Openbank: Savings Account & Rates
Mission: Banksparency aims to make Openbank's savings account transparent and comparable to the market.
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)
Our Take on Openbank
The Good
- Competitive 4.20% APY
- No monthly maintenance fees
Considerations
- No physical branch access (online only)
- Poorly rated mobile apps on both platforms (iOS: 3.1, Android: 2.8)
Openbank offers a High-Yield Savings Account with a competitive 4.20% APY and no monthly maintenance fees. There are no requirements for direct deposits, and the account does not have any promotional or tiered rates, nor does it require a checking account. However, it's important to note that Openbank operates online only, meaning there is no physical branch access, and the mobile apps have received poor ratings (iOS: 3.1, Android: 2.8).
Top Market Contenders
Savings Account: In-Depth View
Savings Account Offered by Openbank
| Feature | High-Yield Savings Account |
|---|---|
APY | 4.20%Verified: 1/21/2026 |
APY Trend | Very StableNo rate changes in last 90 days |
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+$1,650.70(10.5%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$15,650.70
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 11 Months| Metric | High-Yield Savings Account |
|---|---|
Latest APY | 4.20% |
Trend | Sideways |
Slope (bps/mo) | -2.8 |
Rate Changes / Mo | 0.27 |
Days Since Last Change | 183 |
High (-11m) | 4.75% |
Low (-11m) | 4.20% |
Draw-down | -11.6% |
Volatility (CV) | 0.026 |
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 329-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 | 4.20%Verified: 1/21/2026 | - |
APY Trend | Very StableNo rate changes in last 90 days | - |
| 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 4.20% 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
Barclays
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