Carver Bank vs. Openbank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Carver BankHigh Yield Savings Jan 7, 2026 | OpenbankHigh-Yield Savings Account Jan 7, 2026 |
|---|---|---|
| APY | 4.00% | 4.20% |
Est. Earnings | $5,000+$200 $10,000+$400 $25,000+$1,000 | $5,000+$210 $10,000+$420 $25,000+$1,050 |
Min Deposit | $5,000 | $500 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredMod. MinimumGreat iOS AppGreat Android AppZelle® Supported | FDIC InsuredLow Minimums |
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
Comparison Analysis
Comparing Carver Bank vs. Openbank
As of Carver Bank offers an APY of 4.00% for its High Yield Savings account, with a minimum balance of $5,000, compared to Openbank's 4.20% APY for its High-Yield Savings Account, with a minimum balance of $0.
Openbank pays $20 more than Carver Bank on a $10,000 balance after one year. Carver Bank pays $400, while Openbank pays $420 - an APY advantage for Openbank.
Why Carver Bank?
- ✓Higher rated iOS app (4.7 vs 3.1)
- ✓Higher rated Android app (4.5 vs 2.9)
- ✓Fast transfers via Zelle®
Why Openbank?
- ✓Higher potential APY (4.20% vs 4.00%) on all balances
— Key Feature Differences —
Better Returns at $10,000
OpenbankOpenbank's High-Yield Savings Account earns more on smaller deposits (approx. $420 vs $400/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $1050 vs $1000/yr).
Best for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 4.20% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Carver BankCarver Bank offers an iOS app rated 4.7 (vs. 3.1) and Android app rated 4.5 (vs. 2.9)
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $20 more interest on a $10,000 balance than Carver Bank's High Yield Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary as of
Openbank offers a High-Yield Savings Account with a competitive APY of 4.20%, making it the winner in this comparison. This account requires a minimum deposit of $500 and has no maintenance fees or minimum balance requirements, making it accessible for a wider range of customers. In contrast, Carver Bank's High Yield Savings account provides a slightly lower APY of 4.00% and requires a minimum deposit and balance of $5,000, although it has no maintenance fees if this condition is met. Both banks operate online only and do not require direct deposit for their savings products.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Carver Bank vs. Openbank Savings Calculator
You earn $20 more with Openbank than Carver Bank on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Carver Bank
High Yield Savings
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
Openbank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$420.00(4.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,420.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Carver Bank | Openbank |
|---|---|---|
| APY | 4.00% Verified: 1/7/2026 Stable (90d) | 4.20% Verified: 1/7/2026 Stable (90d) |
| Product Name | High Yield Savings | High-Yield Savings Account |
| Minimum Deposit | $5,000 | $500 |
| Min. Balance for APY | $5,000 | $0 |
| Monthly Fee | $0, of minimum balance requirement met. Otherwise $6. | $0 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.7 Android4.5 | iOS3.1 Android2.9 |
| Zelle® Support | Available Full native integration in digital banking. | Not Supported |
| BBB Rating | A+ | Not Rated |
| Next Steps | Visit SiteVerify at Carver Bank Non-sponsored link to official site | Visit SiteVerify at Openbank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Carver Bank | Openbank |
|---|---|---|
| High Yield Savings | High-Yield Savings Account | |
Current APY | 4.00% | 4.20% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.2 | -3.0 |
Days Since Change | 309 | 169 |
10-Month High | 4.25% | 4.75% |
10-Month Low | 4.00% | 4.20% |
Adjustments / Mo | 0.10 | 0.29 |
Volatility Score | 0.008 | 0.027 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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