Openbank Review: Savings
- +1
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Openbank is the online-only division of Santander Bank. Openbank offers one account for customers nationwide: a high-yield savings account. The account has a competitive rate of 3.80% APY and no monthly fees or other charges. The opening minimum requirement of $500 is steeper than other banks’ online savings accounts, but there’s no ongoing minimum balance needed.
Openbank customers can manage funds via the website and mobile app, but unlike most banking apps, there’s no mobile check deposit feature. Online transfers are the main way to fund this account. Customer support by phone is available Mondays through Saturdays. Support is not available for Openbank customers at Santander branches, which is a standard arrangement for traditional banks with online divisions.
Competitive rate on savings.
No monthly fees.
No branch access.
High minimum opening deposit.
Product reviews
Savings
The Openbank account from Santander requires a $500 minimum opening deposit. But you may want to sock away even more, as the account comes with a stellar interest rate on any balance, and no monthly fees. While this savings account was initially restricted to customers in states outside of Santander's brick-and-mortar footprint, Openbank became available to online customers nationwide in April 2025.
Openbank High Yield Savings
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.