Last Updated:
Openbank Review 2026
Quick Summary
Rating
4.3/5 ⭐
Savings APY
4.20%
Checking APY
N/A
Monthly Fee
$0
Best for: Tech‑savvy savers comfortable with a smartphone‑only high‑yield account
What is Openbank?
Openbank is a savings-focused online bank offering competitive rates and modern banking features.
✓ Pros
- High APY backed by Santander Bank’s FDIC insurance
- No monthly maintenance fees
- 24/7 mobile access with biometric security
- Strong focus on digital security and user experience
✗ Cons
- $500 minimum deposit to open
- Requires a smartphone for account management
- No checking account or debit card available
Account Details
| Savings APY | 4.20% |
| Checking APY | N/A |
| Min Deposit | $500 |
| Monthly Fee | $0 |
| ATM Access | No ATM or debit card access |
| Mobile App | Good |
| FDIC Insured | Yes |
Who Should Choose Openbank?
Best for: Tech‑savvy savers comfortable with a smartphone‑only high‑yield account