Is Openbank Legit? Safety, Rates and What to Know

Openbank launched in the United States in October 2024, so many savers have not heard of it. The bank behind it is one of the largest banking groups in the world. Here is who stands behind your money, what changed with Santander’s Webster Bank merger, and the rules to check before you open an account.

Who is Openbank?

Openbank is a digital bank brand of the Santander group. Santander launched it in the US on Oct 21, 2024, starting with a high yield savings account, and its press release describes Openbank as Europe’s largest fully digital bank by deposits. In the US, Openbank is a division of Santander Bank, N.A., not a separate bank. Openbank’s website says it now serves more than 100,000 customers in America.

Fact	Openbank
Bank holding your deposits	Santander Bank, N.A.
FDIC certificate	29950 (active)
Main office (FDIC record)	Wilmington, Delaware
Total assets	About $104.0 billion (Jun 30, 2026, before the Webster merger)
Regulator	Office of the Comptroller of the Currency
Parent company	Banco Santander, S.A.

From the FDIC BankFind database, checked Oct 19, 2026.

Is my money FDIC insured at Openbank?

Yes, up to $250,000 per depositor, per ownership category. Openbank says deposits at Santander Bank and its Openbank division are combined for FDIC limits and are not separately insured. So if you also bank at a Santander branch, add those balances together. For example, $200,000 at Openbank plus $100,000 in a Santander account in your own name is $300,000 at one bank, $50,000 over the limit. See how to insure more than $250,000.

What the Webster Bank merger means for you

Santander says it completed its acquisition of Webster Bank on Aug 20, 2026 by merging Webster into Santander Bank, N.A., and that nothing changes right away for Openbank customers: same app, same accounts. If you also had money at Webster Bank (including BrioDirect) on Aug 20, 2026, the FDIC’s merger rule insures the Webster and Santander deposits separately for six months, and CDs until their first maturity after that. After the grace period, everything you hold at the combined bank counts toward one $250,000 limit per ownership category. If your total is close to the limit, plan for that date.

What does Openbank pay?

Feature	Details
Standard APY	4.00%
New customer boost	Plus 0.35% for 6 months from opening (4.35% today)
Minimum to open	$500
Monthly fee	None
Checks or debit card	None (savings only)
Where available	All 50 states and DC; rate is set by your home ZIP code

From Openbank’s High Yield Savings page; rates effective as of 12:01 AM Eastern time Oct 19, 2026. Accounts opened before Sep 23, 2026 are not eligible for the boost. Rates are variable.

On $10,000, the boost adds about $17 in the first year: about $417 with the boost versus about $400 at the standard rate, if neither rate changes. The boost stays at 0.35% above the standard rate for the full 6 months even if the standard rate moves.

What to watch for

• You need a smartphone. Openbank requires an active US mobile number and a smartphone with the Openbank app, which becomes your trusted device for signing in.
• Who can open. You must be 18 or older and a US citizen or resident alien with a US home address.
• Savings only. There are no checks or debit card; move money by transfer to a linked account.
• $500 to open. Higher than many online banks; see the best savings accounts with no minimum if that matters.
• The boost ends. After 6 months, the account earns the standard rate in effect at that time.

How to check you are dealing with the real Openbank

1. Type openbank.us into your browser rather than following links in texts or emails.
2. Search FDIC BankFind for certificate 29950 and confirm the name Santander Bank, N.A.
3. Never share a password or one time code with someone who contacts you.

How it compares

Openbank’s standard 4.00% trails Peak Bank Envision at 4.27% and Always.bank at 4.10%, and only edges ahead of them during the 6 month boost. See every account on our best high yield savings accounts page and the best FDIC insured savings accounts.

Our verdict

Openbank is legitimate: a division of Santander Bank, N.A., an FDIC insured bank owned by one of the world’s largest banking groups. It is a good fit if you want a big bank name behind an online savings account. The trade offs are the $500 minimum, the smartphone requirement and a standard rate a little below the leaders. Read our full Openbank High Yield Savings review.

Frequently asked questions

Is Openbank a real bank?

Openbank is a division of Santander Bank, N.A., a real FDIC insured national bank (FDIC certificate 29950) owned by Banco Santander.

Is Openbank FDIC insured?

Yes, up to $250,000 per depositor, per ownership category. Deposits at Openbank and Santander Bank are combined for that limit.

Did the Webster Bank merger change my Openbank account?

Santander says there are no immediate changes for Openbank customers. If you also held Webster Bank deposits on August 20, 2026, they are insured separately from your Santander and Openbank deposits for six months, then combined.

What is Openbank’s savings rate?

4.00% APY standard, plus a 0.35% boost for the first 6 months for new customers, as of Oct 27, 2026.

What do I need to open an Openbank account?

You must be 18 or older, a US citizen or resident alien with a US address, have a US mobile number and a smartphone for the Openbank app, and deposit at least $500.