Openbank review
A no-monthly-fee savings account with web and mobile access, ACH transfers, and direct deposit.
Reviewed by iTechGuides Editors · Editorial team · Updated Nov 2026
Openbank is Santander Bank, N.A.’s digital banking service, with a U.S. personal high-yield savings account managed through web banking and a mobile app for iOS and Android. It is suited to savers who want an insured account with online access, direct deposit, and transfers to and from external bank accounts. The standard variable rate is 3.80% APY and may change. The account has no monthly fee, but it is focused on saving rather than everyday spending or a full set of neobank features.
Funding and moving money are central strengths. Customers can use ACH transfers, including recurring outbound transfers, receive direct deposits, and receive incoming wires, including international wires. Joint account owner management is supported. The account does not include checks or a debit card, and cash deposits are not supported, so it is a poor fit for someone who needs to deposit cash or pay directly from an account card. Its incoming international wire support should not be confused with international transfers as a general feature.
Access is available on the web and through the mobile app, with trusted-device verification using facial or fingerprint authentication. The app requires a smartphone configured as a trusted device, which may be a drawback for people who want to manage the account without a smartphone. FDIC deposit insurance is provided through Santander Bank, N.A. Choose Openbank if your priority is personal savings with ACH access, direct deposit, joint ownership, and insured deposits. Consider another account if you need cash deposits, checks, a debit card, or broader spending and transfer capabilities.
Openbank pros and cons
- Where it wins
- No monthly fee for the personal savings account
- ACH transfers, recurring outbound transfers, and direct deposit
- FDIC deposit insurance through Santander Bank, N.A.
- Where it doesn't
- No checks or debit card
- Cash deposits are not supported
- Designed around personal savings, not broad neobank services
Openbank fact sheet, pricing and score →
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