Openbank: Savings Accounts & Rates

Savings rates updated: 9/3/2025

Mission statement: Banksparency aims to make Openbank's savings accounts transparent and comparable to those of other banks. Learn more about Banksparency.

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

We earn a commission if you open an account through some links on this page.

Savings Overview

High-Yield Savings Account: 4.20% APY(Rank 31 out of 81 tracked HYSAs)

Minimum Deposit: $500 | Online Only

Offered by the affiliated Santander Bank:

Santander Savings: 0.03% APY(Rank 91 out of 94 savings accounts)

Minimum Deposit: $25

National Savings Interest Rate: 0.39% (as of 8/26/2025)

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

Deposit Insurance: FDIC Cert # 29950

BBB Rating: A- (Not BBB Accredited)

App Store Rating: 3.4/5

Google Play Rating: 3.9/5

Website: Visit Openbank

Our Take on Openbank

Highlights

Current APY is 4.20%, competitive for high-yield savings accounts.
No maintenance fees, making it cost-effective.
Minimum deposit requirement is only $500.
A- BBB rating indicates good trustworthiness.

Considerations

No physical branches available, online-only service.
App Store rating is only 3.4, indicating user dissatisfaction.
Not BBB Accredited, which may concern some customers.
Direct deposit is not required, but may limit options.

Summary: Openbank offers a high-yield savings account with a competitive APY of 4.20% and no maintenance fees, appealing to savers. However, it operates online only, lacks physical branches, and has a lower App Store rating of 3.4. Additionally, while it holds an A- BBB rating, it is not BBB Accredited. The minimum deposit is $500, making it accessible for many savers.

Savings Account: In-Depth View

Savings Account Offered by Openbank

Feature	High-Yield Savings Account
APY	4.20% (as of 9/3/2025)
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
Sponsored Link
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: 4.20%)

Initial Deposit:

Recurring Deposit Amount:

Deposit Frequency:

Duration:

Total savings breakdown:

Interest earned: $1,650.7 (10.55%)
Total contributions: $13,000 (83.06%)
Initial deposit: $1,000 (6.39%)

Your total balance

$15,650.70

Effective APY: 4.20% (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	4.20 %
Trend	Falling
Slope (bps/mo)	-5.5
Rate Changes / Mo	0.48
Days Since Last Change	43
High (-6 m)	4.75 %
Low (-6 m)	4.20 %
Draw-down from High	-11.6 %
Volatility (CV)	0.028

APY Insights Glossary

Latest APY: Most recent advertised annual-percentage yield.
Trend: Direction over the last 6 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 (-6 m): Highest APY in the last 189 days.
Low (-6 m): Lowest APY in the last 189 days.
Draw-down from High: How far today sits below the 6-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.

Compare Openbank's Savings Account

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Feature	Openbank	Select a bank...
Product	High-Yield Savings Account	N/A
APY	4.20% (as of 9/3/2025)	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

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