Openbank: Savings Account & Rates
Mission: Banksparency aims to make Openbank's savings account transparent and comparable to the market.
Analysis of Openbank
Our verdict
Openbank offers a high-yield savings account paying 4.09% APY with a $500 minimum deposit.
At 4.09% APY, Openbank pays 10x the national average (0.39%). Ranks in the top tier of 99+ accounts tracked.
Ideal User Profile
- Best for: earning a top rate with no strings attached and banking without needing a branch.
Important Considerations
Savings Overview
High-Yield Savings Account
| Min. Deposit | $500 |
| Min. Balance | $0 |
| Maintenance Fee | $0 |
Prefer In-Person Banking?
This bank is online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
Also see affiliated bank: Santander Bank
View productsBank Overview
- HQ LocationBoston, Massachusetts
- AffiliationOpenbank is a division of Santander Bank, N.A.
- Ratings & Trust
- Zelle® SupportNo SupportStandard ACH or Wire transfers only.
- Deposit InsuranceFDIC Insured(Cert: 29950)
Top Market Contenders
Savings Account: In-Depth View
Savings Account Offered by Openbank
| Feature | High-Yield Savings Account |
|---|---|
APY | 4.09%Verified: 3/7/2026 |
APY Trend | Rate Adjusted -0.11% Since 90 days ago |
Min. Deposit | $500 |
Min. Balance | $0 |
Monthly Fee | $0 |
Direct Deposit | None |
Checking Bundle | No |
Branch Access | None |
Compounding | Monthly |
FDIC Insured | Yes |
Eligibility | United States |
| Next Steps | - |
Calculate Savings for Openbank
Savings Breakdown
- Interest Earned+$1,605.20(10.3%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$15,605.20
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Openbank Savings Rates Over Time
Historical APY Insights
Last 12 Months| Metric | High-Yield Savings Account |
|---|---|
Latest APY | 4.09% |
Trend | Sideways |
Slope (bps/mo) | -2.4 |
Rate Changes / Mo | 0.25 |
Days Since Last Change | 30 |
High (-12m) | 4.40% |
Low (-12m) | 4.09% |
Draw-down | -7.0% |
Volatility (CV) | 0.022 |
How to read these metrics▼
Trends & Velocity
- Trend
- The general direction of the rate over the analyzed period. Useful for spotting if a bank is currently aggressive or pulling back.
- Slope (bps/mo)
- Speed of change. A high positive number means they raise rates quickly. 10 bps = 0.10%.
- Rate Changes / Mo
- "Twitchiness." High frequency means the rate changes constantly; low frequency means it's stable.
Risk & Range
- High/Low
- The absolute ceiling and floor of the rate during the 365-day window.
- Volatility Score
- Lower is better for predictability. It indicates how wildly the rate swings relative to its average.
- Days Since Change
- If this number is high (e.g., >90), the rate is very sticky. If low, it changed recently.
Why track this? Understanding volatility helps you avoid "bait-and-switch" rates. A steady, rising slope is ideal; high volatility often signals a temporary teaser rate.
Compare with Openbank
| Feature | Current View Openbank | Empty Slot |
|---|---|---|
| Product | High-Yield Savings Account | - |
APY | 4.09%Verified: 3/7/2026 | - |
APY Trend | Rate Adjusted -0.11% Since 90 days ago | - |
| Min. Deposit | $500 | - |
| Monthly Fee | $0 | - |
Direct Deposit | No | - |
Checking Bundle | No | - |
| Branch Access | None | - |
| Eligibility | United States | - |
Compounding | Monthly | - |
FDIC Insured | Yes | - |
| Next Steps | - | - |
Bank-to-Bank Comparisons
Compare Openbank's APY of 4.09% with other banks
Alternatives to Openbank
Banks with Higher/Similar Savings APY
For a top list of the highest savings rates, see all HYSA top rates
MutualOne Bank
Mo Premium Savings: 4.07% APY
Minimum Deposit: $20,000
Online Savings: 0.40% APY
Minimum Deposit: $5,000
Online Only
SoFi Bank
SoFi Savings: 4.00% APY
Bundled Savings & Checking Account
Minimum Deposit: $0
Online Only
My Banking Direct
High Yield Savings Account: 4.02% APY
Minimum Deposit: $500
Online Only
Wealthfront
Cash Account: 4.20% APY
Minimum Deposit: $0
Online Only
Axos Bank
Axos ONE: 4.21% APY
Bundled Savings & Checking Account
Minimum Deposit: $0
Online Only
Summit Savings: 3.75% APY
Minimum Deposit: $0
Online Only
Fitness Bank
Fitness Savings Account: 4.20% APY
Minimum Deposit: $100
Online Only
Fitness Elite Checking & Fitness Savings Combo: 4.50% APY
Bundled Savings & Checking Account
Minimum Deposit: $100
Online Only
Jenius Bank
Jenius Savings: 4.05% APY (Inactive)
Minimum Deposit: $0
Online Only
FVCbank
Advantage Direct Savings: 4.00% APY
Minimum Deposit: $500
Online Only
Varo Bank
High-Yield Savings Account: 5.00% APY
Bundled Savings & Checking Account
Minimum Deposit: $0
Online Only
Direct Deposit: Min. $1,000/month
Pibank
Pibank Savings: 4.60% APY
Minimum Deposit: $0
Online Only
Carver Bank
High Yield Savings: 4.00% APY
Minimum Deposit: $5,000
Online Only
Evergreen Bank Group
High-Yield Online Savings: 4.25% APY (Inactive)
Minimum Deposit: $100
Online Only