Openbank Review

Openbank is a fully digital bank in the United States operated as a division of Santander Bank, N.A. — part of the global Santander Group with more than 167 years of banking history. It launched nationwide offering high-yield savings opportunities with a focus on competitive rates, convenience, and digital-first banking.

Unlike traditional banks, Openbank has no physical branches or ATM network. Instead, it delivers its services entirely through its website and mobile app.

Products and Features

High Yield Savings Account

• Openbank’s flagship (and currently only) offering is its High Yield Savings Account.
• The account provides a high Annual Percentage Yield (APY) compared with typical national savings rates and most online banks.
• No monthly service fees are charged.
• You must make a minimum opening deposit (generally around $500).

Interest Rates

• The savings account earns a competitive APY, often higher than many large national banks and comparable digital banks.

Fees

• No monthly account fees, and many routine charges like incoming and outgoing domestic wires may be fee-free.
• There are no overdraft fees, though overdrafts aren’t supported on the savings account.
• Forbes

Security & FDIC Insurance

• Accounts are FDIC-insured up to applicable limits as they are held through Santander Bank, N.A.
• Openbank emphasizes digital security with advanced authentication measures.

Online & Mobile Banking

• Banking is managed through Openbank’s mobile app or website 24/7.
• Customer support is available, but experiences vary among users.

Pros

• High interest rates on savings that are attractive for long-term saving goals
• No monthly maintenance fees or many standard banking charges
• FDIC-insured through its parent bank
• Simple, fully digital experience without physical branches

Cons

• Limited product lineup — no checking, debit card, or other common banking features
• No ATM access or mobile check deposit capabilities

Who Is Openbank Best For?

Openbank is best suited for individuals who:

• Want to maximize interest earnings on savings
• Do not need everyday banking features
• Are comfortable with fully digital banking
• Plan to use the account primarily for saving, not spending

Customer Experience

Customers manage their accounts through Openbank’s website and mobile app. The digital interface is designed to be simple and functional, offering basic account management tools, transfers, and account monitoring.

Customer support is available through digital and phone channels. User feedback across review platforms indicates mixed results, with some customers reporting smooth experiences and others noting delays or challenges with transfers and account access.

Fees

Openbank keeps fees minimal:

• No monthly maintenance fees
• No overdraft fees (overdrafts are not supported)
• Limited or no fees for standard account servicing
• No ATM fees (since ATM access is not available)

This fee structure makes Openbank appealing for customers who want a low-cost savings solution.

Final Thoughts

Openbank offers a straightforward, high-yield savings option backed by the stability of Santander Bank, N.A. Its strong interest rates and lack of monthly fees make it attractive for savers, but the limited product lineup and absence of traditional banking features mean it works best as a supplementary savings account rather than a primary bank.