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.

As explained in the Openbank by Santander Personal Deposit Account Agreement, please note that High Yield Savings accounts at Openbank are intended for accumulating savings and therefore do not include checks or debit card functionality.