Hi, we're OpenbankTM by Santander.
Yep, we’re FDIC insured* and so much more.
Openbank was created to make banking smart and simple. We're fully digital and powered by Santander, one of the largest banks† in the world by customer deposits. At Openbank, we combine the best of digital banking innovation with Santander's 167-years of strength and stability, so you get a seamless and secure banking experience with top rates and personal support.
Openbank goes beyond banking
Learn about our global commitments to inclusive and sustainable growth.
Frequently Asked Questions
What is Openbank?
Openbank, a division of Santander Bank, N.A., combines Santander's 167 years of global banking experience with today's most innovative digital platform to deliver a seamless and powerful digital banking experience. As we launch in the United States, you'll enjoy top rates and personal support built upon the legacy of stability and security offered by a top global bank. It's better banking. Period.
Who’s eligible to apply for a High Yield Savings account at Openbank?
In order to qualify:
- You must be at least 18 years old
- You must not already have an open deposit account with Santander Bank, N.A. through our retail branch network, which has locations in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island.
- You must not be a current lending customer of Santander Bank, N.A., regardless of where you reside.
- You must have an active U.S. mobile phone number
- You must have a mobile device (smartphone or tablet) with face- or fingerprint-recognition capabilities, on which you can download and use the Openbank app —which you’ll set up your trusted mobile device.
- You must be a U.S. Citizen or U.S. Resident Alien with a valid U.S. residential address
- Your home ZIP Code must be within Openbank’s current service area, which is every state in the U.S. except for Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island. Please check your ZIP Code here to see if you’re eligible.
What is FDIC insurance, and does it cover High Yield Savings accounts at Openbank?
FDIC (Federal Deposit Insurance Corporation) insurance is a federally-backed deposit insurance fund that protects any insured account against loss due to bank failure. Under the FDIC, the standard coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category (e.g., single, joint, trust, business, etc.).
Since Openbank is a division of Santander Bank, N.A., which is a member of the FDIC, your account would be protected – subject to the limitations listed above. Please note that any insured deposits at Openbank would be combined with your insured deposits at Santander Bank, N.A. (per owner, per ownership category) to calculate your total insurable deposits.
How do I open a High Yield Savings account?
Visit openbank.us and select Open savings account on the home page. You can also open an account using Openbank’s mobile banking app, which is available for free on the App Store® or Google Play.
To open an account, you’ll need to:
- Make a minimum initial deposit of $500
- Be at least 18 years old
- Have a U.S. mobile phone number
- Have a smartphone or tablet enabled with face or fingerprint identification
- Download the Openbank app onto that smartphone or tablet (which will become your trusted mobile device)
- Be a U.S. Citizen or a U.S. Resident Alien with a valid residential address in our current service area (check your ZIP code here to see if you’re eligible)
- Please note: Openbank High Yield Savings is not currently available to anyone who also has a deposit account at Santander Bank, N.A. through our retail branch network or who is a current lending customer of Santander Bank, regardless of where you reside.
*There is a maximum of $250,000 of deposit insurance from the FDIC per depositor for each category of account ownership. Please visit FDIC.gov for details. Deposits at Santander Bank, N.A. and its Openbank division are combined for the purposes of calculating FDIC insurance limits (FDIC Cert #29950) and are not separately insured.
†Santander, as referenced here for purposes of describing deposits in aggregate, is a global organization comprised of banking institutions in various countries, and of which certain affiliates operate as 'Openbank'. In the United States, Openbank is a division of Santander Bank, N.A.