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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.
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.
3 months ago
