Openbank

Last Updated: 6/20/2025

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

Quick Views

High-Yield Savings Account: 4.30% APY(Rank 20 out of 74 tracked HYSAs)

Minimum Deposit: $500 | Online Only

National Savings Interest Rate: 0.42% (as of 5/19/2025)

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: 3.7/5

Website: Visit Openbank

Our Take on Openbank

Highlights

  • Current APY of 4.30%, slightly down from 4.40% 30 days ago.
  • No maintenance fees on the High-Yield Savings Account.
  • Minimum deposit requirement of only $500.
  • A+ BBB rating indicates strong trustworthiness.

Considerations

  • No branches available, online-only banking.
  • App Store rating is only 3.4.
  • Google Play rating is a bit higher at 3.7.
  • Not BBB Accredited despite high rating.
Summary: Openbank offers a competitive APY of 4.30% for its High-Yield Savings Account, although it has decreased slightly from 4.40% over the past month. The account has no maintenance fees and a low minimum deposit of $500. However, it operates online only with no physical branches, and its app ratings are relatively low at 3.4 and 3.7 on App Store and Google Play, respectively. Additionally, while the bank has an A+ BBB rating, it is not accredited.

Savings Account

Savings Account Offered by Openbank

FeatureHigh-Yield Savings Account
APY
4.30% (as of 6/20/2025)
APY Trend-0.10% MoM
Minimum Deposit$500
Minimum Balance for APY$0
FDIC-insured
Yes
Online OnlyYes
Bundled Account
No
Direct Deposit Required
No
Compound Frequency
Monthly
Maintenance Fee$0
EligibilityUnited States

No deposit agreement summary available for this bank.

Calculate Savings for Openbank

All calculations are based on APY.

High-Yield Savings Account (APY: 4.30%)

Deposit Frequency:

Total savings breakdown:

  • Interest earned: $22 (4.21%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $500 (95.79%)

Your total balance

$522.00

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

MetricHigh-Yield Savings Account
Latest APY4.30 %
TrendFalling
Slope (bps/mo)-5.2
Rate Changes / Mo0.52
Days Since Last Change16
High (-4 m)4.75 %
Low (-4 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 4 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 (-4 m)
Highest APY in the last 115 days.
Low (-4 m)
Lowest APY in the last 115 days.
Draw-down from High
How far today sits below the 4-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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FeatureOpenbankSelect a bank...
ProductHigh-Yield Savings AccountN/A
APY
4.30% (as of 6/20/2025)N/A
Bundled Account
NoN/A
FDIC-insured
YesN/A
Online OnlyYesN/A
Compound Frequency
MonthlyN/A
Minimum Deposit$500N/A
Minimum Balance for APY$0N/A
Maintenance Fee$0N/A
Direct Deposit Required
NoN/A