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Openbank High Yield Savings

Editor reviewed

3.80% APY from Santander's digital arm, $500 minimum to open

Rates verified July 23, 2026
High-Yield Savings
Open account
Tracked since2026
0 reviews tracked
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The Bottom Line

APY

3.8%

Biggest pro

Strong rate from a global systemically important bank

Biggest con

$500 minimum to open

At a glance

Rates verified July 23, 2026
APY
3.8%
Minimum deposit
$500
Monthly fee
None
FDIC
Via Santander Bank charter, $250k (aggregate with Santander deposits)
Institution
Openbank by Santander (division of Santander Bank, N.A.)
ATM access
No

Is it worth it?

$380 a year on a $10,000 balance

At 3.8% APY, $10,000 earns about $380 in the first year, versus roughly $38 at the 0.38% FDIC national average. That is about $342 more for moving the same money. APY is variable and shown as of the date above.

What is Openbank High Yield Savings?

Editorial review
Openbank is Santander's US digital land-grab: a near-leader rate backed by a global systemically important bank. The honest verdict: strong rate, good app, thin product lineup, and a rate already drifting down from launch levels. The account pays 3.80% APY as of July 16, 2026 (confirmed by the official page title). Opening requires $500, after which any balance of $0.01 or more earns the rate, with no monthly fee. FDIC insurance runs through the Santander Bank, N.A. charter to $250,000, aggregated with any Santander deposits. The app was built from scratch when Openbank launched in December 2024 and onboarding is slick, with fast ACH transfers. The catches: the $500 minimum to open, a lineup limited to savings and CDs with no checking yet in most states, and a rate already down from 4.20% in January 2026.
how we evaluateSourceopenbank.us ↗

Pros & Cons

Pros

  • Strong rate from a global systemically important bank
  • Good app
  • Slick onboarding and fast ACH transfers

Cons

  • $500 minimum to open
  • Thin product lineup: savings plus CDs only
  • Rate already down from 4.20% in January

Key details

3.80% APYModern app built from scratchLaunched December 2024 as Santander's digital armCompetitive sustained rateSlick onboardingFast ACH transfers

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Openbank High Yield Savings FAQ

What is the current APY on Openbank High Yield Savings?

3.80% APY as of July 16, 2026, confirmed by the official page. The rate is down from 4.20% in January 2026.

Is Openbank High Yield Savings FDIC insured?

Yes, through the Santander Bank, N.A. charter, insured up to $250,000. Coverage aggregates with any other Santander deposits you hold.

What are the minimums and fees?

$500 minimum deposit to open. After opening, any balance of $0.01 or more earns the rate. There is no monthly fee.

Source: openbank.us