Openbank by Santander Review [2026]: High Savings Rates but Little Else

Openbank by Santander overview

Santander Group, a massive global consumer finance company, launched Openbank in 2024. As of 2025, Openbank only offers a high-yield savings account (HYSA). However, Santander plans to expand Openbank's offerings, according to a 2024 press release.

Openbank is a completely digital bank, meaning it doesn't operate branches. It also doesn't participate in any ATM networks, so customers can access their accounts and funds only through Openbank's online platform or mobile app.

Is Openbank good for me?

You could be the ideal customer for Openbank if you have a healthy savings balance and are focused first and foremost on earning the most interest. Openbank's savings account requires a minimum deposit of at least $500 to open, which is high for an online savings account. If you're just starting out or living paycheck to paycheck, it wouldn't be my first pick for you.

Openbank also makes it relatively difficult to access your money quickly. You can only dip into your money by transferring funds to an external account, which can take a few days.

I have several savings accounts with different rates and accessibility. Money I may need for a short-term expense or emergency car repair, I keep in my main savings account. From there, I can move money to my checking account within minutes. But for bigger goals, like my dream-car fund, I tuck money into an online savings account with a higher APY (the delay in accessing my money reduces the risk of frivolous spending).

Openbank banking overview + rates

Openbank has one account: an HYSA. Although Openbank could offer other products in the future, this is it for now.

4.3

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Enjoy $400 as a new Chase checking customer

When you open a new Chase Total Checking® account with qualifying activities.² <p>Offer not available to existing Chase checking customers, or those whose accounts have been closed within 90 days or closed with a negative balance within the last 3 years. You can receive only one new checking account opening related bonus every two years from the last coupon enrollment date and only one bonus per account. Coupon is good for one-time use. To receive the bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposits totaling $1,000 or more made to this account within 90 days of coupon enrollment. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Zelle®) are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than $1, that are sent to your account to verify it is the correct account. After you have completed all the above requirements, we'll deposit the bonus in your new account within 15 days. To receive this bonus, the enrolled account must not be closed or restricted at the time of payout. Eligibility may be limited based on account ownership. Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable). Offer availability subject to change. Other Chase checking bonus offers may exist concurrently.</p> FDIC Insured. Offer valid through 4/15/2026.

Learn More

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

AWARD WINNER Best Online Checking

SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Limited-Time Offer: Earn a $50 or $300 bonus with eligible direct deposit and up to 4.00% APY on Savings (3.30% APY³ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at&nbsp;<a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for up to 6 Months on new accounts. Terms Apply.⁴ <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at&nbsp;<a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.⁵ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

Learn More

4.8

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Bank of America Advantage Banking

Up to $500 cash offer. Click ‘Learn More' for more details. Bank of America, N.A. Member FDIC.

Learn More

4.6

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Use Cash App As Your All-in-One Financial Services Platform

Bank⁶ <p>Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Savings provided by Cash App, a Block, Inc. brand.</p><p class="">Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Direct Deposit provided by Cash App, a Block, Inc. brand.</p> without all the fees—save, send, and spend your money the way you want.⁷ <p class="">Your balance is eligible for FDIC pass-through insurance through our Program Banks Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met. Cash App is a financial services platform, and not an FDIC-insured bank. Prepaid debit cards issued by Sutton Bank, Member FDIC. See <a href="https://cash.app/legal/us/en-us/card-agreement">terms and conditions</a>. </p> Get paid up to 2 days early – up to 2 days earlier than most banks⁸ <p>Your first deposit may take longer depending on your employer.</p>

Download Cash App

Openbank savings

Openbank's HYSA has a higher-than-usual APY. In fact, this is one of the highest APYs I've found. And there are no monthly transaction limits.

There are, however, some catches to keep in mind.

• No cash deposits: Unlike some banks, including many online ones, Openbank only allows you to deposit money via its mobile app.
• Limited accessibility: You can't withdraw cash from Openbank, and it doesn't offer a debit card.

