Home Banks Openbank by Santander
Overall (8.9/10)
Interest Rates & APY (9.1/10)
Fees & Minimums (9.3/10)
Customer Service (8.9/10)
Mobile App & Digital Banking (9.1/10)
Rewards & Perks (9.3/10)
author

Alex Parker, CFA

Senior Banking Editor
Email 418 Articles
October 28th, 2026

Openbank by Santander Review:

Intro

Openbank by Santander is the U.S. digital banking platform backed by Santander Bank, N.A. (Member FDIC), offering a headline 5.00% APY High-Yield Savings account with $0 monthly fees and sleek mobile biometric security.

Full Review

Openbank by Santander (Boston, MA, USA) is a prominent U.S. financial institution evaluated on MoneyCompared. Openbank by Santander is the U.S. digital banking platform backed by Santander Bank, N.A. (Member FDIC), offering a headline 5.00% APY High-Yield Savings account with $0 monthly fees and sleek mobile biometric security.

In our comprehensive 2026 review, Openbank by Santander earned strong marks across rate competitiveness (5.00% APY), fee transparency, digital mobile experience, and U.S. regulatory consumer protections. Customers can apply online directly at Openbank by Santander.

Pros

  • 5.00% APY High-Yield Savings backed by global banking giant Santander
  • Zero monthly maintenance fees and fast 5-minute digital onboarding
  • FDIC insured through Santander Bank, N.A.

Cons

  • $500 minimum opening deposit required
  • Not available to residents inside Santander traditional Northeast branch footprint on certain promos
Feature Value
Overall Rating 4.8
Savings APY / AER 5.00% APY
Deposit Insurance FDIC / NCUA Insured ($250k+)

Openbank by Santander: Products

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Openbank High Yield Savings Account

Openbank High Yield Savings Account

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Openbank by Santander: Categories

CD Rates & Fixed Deposits

CD Rates & Fixed Deposits

Rated 9.4

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High-Yield Savings

High-Yield Savings

Rated 9.3

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