Openbank is a digital bank, which means it saves on overhead costs and can pass those savings on to customers. Accordingly, its High Yield Savings Account features no monthly fees or transaction fees and up to 4.35% APY, which is 10 times the national average for savings accounts, according to the FDIC.
Openbank hasn’t announced all its banking services for the US yet. But with Santander US, you can enjoy online savings, interest calculators, and an auto-save feature, where money is automatically transferred from your checking to your savings account.
While a new offering in the US, Openbank is a subsidiary of Santander, so it offers the stability of a bank with 167 years of experience.
A European Openbank account gives you access to over 40,000 Santander ATMs and 14,000 branches worldwide, so it’s likely a US Openbank account will similarly give you access to over 2,000 Santander ATMs and 650 branches across the US.
Since the High Yield Savings Account doesn’t offer checks, Openbank will probably offer an online, low-fee everyday banking account for paying bills, depositing income, and more.
Santander US offers many traditional banking services, including savings accounts, certificates of deposit, cash-back credit cards, personal loans, investment services, and business banking services. Openbank US may also offer some of these same services.
An Openbank High Yield Savings Account comes with very few fees, though you won’t have access to check writing. The interest rate for your account will depend on your area of residence, and the rate you receive can change without notice.
| Openbank Savings Account | |
| Interest earned | Earn up to 4.35% |
| Account opening fees | A $500 minimum deposit is required |
| Monthly maintenance fees | $0 |
| Transaction fees | $0 |
Openbank customer service phone support is available to help Monday-Saturday, 8:00 AM to 8:00 PM ET. In addition, the website offers a comprehensive resources page with FAQs.
The Santander US mobile app for iOS and Android gets 4.7 out of 5 stars on the Apple Store, based on over 360,000 reviews, and 4.4 out of 5 stars on Google Play, based on over 56,000 reviews. Customers report they appreciate the safety features, easy balance review, and mobile check deposits.
Openbank accounts are FDIC insured up to $250,000. In addition, you’ll be able to use facial recognition or a fingerprint to sign in to your account.
Santander US also has strong security services, including an online Security Center that teaches you about the most common types of fraud and how to avoid them. You can expect the same attention to security with Openbank.
Openbank, owned by Santander Bank, is new to the US as of late 2024. An Openbank High Yield Savings Account combines the low fees you’d expect from a fintech company with the backing of a major global bank to give you up to 4.35% APY.
The Openbank High Yield Savings Account is a great option for customers who want an online account that comes with no hidden fees and a high interest rate. Offering an easy way to save, it’s available in all 50 states and Washington, D.C.
This review was created using information from the following websites: Openbank, Santander, Santander US, Google Play, App Store.
The introductory promotional APY Boost includes a 0.35% APY boost (“APY Boost”) added to the account’s current variable APY (“standard variable APY”) of 4.00%. The APY Boost will apply for (6) months from the date the account is opened (“Promotional Period”). The standard variable APY for your account remains variable and subject to change at Openbank’s discretion at any time and any frequency without notice. If the standard variable APY changes during the Promotional Period, the APY Boost will continue to apply through the end of the Promotional Period, subject to applicable terms. After the Promotional Period ends, the account will earn the standard variable APY in effect at that time without the APY Boost.
This is a limited time offer, effective as 12:01 am Eastern time Oct 16th 2026. To qualify for the APY Boost, an eligible account must be opened while the offer is available. All applications are subject to approval. Completing and submitting an application does not, by itself, establish an account. The introductory promotional APY Boost is valid for new Openbank customers. If your account is determined to be ineligible, Openbank reserves the right to terminate the APY Boost at any time without notice, and the account will then earn the standard variable APY in effect at that time. Existing accounts opened prior to 09/23/2026, are not eligible for the APY Boost and will continue to earn the standard variable APY. The APY Boost promotion may not be combined with other bonus offers by Santander Bank. Additional terms, conditions, and eligibility requirements may apply.
Openbank reserves the right to modify, suspend, or terminate the APY Boost at any time without notice.
Agata Antonow writes for BestMoney.com. She is a business and education writer with many years of experience working with and contributing to the likes of business.com, Gale Business Insights, the Encyclopaedias of Emerging Industries and American Industries, and Worldmark Global Business and Economy Issues.
