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Openbank High Yield Savings Account Review
Our take: A high standard rate from a division of Santander Bank, plus a 6 month boost for new customers. You need $500 to open.
Pros
- 4.00% standard APY with no monthly rules
- New customers get a 0.35% boost for 6 months
- Backed by Santander Bank, a $104 billion bank
Cons
- $500 minimum to open
- Availability and rate depend on your ZIP code
- Deposits share one FDIC limit with Santander Bank
Key facts
- APY
- 4.00%
- Requirements
- None
- Minimum to open
- $500
- Minimum to earn APY
- None
- Monthly fee
- No monthly fee
- ATM access
- None, transfers only
- Current offer
- New customers: a 0.35% APY boost for 6 months on top of the standard APY (4.35% total at our latest check). Limited time; accounts opened before 9/23/2026 are not eligible.
- Insurance
- FDIC insured through Santander Bank, N.A. up to $250,000 per depositor, per ownership category; combined with any Santander Bank deposits
- FDIC certificate
- 29950 (Santander Bank, N.A., Wilmington, DE)
- Who can open
- Personal accounts only. Available in select markets, based on your residential ZIP code.
- Mobile app
- Openbank U.S. app: 4.7 on the App Store, 4.3 on Google Play (Oct 19, 2026)
Source: Openbank website, checked Oct 27, 2026. Insurance details from the FDIC BankFind database.
Openbank High Yield Savings pays a standard 4.00% APY with $500 to open and no monthly fee. New customers get a 0.35% APY boost for 6 months. Openbank is a division of Santander Bank, N.A. (FDIC certificate 29950). Rate effective as of Oct 27, 2026, checked on Oct 27, 2026.
Openbank savings rate and terms today
| Feature | Details |
|---|---|
| Standard APY | 4.00% |
| New customer boost | 0.35% APY for 6 months (limited time) |
| Minimum to open | $500 |
| Monthly fee | None |
| Availability | Select markets, based on ZIP code |
From Openbank’s High Yield Savings page, which lists rates as effective at 12:01 AM Eastern time each day. We rank Openbank on its standard rate, not the boost.
Our take
Openbank pays a high standard rate with no monthly rules and no fees, and new customers get an extra 0.35% APY for their first 6 months. After that, the account earns the standard rate in effect at the time.
We rank it on the standard rate, since the boost is temporary. You need $500 to open, and Openbank says availability and the rate depend on your residential ZIP code.
What you need to open it
- Apply online in about 5 minutes
- An opening deposit of at least $500
- A residential ZIP code in an eligible market
Fees
Openbank advertises no fees on its High Yield Savings account. See its Personal Deposit Account Fee Schedule for less common services.
How you move money
Openbank is online and app only. You move money by transfer, and support is available by phone through the app.
Is Openbank safe?
Yes. Openbank is a division of Santander Bank, N.A., FDIC certificate 29950, which we confirmed as active in the FDIC BankFind database, with about $104.0 billion in assets as of June 30, 2026. Deposits at Openbank and Santander Bank are combined for the $250,000 FDIC limit.
Who it is best for
- New customers who want a temporary boost on top of a high standard rate
- Savers with at least $500 to start
Who should look elsewhere
- Existing Santander customers near the $250,000 FDIC limit
- Anyone starting with less than $500; compare Pibank Savings
Is Openbank safe?
Yes. Openbank is a division of Santander Bank, N.A. (FDIC certificate 29950), and deposits are combined with Santander Bank for FDIC limits. See Is Openbank legit?, including what the Webster Bank merger means.
How we rated it
It earns top marks on rate and fees and scores well for its app. It loses points on access, since it is online only, and on minimums for the $500 opening deposit.
How Openbank compares
| Account | Rating | APY | Min to open | ATM card |
|---|---|---|---|---|
| Elevault High Yield Savings | 4.6 | 4.34% | $0 | No |
| EverBank Performance Savings Account | 4.6 | 4.20% | $0 | No |
| Happen Bank LevelUp Savings | 4.6 | 4.20% | $0 | Yes |
| Bread Savings High Yield Savings Account | 4.6 | 4.05% | $100 | No |
| Peak Bank Envision High Yield Savings | 4.5 | 4.27% | $100 | No |
| Newtek Bank Personal High Yield Savings Account | 4.5 | 4.20% | $100 | No |
| Openbank High Yield Savings Account | 4.5 | 4.00% | $500 | No |
| E*TRADE Premium Savings | 4.5 | 3.75% | $0 | No |
| Axos ONE Savings | 4.4 | 4.21% | $0 | Yes |
| Always.bank High Yield Savings Account | 4.4 | 4.10% | $0 | No |
| Barclays Tiered Savings | 4.4 | 3.50% | $0 | No |
| Capital One 360 Performance Savings | 4.4 | 3.20% | $0 | No |
| Valley Direct High Yield Savings | 4.3 | 3.30% | $1,000 | No |
| Ally Bank Savings Account | 4.3 | 3.20% | $0 | No |
| American Express High Yield Savings Account | 4.3 | 3.20% | $0 | No |
| Pibank Savings | 4.2 | 4.40% | $0 | No |
| Western Alliance Bank High Yield Savings Premier | 4.2 | 3.80% | $500 | No |
| Ivy Bank High Yield Savings Account | 4.1 | 4.00% | $2,500 | No |
| SoFi Checking and Savings | 4.1 | 3.30% | $0 | Yes |
| Alto Online Savings (BMO) | 4.0 | 3.00% | $0 | No |
Openbank savings FAQ
What is the Openbank savings rate?
The standard rate is 4.00% APY as of Oct 27, 2026. New customers get a 0.35% boost for 6 months, for 4.35% APY at our latest check. Rates are variable.
Is Openbank a real bank?
Openbank is a division of Santander Bank, N.A., an FDIC insured bank (FDIC certificate 29950). Deposits at Openbank and Santander Bank are combined for FDIC insurance.
Is there a minimum deposit?
Yes. You need $500 to open an Openbank High Yield Savings account.
What happens after the 6 month boost?
The account goes back to the standard variable APY in effect at that time.
Ready to open Openbank High Yield Savings Account?
Rates as of Oct 27, 2026. Confirm the current rate and terms on the provider’s site before you apply.