Business Insider's personal finance team compared Openbank High Yield Savings to the best high-yield savings accounts and found it to be a standard offering. The account offers a strong interest rate and no monthly service fee, but not everyone can open it. The account is also missing some features you might have come to expect from an online bank account.
Current Openbank Savings Rates
The Openbank High Yield Savings account offers 4.40% (varies depending on location) APY, which is significantly higher than the national average.
If you live in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, or Rhode Island, you won't be able to open the account at all, though the Openbank website says that the account is going to be available to those areas soon.
Overview of Openbank Savings Accounts
Openbank only has one product right now: Openbank High Yield Savings. The Openbank High Yield Savings account's interest rate is much higher than the average savings rate and on par with the highest interest rates that online banks offer. Openbank is planning on adding more banking products in 2025.
How Openbank Savings Accounts Work
The Openbank High Yield Savings account is a generally low-fee account. The bank charges no monthly service fee. You won't have to pay for incoming or outgoing domestic wire transfers, which is rare even among online banks. Wire transfers are expensive, and most banks charge you a fee for outgoing wire transfers. If you think you'll need to send wire transfers frequently, this might be a good bank account for you.
The bank doesn't charge overdraft fees, but it also doesn't let you overdraft your account at all. The best banks for avoiding overdraft provide overdraft protection services for free. That being said, it's far more common for checking accounts to offer overdraft protection than savings accounts; since Openbank only offers a savings account, it's not as surprising that it doesn't offer overdraft protection.
You will need at least $500 to put in your account as a minimum opening deposit. That's high for a high-yield savings account.
Openbank Savings Account User Experience and Accessibility
You'll need to be comfortable banking using a mobile banking app. Openbank requires you to use its app to bank; it also requires your phone to have fingerprint or face recognition technology to use said app. If you don't have a phone that offers those features, or if you're uncomfortable banking from your phone, you might want to go with a different bank.
You might also find it hard to move money in and out of your account. You won't be able to withdraw or deposit money into your account through an ATM, and the mobile app does not currently offer mobile check deposit. Openbank is still relatively new, though, so it's possible this will change once the bank has been around longer. The app has mediocre reviews; since you'll need to use the app to bank, that might negatively impact your banking experience.
Openbank Savings Security
Openbank itself hasn't been open for very long — it was launched in the second half of 2024. But its parent bank, Santander Bank, National Association, has been open for over 100 years.
Santander Bank, National Association has good Fitch and Moody ratings, and a five-star rating from Bauer Financial. These ratings are strong; they indicate low credit risk. Santander Bank, National Association is also FDIC-insured, which means your money is safe up to $250,000 per depositor.
Santander Bank has had a data breach in the last three years. In 2024, Santander Bank, National Association said that employee information, as well as customer information for Santander Chile, Spain, and Uruguay, was accessed by an unauthorized user. If you don't want to use a bank with a recent history of data breaches, you might prefer to use another financial institution.
Openbank Savings Account Pros and Cons
Openbank Savings Account Pros
- High interest rate
- No monthly bank maintenance fees
- Free wire transfers
- Backed by Santander Bank
Openbank Savings Account Cons
- High minimum opening deposit
- No mobile check deposit
- Interest is compounded monthly
- People who are Santander Bank, National Association customers or who live in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, or Rhode Island cannot open an account
- Have to use a mobile banking app, which has mediocre ratings on the Google Play store
- Have to have a phone with face and fingerprint recognition to open an account
Openbank Savings Alternatives
Openbank Savings vs. Ally Savings
If you want to do all of your banking with one online bank, you'll prefer the Ally Savings Account; Ally offers several different types of bank accounts, while Openbank only offers one right now. Ally also has more perks, such as being a savings account with buckets.
If you're hoping to get the highest interest rate possible, you'll probably want to go with Openbank. The Openbank High Yield Savings account interest rate is 4.40% (varies depending on location) APY, while the Ally Savings account only offers an interest rate of 3.60% APY.
