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Summary: Openbank — the online division of Santander, a bank founded in 1857 and based in Spain — launched in the U.S. in 2024. It offers FDIC-insured high-yield savings accounts and currently serves more than 100,000 customers nationwide.

Currently, the high-yield savings account is Openbank's only offering. It's a solid option for customers seeking a high interest rate on their savings balance with minimal fees. In fact, Openbank currently offers an interest rate that's nine times higher than the national average for savings accounts.

The biggest downside for Openbank's high-yield savings account is that it requires a $500 minimum opening deposit.

Additionally, it's important to note that ​​overdrafts are not permitted on this account, and as such, any transactions that overdraw this account will generally be returned. In the event the account does become overdrawn, no overdraft fees will be charged.

Openbank operates on a no-fee policy. It does not charge fees for monthly account maintenance, overdrafts, statements, checks, or outgoing domestic wire transfers (which is uncommon among online banks).

Even so, as an Openbank customer, it's important to review your account agreement and ensure you understand the requirements to keep your account in good standing and avoid fees.

Keep these pros and cons in mind before signing up with Openbank.

Pros

Competitive yield on savings: Openbank currently pays a 3.8% APY on savings account balances, which is comparable to some of the best savings account rates available today.

No monthly or hidden fees: Many online savings accounts have minimal fees, though they may still charge for certain transactions. That isn't true for OpenBank, which charges zero account fees.

No limit on monthly withdrawals: Many savings accounts limit your monthly withdrawals. However, with Openbank's high-yield savings account, you can make as many withdrawals as needed, fee-free.

Cons

Requires a $500 minimum deposit: While online banks often do not require a minimum deposit, OpenBank requires a $500 minimum to open a savings account.

No paper statements available: Online banking customers may not feel paper statements are necessary. However, customers who prefer them won't have that as an option.

Overdrafts not permitted: Although overdrafts should always be avoided, there may be situations when you need to overdraft your account to cover an essential expense. This isn't an option at Openbank, as overdrafts are not permitted.

Openbank recommends seeking help in its app, which is available for iOS and Android. However, you can also call customer service through the app or at 833-833-8305. Openbank's customer service is available Monday through Saturday from 8 a.m. to 9 p.m. ET.

Openbank's app boasts a 4.6-star rating on both the Apple App Store and Google Play. The app lets you conduct basic banking functions, such as transferring money in and out of your account and checking your balances.

Some reviews of the Openbank app say it's nicely designed and easy to use, while others report various issues. Many problems are technical glitches, such as issues with biometrics or receiving notifications, while other problems are related to transactions.

Santander, Openbank's parent company, has committed to various ESG initiatives, including a climate transition plan, financial inclusion, and corporate governance goals. Its website says the bank's sustainability strategy focuses on financial empowerment, supporting customers seeking low-carbon opportunities, and responsibly managing risks.

To achieve these goals, Santander plans to align with the Paris climate agreement, committing to zero carbon emissions by 2050. It aims to generate 100% of its electricity from renewable sources by 2030. To date, it has financially included 20,000 people and provided $4.8 billion in sustainable structured financing.

Read more: What is sustainable banking?

Openbank is the online division of Santander and does not have a physical address. However, Santander's U.S. headquarters is at 75 State St, Boston, Massachusetts.

The best way to contact Openbank is through the app or by calling 833-833-8305. Openbank's customer service is available by phone Monday through Saturday from 8 a.m. to 9 p.m. ET. Hearing and speech-impaired customers can call 711 or their preferred relay service.

Yes, Openbank is insured up to $250,000 per depositor for each category of account ownership. However, this limit is combined with deposits at Santander Bank. If a customer has deposits at Openbank and Santander, those balances are combined for the purposes of FDIC insurance.

Openbank's routing number is 231372691.

Openbank is the online division of Santander, N.A. Openbank first launched in 2017 in Europe.

Yes, Openbank's high-yield savings account is safe. Openbank is a division of Santander, a European bank that has been in business for more than 160 years. Openbank savings accounts in the U.S. are FDIC-insured.

Openbank completed its U.S. launch in late 2024. It is the online division of Santander, a bank with over 180 million customers and more than $1.3 trillion in total assets.

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