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.