Openbank Review: Savings
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Overall institution rating
4.4
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 4.20% 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.
Best for: Savers looking for a no-frills place to save money online at a high rate.
» Find more high-rate options with NerdWallet’s best high-yield savings accounts
Competitive rate on savings.
No monthly fees.
No branch access.
High minimum opening deposit.
Full review
Full review
Savings
4.9
/5APY
4.20%
With $500 min. balance for APY
Bonus
N/A
APY
4.20%
With $500 min. balance for APY
Bonus
N/A
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.
» COMPARE: NerdWallet’s best savings accounts
How does Openbank, by Santander Bank, N.A. compare?
4.20%
N/A
Up to 3.60%
$50 or $300
3.75%
$300
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). The ratings are incremented in tenths of a star.