Earn locationGatingZipCode:rates.successMessage with an Openbank High Yield Savings account
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Rates 10x the national average† and the bonus of
a better banking experience.
Top-tier rate
Watch your money grow faster with rates 10x the national average.
FDIC insured
Making money is great. The peace of mind of being federally insured is even better.
No fees
With no hidden charges or fees, your money stays where it belongs: in your pocket.
Savings that make more savings.
High rate, higher return. Your money grows faster with Openbank's High Yield Savings account with 10x the national average APY.
A minimum deposit of $500 is required to open an account.
Still on the fence? Here are a few more reasons to choose Openbank.
Open in just 5 minutes
Because making money work hard should be easy.
Industry-leading security
Openbank goes above and beyond with trusted device verification – so your face or your fingerprint is the key to your account.
Help from real people
Our app makes digital banking feel natural and intuitive – and if you need support, click-to-call makes it easy to get real help from a real person.
24/7 Access to your High Yield Savings Account
With the Openbank app, you’ll have 24/7 access to your account no matter where you go – all secured by powerful tech that keeps your money and information safe.
You can get started in less than 5 minutes. (Really. It's that easy.)
Common questions about High Yield Savings Accounts
What is a high yield savings account?
High-yield savings accounts are interest-bearing savings accounts that can offer higher interest rates than the national average of standard savings accounts. They’re also FDIC-insured, if held at a member institution.
Openbank is a part of Santander Bank, N.A., which is a member institution of FDIC. As a result, our High Yield Savings accounts are FDIC insured up to the standard maximum deposit insurance amount of $250,000 per depositor, per ownership category. Deposits at Santander Bank and its Openbank division are combined for FDIC purposes and are not separately insured. For more information about FDIC deposit insurance, visit the FDIC’s online resources here.
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.
How do I add a joint owner to my account?
To add a joint account owner to your Openbank account:
- Sign in to the Openbank app on your trusted mobile device. If you’re using online banking, you’ll need your trusted mobile device to verify your identity.
- Go to the Account information page and select More options. You can also go to your Account transactions and view the available actions.
- Select Add an account owner.
- Follow the instructions to send an invitation to the person you’d like to join your account.
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.
*Interest Rates and Annual Percentage Yields (APYs) shown are accurate and effective as of 12:01 am Eastern Time today. The products and rates we offer may vary between locations, are available in select markets only, and are subject to change without notice. Rate for this product will be based on the residential zip code entered when account is opened within online application process. This is a variable-rate account and the rate applicable to your balance tier may change at any time without notice. Fees may reduce earnings. A minimum deposit of $500 is required to open an Openbank High Yield Savings account. Personal accounts only. For more information about applicable fees and terms, refer to the Personal Deposit Account Fee Schedule.
†The comparison is based upon the national average for Savings deposit products as published in the FDIC National Rates and Rate Caps on FDIC.gov of 0.43%, accurate as of November 18, 2024.
For more information, refer to the Personal Deposit Account Fee Schedule.
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 Openbank are combined for the purposes of calculating FDIC insurance limits (FDIC Cert #29950) and are not separately insured.
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