Openbank Savings vs. Jenius Bank Savings
Openbank and Jenius Bank are similar in that they are both online banks that offer a high-yield savings account with a strong interest rate, and neither of them offers many products overall. If you're looking to open a loan, you might prefer Jenius Bank; Jenius Bank also offers personal loans, while Openbank only offers its savings account right now.
If you want the highest interest rate on an online savings account, you'll still probably want to go with Openbank. The Jenius Savings Account has an interest rate of 4.20% APY. While still very high, it doesn't quite beat out Openbank's rate.
Openbank and Santander Bank
Openbank is an online division of Santander Bank. This means you won't have to worry as much about the bank failing, since it's backed up by a much larger, more long-running bank. This does come with some downsides, though. Current Santander Bank, National Association customers with bank accounts or loans won't be able to use Openbank. People who live in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island — the states where Santander Bank, National Association operates — also won't be able to open an account with Openbank.
If you have an Openbank High Yield Savings account, you won't be able to manage it at a Santander Bank, National Association branch. If you want to talk to a customer service representative, Openbank does have a customer service phone line you can call from 8:00 a.m. ET to 8:00 p.m. ET from Monday through Saturday — not 24/7 customer service, but still extended past regular bank hours. You can only use the phone line if you're a current customer.
How the Federal Reserve Impacts Openbank Savings Rates
The Federal Reserve is the central banking system of the U.S., and the decisions it may influence the rates that banks like Openbank set on their savings accounts.
During Fed meetings, the Fed announces changes to the federal funds rate. If the Fed raises the federal funds rate, then interest rates as a whole rise as well. If the Fed lowers the federal funds rate, you can expect a general rate cut in response.
In general, interest rates have been trending down since 2023, as the Federal Reserve has either kept its rates steady or lowered them since bringing rates high in the years prior.
It was originally expected that the federal funds rate would continue going down in 2025, but President Donald Trump's tariff announcements have introduced uncertainty into the market.
Who is the Openbank Savings Account Best For?
The Openbank High Yield Savings is best for people who want a high-yield savings account with a high interest rate and who want to avoid bank fees. If you prefer to bank from your phone, this could also be a good bank for you.
If you don't have a phone with the features Openbank requires, if you want an account that's easier to get money in and out of, or if you want all of your bank accounts to be from the same bank, Openbank won't be the choice for you. Openbank doesn't currently offer other types of bank accounts, like checking accounts or CDs. People who are already Santander Bank, National Association customers or who live in one of the states it operates in will also need to go with another bank.
Why You Should Trust Us: How We Reviewed Openbank Savings
At Business Insider, we use our bank rating methodology to rate each bank or banking product we review. For savings accounts, we first give several account features a rating from 0 to 5. These features include customer support, interest rates, monthly service fees, minimum opening deposits, mobile banking app ratings, and bank ethics. Once we've given each feature a rating, we average the feature scores together to get the overall rating for the savings account.
When a bank is a strong choice for underserved banking populations, we highlight that in our review. Examples include second chance banks, which help people with poor credit open bank accounts; minority depository institutions and community development financial institutions, which provide financial services to underbanked communities; and the best banks for immigrants, which let you use an Individual Taxpayer Identification Number and foreign IDs to apply for an account. We also highlight eco-friendly banks, which help the environment with the money you put into your bank account.
Openbank Savings FAQs
Is my money safe in Openbank?
Yes, your money is safe in Openbank. Openbank is FDIC-insured, which means your money is insured in case of bank failure up to $250,000 for individual accounts and $500,000 for joint bank accounts.
Is Openbank legit?
Yes, Openbank is legit. Openbank is an online division of Santander Bank, a brick-and-mortar bank operating primarily in the Northeast U.S.
How do I contact Openbank customer support?
To contact Openbank customer support, you can use Openbank's help center anytime or you can call their phone number from 8:00 a.m. ET to 8:00 p.m. ET, Monday through Saturday. You have to be a current customer to use its phone line.
Can I open a checking account with Openbank?
No, you can't open a checking account with Openbank. Openbank only offers one product, the Openbank High Yield Savings account.
Who is the owner of Openbank?
Openbank is an online division of Santander Bank, National Association, a brick-and-mortar bank operating primarily in the Northeast U.S.
