Openbank High Yield Savings Account 2024 Review

Openbank, a division of Santander Bank, N.A., offers a high-yield savings account with top-tier rates and no fees. You can open an account online in five minutes or less, with a $500 opening deposit requirement. 

Openbank High Yield Savings features an outstanding APY, an important qualification for any high-yield savings account. This online savings option is available to people in Openbank's service area, which covers most states except Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island. 

This savings account could be right for people who:

• Want to earn a competitive rate on savings
• Have $500 or more to open a savings account
• Are comfortable with online banking
• Do NOT have a deposit or loan account with Santander Bank, N.A.

High-yield savings is currently the only banking product Openbank offers.

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Compared to Other Online Savings Accounts

Fruitful High Yield Savings Account

The Fruitful High Yield Savings account offers an APY that is on par with what you could get at Openbank. You can make unlimited fee-free transfers without account fees or minimums. Deposits are FDIC-insured and it takes just a few minutes to open an account. . 

Read our full editorial review of the Fruitful High Yield Savings account

Peak Bank High Yield Savings Account

Peak Bank High Yield Savings earns a competitive APY with no monthly fees. The minimum deposit to open the account is $100 and the online application process is short and simple. You won't get a debit card or ATM card with this account but you'll have access to your money through online and mobile banking.  

Read our full editorial review of the Peak Bank High Yield Savings account

Rising Bank High-Yield Savings Account

Rising Bank offers a higher-than-average APY with its high-yield savings product. The APY is slightly less than what you could earn with Openbank but still worth a look if you're interested in an online savings account. One thing to note about this account is the $1,000 minimum opening deposit requirement. 

Read our full editorial review of the Rising Bank High-Yield Savings account

Cash App Savings Account

Cash App offers a simple savings account that you can open with as little as $1. There are no monthly fees or minimum balance requirements. You can earn an exceptional APY with this savings account when you meet certain requirements, including getting a Cash App Card and setting up a qualifying direct deposit. 

Read our full editorial review of the Cash App Savings account

Interest Rates

Online savings accounts often pay higher rates than what you'll find at traditional banks. Openbank is no exception; the APY you can get is one of the best among online savings options. 

You don't need to meet any set rules to earn the advertised APY. That's a change from some online banks that only pay interest when you check off certain boxes. For example, you might need to set up direct deposit or maintain a minimum balance. 

Openbank has an opening deposit requirement of $500 but no ongoing minimum balance requirement after that. There are no balance tiers; you'll earn the same APY on your money, whether you save a little or a lot. 

Fees

Openbank doesn't charge any monthly fees or hidden fees for the High Yield Savings account. In fact, it's one of the most fee-friendly banks around. 

Here's how the fees add up.

Other Service Fees - Openbank High Yield Savings Account

Some fees are not applicable because Openbank doesn't offer those services. 

For example, there's no fee for official checks because the bank doesn't issue them. And there's no fee for paper statements because you can only get electronic statements with this account. Overdrafts are not allowed with this account either. 

ATM Access

Some banks offer an ATM card with savings accounts. Openbank doesn't have this option. 

If you need to withdraw cash from savings, you'll first need to transfer funds to an external account that has debit card or ATM card access. That can take a few days to process, which may or may not be inconvenient. 

If you'd like a savings account with ATM access look at how many locations you'll be able to use. And also consider whether the bank charges foreign ATM fees, or refunds foreign ATM fees that other banks charge you for using their machines. 

Account Management

Openbank's account management options include online and mobile banking. Once you're enrolled, you can log in to:

• View transaction history
• Download and view statements
• Link external accounts
• Transfer funds to or from linked accounts
• View your account information, including your account number and routing number if you need to set up direct deposit

Openbank's mobile app is not equipped to accept mobile check deposits currently. Your deposit options are limited to:

• ACH transfer from an external linked account
• Incoming wire transfer from another bank account

You can also receive Zelle payments from friends and family, or send them. You'll need to download the Zelle app, create an account, and then link your Openbank High Yield Savings account. Standard Zelle transfer limits apply. 

FDIC Insurance

FDIC insurance protects depositors in case a bank fails. Bank failures are not a regular occurrence but if they happen, the FDIC makes sure that the bank's customers can get their money back. 

Openbank is FDIC-insured through Santander Bank. Deposits are insured up to the standard coverage limit of $250,000 per depositor. 

You're automatically covered by FDIC insurance at each member bank you have accounts with. You don't pay anything for this coverage and you don't need to enroll or sign up to be protected. 

What to Look for in a Savings Account

It's always a good idea to compare savings accounts to see what options you have. Some savings accounts may be a better fit for your needs than others. 

Here are some questions to consider as you look at what different banks have to offer. : 

• Do you want a traditional savings account or an online savings account? 
• What's the highest APY you could earn?
• Will you need to meet a minimum balance requirement to earn the advertised APY?
• Is there a cap on how much interest you can earn? 
• Are rates tiered by balance or will you earn the same APY, regardless of how much or how little you save?
• How much will you need for the opening deposit? 
• Are there ongoing minimum balance requirements? 
• Is there a monthly fee?
• Does the bank charge excess withdrawal fees?
• What other fees will you pay?
• What do you need to open an account?
• Do you need to open an account with new money to get the advertised APY?
• Will you get online and mobile banking access?
• Do you get an ATM card to access savings?
• If so, which ATMs can you use? Are withdrawals fee-free? 
• Does the bank offer any built-in savings or money management tools?
• What are the deposit and withdrawal limits?
• Does the bank offer other accounts, like checking accounts or CDs? 
• What options do you have for contacting customer service?
• Does the bank have good reviews? What do people like/not like about it? 

You can check out your current bank to see what's on tap, then look around for other savings options. 

Frequently Asked Questions

Who is Openbank? 

Openbank is an online banking division of Santander Bank, N.A. Openbank offers high-yield savings accounts in most states to people who don't have an account with Santander. Deposits kept at Openbank are FDIC-insured, up to the standard coverage limit.  

What's the benefit of a high-yield savings account? 

High-yield savings accounts offer above-average rates compared to traditional savings accounts. Online banks are a great place to look for high-yield savings accounts since they typically offer much higher rates and charge fewer fees. The higher your rate, the faster you can grow your money. 

Is there a downside to saving with Openbank? 

You can't take advantage of an Openbank High Yield Savings account if you already have deposit or loan accounts with Santander Bank. Some people might find the $500 minimum opening deposit requirement a bit steep. Openbank's mobile banking experience is a little lacking compared to what other online banks offer.