Other recommended savings accounts

If Openbank's minimum deposit or lack of withdrawal options give you pause, consider these other online banks:

• LendingClub: LendingClub has no minimum deposit requirement, and you can earn up to 4.00% APY with the LevelUp Savings Account by depositing at least $250 per month. Plus, you get an ATM card.⁹ <p>LevelUp Rate of 4.00% Annual Percentage Yield (“APY”) is accurate as of 01/13/2025. Standard Rate of 3.00% APY accurate as of 01/13/2025. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank.</p><p>LevelUp Rate is applied to the full balance of LevelUp Savings accounts that receive a total of at least $250 in deposits during the Evaluation Period. Otherwise, accounts will earn the Standard Rate. Interest payments, account bonuses, account credits and reversals or refunds from the bank are not considered deposits for rate evaluation purposes. All LevelUp Savings accounts earn the LevelUp Rate at account opening and continue to earn the LevelUp Rate until the First Evaluation Period, to provide an opportunity to set up deposits. While accounts will not move from the LevelUp Rate prior to the First Evaluation Period, the LevelUp Rate is variable and subject to change at any time, including prior to the First Evaluation Period.</p><p>An Evaluation Period is a statement cycle. The First Evaluation Period will be the third statement cycle after you open your account, with any rate change becoming effective the next statement cycle. For example, if you open in August, the first Evaluation Period would be October with any rate change effective in November. Any rate changes will take place at the end of the first business day of the month and will be based on deposits in the previous statement cycle.</p>
• Synchrony: Synchrony doesn't have a minimum balance requirement and, like LendingClub, offers an optional ATM card. Its savings account earns up to 3.50% APY.¹⁰ <p>Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 1/27/2026. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.</p>

Openbank by Santander checking

Openbank doesn't offer checking or any other types of bank accounts.

Compare Openbank to top alternatives

Although Openbank boasts an unusually high APY, its practicality is limited. For most people, it could be useful as a tool for growing long-term savings, but you'll likely need other bank accounts for daily spending and short-term goals.

Like Openbank, Marcus by Goldman Sachs doesn't offer checking accounts, but it does have a HYSA and certificates of deposit (CDs). Plus, it doesn't require a minimum deposit for savings accounts, making it better for beginners.

If you're looking for a single bank for all your accounts, I like Capital One. It offers checking, savings, and CD accounts without monthly fees as well as loans and (many excellent) credit cards.

Customer experience and user sentiment

In general, Openbank doesn't have the strongest reputation for customer experience. Both its mobile platform and customer service lines have mixed reviews.

Reviews and complaints

In Openbank reviews, some customers complain about slow fund transfer processing times. People claim their money is held up for days, some sharing experiences of transactions canceled without explanation. Here are a few reviews of Openbank from TrustPilot.

"Every time I try to transfer a large amount of money out of the bank, they canceled my transfer, even though I am under their daily transfer limit."

"This bank is very misleading. They don't tell you in advance that you will be forced to download their mobile app in order to access your account. When I tried to close the account and move my initial deposit to another bank without that ridiculous rule, my funds were shown as unavailable and the customer service was not helpful at all."

But there are happier customers, too. This one, for example, has positive things to say about both the mobile app, customer experience, and banking experience in the App Store:

"I'm not really sure why there are so many negative reviews? I did my new account application in the app and it went very quickly and smoothly. [...] The app has a nice design and it's very clear and easy to use. I had to call customer service twice with a few questions and the phone reps couldn't have been more helpful and nice."

Customer support

To use your Openbank savings account, you must have a mobile phone capable of running its app. Without it, you can't access your account or transfer funds. Make sure your phone can run the app if you're considering the bank, so you don't end up in a situation where you can't access your money.

Openbank offers live customer support available Monday through Saturday between 8:00 a.m. and 9:00 p.m. ET.

• Phone: 833-833-8305

While Santander operates physical branches, it doesn't provide in-person support to Openbank customers. If you tried to go to a Santander branch with questions or issues with your account, you wouldn't get help.

Mobile banking app

The Openbank mobile app is how customers can access their accounts, but it's not very well-liked. Several customers complain that updates cause them to lose access to their accounts, and customer support was unable to help them. Many positive reviews are focused on the bank's high savings rate.

Banking fees

You can't access money through ATMs with Openbank, so there are no ATM withdrawal fees. There are no other fees, so you don't have to worry about additional charges. This is very unusual and a point in Openbank's favor.

Openbank doesn't limit withdrawals from your account, so you also don't have to pay excess transaction fees.

FAQs

Learn More

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

AWARD WINNER Best Online Checking

High APY of up to 4.00% on Savings (3.30% APY³ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at&nbsp;<a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for up to 6 Months on new accounts. Terms Apply.⁴ <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at&nbsp;<a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>

Paycheck access up to 2 days early with direct deposit¹¹ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>

No monthly maintenance or overdraft fees¹² <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>

Streamlined savings and savings goals with Vaults

Access to a large ATM network¹³ <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>

Author Details

Kat Tretina

Kat Tretina is a FinanceBuzz writer and personal finance expert focusing on practical financial matters, including student loans, debt repayment, side hustles, insurance, and healthcare. Drawing from her personal experience, she aims to simplify complex financial topics and provide individuals with the information they need to make informed decisions.