with FAQs. 

Mobile App 

Openbank hasn’t launched its US-based mobile app as of this writing. However, Openbank and Santander build cloud-based technology platforms for clients in-house, so you can expect an intuitive iOS and Android app for North American customers in late 2024. 

The Santander US mobile app for iOS and Android gets 4.7 out of 5 stars on the Apple Store, based on over 360,000 reviews, and 4.4 out of 5 stars on Google Play, based on over 56,000 reviews. Customers report they appreciate the safety features, easy balance review, and mobile check deposits.

Security

Openbank accounts are FDIC insured up to $250,000. In addition, you’ll be able to use facial recognition or a fingerprint to sign in to your account.

Santander US also has strong security services, including an online Security Center that teaches you about the most common types of fraud and how to avoid them. You can expect the same attention to security with Openbank.

Summary

Openbank, owned by Santander Bank, is new to the US as of late 2024. An Openbank High Yield Savings Account combines the low fees you’d expect from a fintech company with the backing of a major global bank to give you up to 5.00% APY.

The Openbank High Yield Savings Account is a great option for customers who want an online account that comes with no hidden fees and a high interest rate. Offering an easy way to save, it’s available in most states, except Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island. 

Openbank High Yield Savings Account Visit Site

Methodology

This review was created using information from the following websites: Openbank, Santander, Santander US, Google Play, App Store.