Openbank review (2026): Earn one of the top HYSA rates with this online bank
Openbank review (2026): Earn one of the top HYSA rates with this online bank.
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Summary: Openbank — the online division of Santander, a bank founded in 1857 and based in Spain — launched in the U.S. in 2024. It offers FDIC-insured high-yield savings accounts and currently serves more than 100,000 customers nationwide.
Currently, the high-yield savings account is Openbank's only offering. It's a solid option for customers seeking a high interest rate on their savings balance with minimal fees. In fact, Openbank currently offers an interest rate that's nine times higher than the national average for savings accounts .
The biggest downside for Openbank's high-yield savings account is that it requires a $500 minimum opening deposit.
Additionally, it's important to note that overdrafts are not permitted on this account, and as such, any transactions that overdraw this account will generally be returned. In the event the account does become overdrawn, no overdraft fees will be charged.
Openbank operates on a no-fee policy. It does not charge fees for monthly account maintenance, overdrafts, statements, checks, or outgoing domestic wire transfers (which is uncommon among online banks).
Even so, as an Openbank customer, it's important to review your account agreement and ensure you understand the requirements to keep your account in good standing and avoid fees.
Keep these pros and cons in mind before signing up with Openbank.
Competitive yield on savings: Openbank currently pays a 3.8% APY on savings account balances, which is comparable to some of the best savings account rates available today.
No monthly or hidden fees: Many online savings accounts have minimal fees, though they may still charge for certain transactions. That isn't true for OpenBank, which charges zero account fees.
No limit on monthly withdrawals: Many savings accounts limit your monthly withdrawals. However, with Openbank's high-yield savings account, you can make as many withdrawals as needed, fee-free.
Requires a $500 minimum deposit: While online banks often do not require a minimum deposit, OpenBank requires a $500 minimum to open a savings account.
No paper statements available : Online banking customers may not feel paper statements are necessary. However, customers who prefer them won't have that as an option.
Overdrafts not permitted: Although overdrafts should always be avoided, there may be situations when you need to overdraft your account to cover an essential expense. This isn't an option at Openbank, as overdrafts are not permitted.
Openbank recommends seeking help in its app, which is available for iOS and Android. However, you can also call customer service through the app or at 833-833-8305. Openbank's customer service is available Monday through Saturday from 8 a.m. to 9 p.m. ET.
Openbank's app boasts a 4.6-star rating on both the Apple App Store and Google Play. The app lets you conduct basic banking functions, such as transferring money in and out of your account and checking your balances.
Some reviews of the Openbank app say it's nicely designed and easy to use, while others report various issues. Many problems are technical glitches, such as issues with biometrics or receiving notifications, while other problems are related to transactions.
Santander, Openbank's parent company, has committed to various ESG initiatives, including a climate transition plan, financial inclusion, and corporate governance goals. Its website says the bank's sustainability strategy focuses on financial empowerment, supporting customers seeking low-carbon opportunities, and responsibly managing risks.
