Openbank High Yield Savings
#4 in Savings Account · Rated 4.6
FDIC-insured HYSA for US customers via Openbank (Santander)
Openbank High Yield Savings is a U.S. HYSA offered by Openbank, the digital banking arm backed by Santander. It markets a high APY substantially above the national average and requires a minimum opening deposit of $500. The account is designed for liquidity with no monthly fees and FDIC insurance through Santander Bank, N.A. (deposits are combined for FDIC coverage). The product is part of Openbank’s U.S. expansion, which is supported by Santander’s technology platform and deposit base, and it targets consumers seeking a high-yield, low-friction savings option with robust digital access. Rates are dynamic and vary by ZIP code/state.
Features
- APY up to 4.20%
- Minimum opening deposit $500
- FDIC insured up to $250k
- Mobile app onboarding and transfers
Pros
- Very high APY versus national average
- No monthly fees
- Strong digital experience
Cons
- APY varies by location
- Limited to U.S. residents; no debit/check features on HYSA