Openbank: Savings Account & Rates

By Aviel Fahl

Updated: 4/10/2026

Mission: Banksparency aims to make Openbank's savings account transparent and comparable to the market.

Interest rates reported as APY

Analysis of Openbank

Our verdict

Openbank offers a high-yield savings account paying 4.00% APY with a $500 minimum deposit.

At 4.00% APY, Openbank pays 10x the national average (0.39%). Ranks in the top tier of 98+ accounts tracked.

Ideal User Profile

Best for: earning a top rate with no strings attached and banking without needing a branch.

Important Considerations

Android app has a low rating (2.4).

Savings Overview

High-Yield Savings Account

Top 20 Rate

4.00% APY

30 days

↘︎ 0.09%

90 days

↘︎ 0.20%

Min: $500 Online Only

Min. Deposit	$500
Min. Balance	$0
Maintenance Fee	$0

Rank #19 of 98 tracked.

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.

Find Branch Access

Also see affiliated bank: Santander Bank

View products

National Avg: 0.39% (FDIC, 3/1/2026).
Banksparency tracks live rates daily.

Bank Overview

HQ LocationBoston, Massachusetts
AffiliationOpenbank is a division of Santander Bank, N.A.
Ratings & Trust
3.3iOS 2.4Android Not RatedBBB Not BBB Accredited
Zelle® SupportNo Support
Standard ACH or Wire transfers only.
Deposit InsuranceFDIC Insured(Cert: 29950)

Visit Official Website

Featured Offers

Axos ONE - High Yield Savings & Checking

Over 95,000 fee-free ATMs
Get paid up to 2 days early with Direct Deposit
One convenient app for spending & saving

FDIC Insured

Savings4.21%APY

Checking0.51%APY

Go to Axos Bank

Member, FDIC

View Details

Monthly Maintenance Fee	None
Min. Deposit to Savings Account	$0
Min. Balance in Savings Account	$0
How to qualify for APY	OPTION ADirect Deposit $1,500+ AND Maintain $1,500+ avg daily checking balance. OR OPTION BDeposit $5,000+ total/mo AND Maintain $5,000+ avg daily checking balance.
Mobile Ratings	iOS:4.7 Android:4.7

The 4.21% APY is available with the Axos ONE savings and checking bundle. The checking account earns 0.51% APY. To qualify, you must either set up a direct deposit of $1,500 and maintain an average daily balance of more than $1,500 in your ONE Checking account, or receive at least $5,000 in total monthly qualifying deposits and maintain an average daily balance of more than $5,000.

PREMIUM ACCOUNT, GENEROUS BONUS

SponsoredVerified Apr 21, 2026

FDIC Insured

CIT Bank - Platinum Savings

Competitive APY - with a balance of $5,000+
Earn up to $300 bonus with qualifying deposit
Highly rated mobile apps

FDIC Insured

Savings3.75%APY

Up to$300Bonus

Go to CIT Bank

Member, FDIC

View Details

Monthly Maintenance Fee	None
Min. Deposit to Savings Account	$100
Min. Balance in Savings Account	$5,000
Mobile Ratings	iOS:4.8 Android:4.7

This is a tiered savings account, where the 3.75% APY requires meeting the $5,000 balance requirement. Lower balances earn an APY of 0.25%.

EASY TRANSFERS, LOW MINIMUMS

SponsoredVerified Apr 21, 2026

FDIC Insured

Quontic High Yield Savings

Apply in 3 minutes or less
No monthly service fees
Transfer with Zelle, Apple Pay, G-Pay, and more

FDIC Insured

Savings3.35%APY

Go to Quontic Bank

Member, FDIC

View Details

Monthly Maintenance Fee	None
Min. Deposit to Savings Account	$100
Min. Balance in Savings Account	$0
Mobile Ratings	iOS:4.8 Android:4.8

Top Market Contenders

Capital One

3.20% APY

vs. Openbank

Barclays

3.75% APY

vs. Openbank

Axos Bank

4.21% APY

vs. Openbank

Popular Peer Comparisons

SoFi Bank vs Varo Bank Axos Bank vs SoFi Bank Discover Bank vs Synchrony Bank Barclays vs Capital One Axos Bank vs Capital One American Express vs Marcus by Goldman Sachs

Savings Account: In-Depth View

Savings Account Offered by Openbank

Feature	High-Yield Savings Account
APY	4.00%Verified: 4/10/2026
APY Trend	30 days ↘︎ 0.09% 90 days ↘︎ 0.20%
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

All calculations are based on APY.

Selected Product

High-Yield Savings Account4.00% APY

Initial Deposit

Recurring Deposit

Frequency

Duration

Savings Breakdown

Interest Earned
+$1,568.10(10.1%)
Total Contributions
$13,000
Initial Deposit
$1,000

Projected Balance

$15,568.10

Effective APY

4.00%

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	4.00%
Trend	Sideways
Slope (bps/mo)	-2.5
Rate Changes / Mo	0.33
Days Since Last Change	10
High (-12m)	4.40%
Low (-12m)	4.00%
Draw-down	-9.1%
Volatility (CV)	0.023

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	4.00%Verified: 4/10/2026	-
APY Trend	30 days ↘︎ 0.09% 90 days ↘︎ 0.20%	-
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 4.00% with other banks

Bank Pair	Competitor APY	Min Deposit
Openbank vs Affirm	3.20%	$0
Openbank vs Ally Bank	3.10%	$0
Openbank vs American Express	3.20%	$0
Openbank vs Axos Bank	4.21%	$0
Openbank vs Bank of America	0.01%	$100
Openbank vs Barclays	3.75%	$0
Openbank vs Bask Bank	0.25%	$0
Openbank vs Betterment	3.90%	$10
Openbank vs BMO Alto	3.15%	$0
Openbank vs Bread Savings	4.00%	$100
Openbank vs BrioDirect	3.75%	$5,000
Openbank vs Capital One	3.20%	$0
Openbank vs Charles Schwab Bank	0.15%	$0
Openbank vs Chase Bank	0.01%	$0
Openbank vs Chime	3.00%	$0
Openbank vs CIT Bank	3.75%	$100
Openbank vs Citibank	3.15%	$0
Openbank vs Citizens Access™	3.15%	$0.01
Openbank vs Climate First Bank	4.01%	$50
Openbank vs Discover Bank	3.30%	$0
Openbank vs E*TRADE from Morgan Stanley	3.25%	$0
Openbank vs Elevault	3.82%	$0
Openbank vs EverBank	3.90%	$0
Openbank vs Fitness Bank	4.50%	$100
Openbank vs FNBO Direct	3.00%	$1
Openbank vs Forbright Bank	3.85%	$0
Openbank vs GO2bank	4.50%	$0
Openbank vs Ivy Bank	3.85%	$2,500
Openbank vs LendingClub	4.00%	$0
Openbank vs Marcus by Goldman Sachs	3.50%	$0
Openbank vs Neighbors Bank	4.20%	$0
Openbank vs Newtek Bank	4.20%	$0.01
Openbank vs Peak Bank	3.82%	$100
Openbank vs Pibank	4.40%	$0
Openbank vs PNC	3.25%	$0
Openbank vs Santander Bank	0.01%	$25
Openbank vs SoFi Bank	4.00%	$0
Openbank vs Synchrony Bank	3.40%	$0
Openbank vs TD Bank	2.00%	$0
Openbank vs UFB Direct	3.46%	$5000
Openbank vs Upgrade	3.05%	$0
Openbank vs Varo Bank	5.00%	$0
Openbank vs Wealthfront	4.20%	$0
Openbank vs Wells Fargo	0.05%	$25