Openbank Bank Review 2025
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At a glance
Overview
Openbank is the digital division of Santander Bank, and it launched in October 2024 with just one savings account. That’s still the bank’s only account, but it’s a good one — it has a high APY and no fees. Note that any money you deposit at Santander Bank and Openbank is combined for Federal Deposit Insurance Corp. (FDIC) insurance purposes.
Highlights:
High APYHighlights:
Savings
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
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 = 4.1/5
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.
Overall
Openbank launched with just one account: its High Yield Savings account. True to its name, the account offers a top-notch APY and is available nationally. Though you can open an account on Openbank’s website, you’ll also need a mobile phone or tablet to bank here. Openbank requires that you download its app to a mobile device to securely access your account.
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 the savings account.
Cons
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Openbank offers just one savings account.
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As a relatively new bank, the quality of Openbank’s digital experience is yet to be determined.
We want to know what you think about Openbank
Do you have experience with Openbank? Let us know your thoughts.
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 the amount of times you can withdraw funds per month.
Cons
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No mobile check deposit.
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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.
Since its launch in 2024, this account has had a consistently competitive APY, so if you’re interested in maximizing your interest earnings, it’s worth a look. But you’ll need another bank account already to take advantage of this one because there are limited ways to deposit and withdraw money: you can only transfer from a different account you already own or through a wire transfer. You won’t be able to deposit cash or checks.
How Openbank compares to other banks
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Selected bank
Openbank savings account
Bankrate score
4.7
Bankrate Savings rating = 4.7/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Vio Bank savings account
Bankrate score
4.8
Bankrate Savings rating = 4.8/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Nov. 27, 2025 and Dec. 3, 2025.
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| 4.20% | 4.16% | |
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Minimum balance for APY
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| $0.01 | $0.00 | |
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Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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| $2,100 | $2,080 | |
| Openbank, a digital subsidiary of Santander Bank, offers just one account: a savings account with a competitive annual percentage yield. The bank doesn’t charge any monthly account fees and wire transfers, both incoming and outgoing, are free. | Vio Bank Online Savings account offers a great yield on your whole balance. And you won't give any of your interest back in monthly fees, either. Plus the minimum deposit to open is fairly low at $100. | |
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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. 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 but you won’t find this information easily on their website, or the number to call, either. That information is buried in an FAQ instead of listed prominently on the website.
App 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 in 2024, but both iOS and Android users right now generally give the app middling ratings.
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.
