Openbank Review (2026)
Openbank is the online savings brand of Santander Bank, N.A. It suits savers who can open with at least $500 and want one of the higher standard rates without a direct deposit requirement. The standard rate was 4.00% APY on October 19, 2026 (variable), and new customers get a 0.35% boost to 4.35% APY for six months; the account has no debit card or checks.
By Wealthy Pot Editorial · Facts checked October 19, 2026
Facts checked October 19, 2026 against Openbank's own rate page, account disclosures and fee schedule (4 sources, listed below). We re-check prices about once a month. We do not earn a commission from Openbank or Santander.
Openbank at a glance
| Standard APY | 4.00%, effective October 19, 2026; variable [1] |
|---|---|
| New-customer boost | +0.35% for six months from opening, up to 4.35% APY; accounts opened before September 23, 2026 are not eligible [1] |
| Rate by ZIP code | Availability and rate are based on the residential ZIP code entered when you open [1] |
| Minimum to open | $500 [2] |
| Monthly fee | $0 [2] |
| Other fees | $0 for incoming wires, returned deposits, ACH stop payments and legal processing; overdrafts are not permitted [2] |
| Interest | Compounded monthly and credited monthly [3] |
| Debit card or checks | None on this account [1] |
| Statements | Electronic only; paper statements are not available [2] |
| Joint accounts | Yes, by inviting a co-owner in the app [1] |
| Who can open | 18 or older, U.S. citizen or resident alien, U.S. mobile number and a smartphone; all 50 states and DC [1] |
| Insured bank | Santander Bank, N.A. (FDIC Cert #29950) [1] |
Openbank in official federal data
Rate compared with the national average
Openbank's savings APY of 4.00% (as of October 19, 2026) is about 10.5 times the FDIC's national average for savings accounts, 0.38% (as of October 19, 2026). On $10,000 kept for a year, that is about $400 in interest against $38 at the national average, before tax and assuming the rate stays the same (variable savings rates rarely do).
Who holds your money
- Deposits are held by Santander Bank, N.A., FDIC certificate #29950, based in Wilmington, DE, established January 1, 1907 according to the FDIC. Openbank is a division of Santander Bank, N.A.
- FDIC insurance covers up to $250,000 per depositor, per insured bank, for each account ownership category. Money held at the same bank under another brand name counts toward the same limit.
- Size: $84.4 billion in deposits and $104 billion in total assets (June 30, 2026 call report). Primary federal regulator: Office of the Comptroller of the Currency.
Customer complaints filed with the CFPB
From October 2025 through September 2026, consumers sent the Consumer Financial Protection Bureau 588 complaints about checking or savings accounts at SANTANDER HOLDINGS USA, INC., about 6.97 per $1 billion of deposits; the company responded on time to 100%. Complaint counts grow with the number of customers and cover the whole company, including checking accounts, and the CFPB does not verify each complaint, so treat them as a rough signal. Read the complaints.
Sources: FDIC BankFind (certificate, deposits and assets), FDIC national deposit rates (October 19, 2026), CFPB Consumer Complaint Database (product "Checking or savings account"). Updated monthly.
How Openbank works
Openbank is an app-first savings account run by Santander Bank, N.A. It pays a standard variable APY, 4.00% on October 19, 2026, and new customers who open on or after September 23, 2026 get a 0.35% APY Boost on top for six months from the opening date. Openbank says the boost is added to whatever the standard rate is at the time, so if the standard rate moves, the boosted rate moves with it. The offer can end without notice; no fixed end date is shown. Openbank does not list a direct deposit or monthly deposit requirement for the rate. You need at least $500 to open, and the rate you are offered depends on your home ZIP code.
A hypothetical first year, assuming the standard rate stays at 4.00% and using a simple-interest approximation: on $10,000, six months at 4.35% earns about $10,000 x 4.35% x 0.5 = $217.50, and the next six months at 4.00% earn about $10,000 x 4.00% x 0.5 = $200.00. That is about $417.50 for the year, a blended yield near 4.18%. After the first six months the account earns the standard rate only.
The account is built for saving, not spending: it has no debit card and no checks, and Openbank does not offer a checking account of its own. Money moves in and out by transfer through the app. The federal data section on this page shows Santander Bank's size, how this rate compares with the FDIC national average, and its CFPB complaint record.
Pros
- 4.00% standard APY, one of the higher base rates in our comparison
- New customers get 0.35% more for six months
- No monthly fee and no fee for incoming wires
- Backed by Santander Bank, N.A., a large FDIC-insured bank
Cons
- $500 minimum to open
- No debit card, ATM access or checks
- Rate and availability depend on your ZIP code
- Daily and 30-day transfer dollar limits are shown only inside the app
Who Openbank fits, and who should skip it
A good fit if
- You have at least $500 to open with and want a high standard rate without a direct deposit requirement.
