OpenBank (the digital banking arm of Santander Group) offers a competitive High-Yield Savings Account with strong interest rates and no monthly fees. If you’re considering opening an account, this guide covers everything you need to know—rates, features, pros & cons, and how it compares to other top savings accounts.
OpenBank High-Yield Savings Account Key Features
✅ APY: 5.25% (as of July 2024, subject to change)
✅ Minimum Deposit: 250,000
✅ Mobile App: iOS & Android (4.8/5 rating)
How Does OpenBank’s Rate Compare?
| Bank | APY (July 2024) | Minimum Deposit |
|---|---|---|
| OpenBank | 5.25% | $0 |
| Ally Bank | 4.25% | $0 |
| Marcus by Goldman Sachs | 4.40% | $0 |
| Capital One 360 | 4.25% | $0 |
Note: Rates fluctuate—check OpenBank’s official site for updates.
Pros & Cons of OpenBank’s Savings Account
👍 Pros
✔ No monthly fees or hidden charges
✔ No minimum balance requirements
✔ High APY (beats many big banks)
✔ 24/7 digital banking via app
✔ FDIC-insured through Santander
👎 Cons
✗ No physical branches (online-only)
✗ No ATM access (transfers only)
✗ Better rates exist at some credit unions
How to Open an Account
- Visit OpenBank’s Savings Page
- Click “Open an Account”
- Provide ID, SSN, and funding details
- Fund your account (bank transfer or mobile check deposit)
Who Is This Account Best For?
✔ Savvy savers wanting top-tier interest
✔ Digital banking users comfortable with app-only access
✔ Those avoiding fees (no minimums or monthly charges)
Alternative High-Yield Savings Options
- Wealthfront Cash Account (5.00% APY)
- Discover Online Savings (4.25% APY)
- Sofi Savings (4.60% APY with direct deposit)
Final Verdict: Is OpenBank Worth It?
OpenBank’s 5.25% APY makes it a top contender for high-yield savings, especially if you prefer a fintech-backed traditional bank (via Santander). While it lacks branches, the no-fee structure and strong app make it ideal for online savers.
Ready to open an account? Check the latest rates at OpenBank.com.
Have experience with OpenBank? Share your thoughts below!
