Openbank

Last Updated: 7/18/2025

Note: Interest rates below are reported as APY, or Annual Percentage Yield

Quick Views

High-Yield Savings Account: 4.30% APY(Rank 16 of the 20 Best Savings Rates)

Minimum Deposit: $500 | Online Only

Offered by the affiliated Santander Bank:

Santander Savings: 0.03% APY(Rank 87 out of 90 savings accounts)

Minimum Deposit: $25

National Savings Interest Rate: 0.38% (as of 6/16/2025)

Note: The FDIC tracks savings and CD rates nationally, but it does not report APY, only the average interest rate.

(Source: FDIC)

Bank Overview

Location: Boston, Massachusetts

Affiliation: Openbank is a division of Santander Bank, N.A.

Access to Branches: None

BBB Rating: A+ (Not BBB Accredited)

App Store Rating: 3.4/5

Google Play Rating: 4.0/5

Website: Visit Openbank

Our Take on Openbank

Highlights

High-Yield Savings Account offers 4.30% APY with no maintenance fees.
No minimum balance requirement for High-Yield Savings Account.
BBB rating is A+, indicating strong trustworthiness.
Google Play rating is 4.0, reflecting positive user experiences.

Considerations

No physical branches available for in-person banking.
App Store rating is only 3.4, suggesting potential usability issues.
Direct deposit is not required, but may limit some account options.
Not BBB Accredited, which may raise concerns for some users.

Summary: Openbank offers a competitive High-Yield Savings Account with a 4.30% APY and no maintenance fees or minimum balance requirements. However, it lacks physical branches and has a mixed app rating, which could affect user experience. While it holds an A+ BBB rating, it is not BBB Accredited. Overall, it provides a solid option for savers looking for high yields, but potential customers should consider the drawbacks.

Savings Account

Savings Account Offered by Openbank

Feature	High-Yield Savings Account
APY	4.30% (as of 7/18/2025)
APY Trend	-0.10% QoQ
Minimum Deposit	$500
Minimum Balance for APY	$0
FDIC-insured	Yes
Online Only	Yes
Bundled Account	No
Direct Deposit Required	No
Compound Frequency	Monthly
Maintenance Fee	$0
Eligibility	United States
No deposit agreement summary available for this bank.

Calculate Savings for Openbank

All calculations are based on APY.

Savings Product:

High-Yield Savings Account (APY: 4.30%)

Initial Deposit:

Recurring Deposit Amount:

Deposit Frequency:

Duration:

Total savings breakdown:

Interest earned: $43 (4.12%)
Total contributions: $0 (0.00%)
Initial deposit: $1,000 (95.88%)

Your total balance

$1,043.00

Effective APY: 4.30% (based on your deposit and contributions)

The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.

Openbank Savings Rates Over Time

Historical APY Insights

Metric	High-Yield Savings Account
Latest APY	4.30 %
Trend	Sideways
Slope (bps/mo)	-4.8
Rate Changes / Mo	0.42
Days Since Last Change	43
High (-5 m)	4.75 %
Low (-5 m)	4.30 %
Draw-down from High	-9.5 %
Volatility (CV)	0.022

APY Insights Glossary

Latest APY: Most recent advertised annual-percentage yield.
Trend: Direction over the last 5 months (regression slope).
Slope (bps/mo): Average monthly change; 10 bps = 0.10 pp.
Rate Changes / Mo: Typical number of APY moves per month.
Days Since Last Change: Recency of the latest APY adjustment.
High (-5 m): Highest APY in the last 142 days.
Low (-5 m): Lowest APY in the last 142 days.
Draw-down from High: How far today sits below the 5-month peak.
Volatility (CV): Coefficient of variation = stdev ÷ mean.

Why Track Savings-Account APYs?

See how quickly a bank reacts to Fed moves or competition.
Gauge “twitchiness” - frequent moves can annoy savers.
Spot if you're buying near a peak (draw-down) or riding a rise.
Slope (bps/mo) shows speed of change.
Volatility (CV) scales jumps by average level.

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Feature	Openbank	Select a bank...
Product	High-Yield Savings Account	N/A
APY	4.30% (as of 7/18/2025)	N/A
Bundled Account	No	N/A
FDIC-insured	Yes	N/A
Online Only	Yes	N/A
Compound Frequency	Monthly	N/A
Minimum Deposit	$500	N/A
Minimum Balance for APY	$0	N/A
Maintenance Fee	$0	N/A
Direct Deposit Required	No	N/A