- You are a new customer and can take advantage of six months at the boosted rate.
- You want a savings account kept apart from your spending money, with no card attached.
Look elsewhere if
- You want to start with less than $500: Bask Bank has no minimum to open.
- You want ATM access to your savings: UFB Direct includes an ATM card.
- You already bank with Santander and hold large balances there: Openbank and Santander deposits share one FDIC limit, so Wealthfront Cash may suit a large balance better.
Limitations to know
- There is no debit card or check writing; the account is intended for accumulating savings. [1]
- Openbank generally does not limit the number of withdrawals, but the bank may require seven days' notice before a savings withdrawal. [3]
- Standard daily and rolling 30-day transfer dollar limits are displayed only within the app. [4]
- Openbank does not offer its own checking account; Santander may make checking available at its discretion. [3]
- The outgoing wire fee is not on the Openbank fee schedule; wires fall under Santander's separate wire transfer agreement, which we could not confirm. [3]
Openbank compared with alternatives
| Account | APY | Monthly fee | To open | For the APY | Insurance |
|---|---|---|---|---|---|
| Openbank | 4.00% APY standard (4.35% for 6 months for new customers), Oct 19, 2026 | $0 | $500 | $0 | FDIC-insured (Santander Bank, N.A.) |
| Bread Savings | 4.05% APY (Oct 2026) | $0 | $100 | $100 | FDIC-insured (Comenity Capital Bank) |
| Happen Bank (LendingClub) | 4.20% APY "LevelUp" rate (needs $250+ in deposits per period; otherwise 3.00%), Oct 16, 2026 | $0 | $0 | $250 in deposits per period | FDIC-insured (Happen Bank, N.A.) |
| Bask Bank | 3.90% APY (Interest Savings, Oct 19, 2026; or earn American Airlines miles instead) | $0 | $0 | $0 | FDIC-insured (Texas Capital Bank) |
| Marcus | 3.50% APY (Oct 2026) | $0 | $0 | $0 | FDIC-insured (Goldman Sachs Bank USA) |
- Pick Bread Savings if you want a high rate and only $100 to open.
- Pick Happen Bank (LendingClub) if you add $250 a month and want an ATM card on savings.
- Pick Bask Bank if you want no minimum to open, or airline miles instead of interest.
- Pick Marcus if you want a no-minimum account from another large bank.
Security and privacy
- Deposits are held at Santander Bank, N.A. (FDIC Cert #29950). [1]
- FDIC insurance covers up to $250,000 per depositor, per bank, per ownership category, and Openbank and Santander deposits are combined for that limit, not insured separately. [1]
- You need a smartphone registered as a trusted device and a U.S. mobile number to open and use the account. [1]
- Overdrafts are not permitted on the account. [2]
Recent changes
| Date | What changed |
|---|---|
| Oct 19, 2026 | Standard APY 4.00% (3.80% in our previous check); new customers get a 0.35% boost to 4.35% for six months. [1] |
| Sep 23, 2026 | New 0.35% APY Boost starts; accounts opened before this date are not eligible. [1] |
Openbank FAQ
Is Openbank FDIC insured?
Yes. Openbank is a division of Santander Bank, N.A. (FDIC Cert #29950). Deposits are insured up to $250,000 per depositor, per bank, per ownership category, and your Openbank and Santander deposits count together toward that limit.
What is the Openbank savings rate today?
The standard variable APY was 4.00% on October 19, 2026. New customers get a 0.35% boost for six months, for up to 4.35% APY. Rates can change at any time and depend on your ZIP code.
Does Openbank have a minimum?
Yes, $500 to open. There is no monthly fee.
Does Openbank give you a debit card?
No. The High Yield Savings account has no debit card and no checks. You move money by transfer in the app.
How long does the Openbank boost last?
Six months from the date you open the account. It is for new customers; accounts opened before September 23, 2026 do not qualify. After six months the account earns the standard rate.
How we researched this review
We did not get paid for this page. On October 19, 2026 we read Openbank's own rate page, account disclosures, fee schedule and help pages, quoted each fact and link every one below. FDIC and CFPB figures come straight from the agencies' public data. We did not open an account to test it, and we do not rate banks with stars. Savings rates are variable; we re-check them about once a month.
Sources
- Openbank, High Yield Savings account page, checked October 19, 2026.
- Openbank, Personal deposit account fee schedule (June 2026), checked October 19, 2026.
- Openbank, Personal deposit account agreement, checked October 19, 2026.
- Openbank, Digital banking agreement, checked October 19, 2026.
This review is for general information, not financial advice. Savings rates are variable and can change at any time; confirm the current APY with the bank before opening an account.