Offer value details
Openbank lists its High Yield Savings Account with a top-tier rate, FDIC-insured positioning, no fees, app access, and a $500 minimum opening deposit. The official page title showed 3.80% APY during the 2026-07-13 source check, while the page body preserves variable-rate, ZIP-based rate, and availability caveats.
Qualification requirements
Openbank says a $500 minimum initial deposit is required to open the account. Applicants also need an active U.S. mobile phone number, the Openbank app on a trusted smartphone, and a valid U.S. residential address.
Fees and costs
The Personal Deposit Account Fee Schedule lists a $0 monthly fee, $0 returned deposited item fee, $0 incoming wire transfer fee, $0 garnishment/levy/legal processing fee, and $0 ACH stop-payment fee for High Yield Savings. Official bank checks and paper statements are not available for this product.
Availability
Openbank says applicants must be at least 18, be a U.S. citizen or U.S. resident alien, have a valid U.S. residential address, and have a home ZIP code within Openbank's current service area, which it describes as every U.S. state and the District of Columbia.
What to verify
- The APY is variable, may change without notice, and Openbank says rate and availability can depend on the residential ZIP code entered during application.
- A $500 minimum initial deposit is required to open the account.
- The account does not include checks or debit card functionality, and the Openbank app/trusted mobile device flow is part of eligibility and access.
- Deposits at Santander Bank, N.A. and Openbank are combined for FDIC insurance-limit purposes and are not separately insured.
- Official bank checks and paper statements are not available for this product, and overdrafts are not permitted.
Confirm current provider terms
Rates, rewards, fees, qualification rules, eligibility, and deadlines can change. Review the provider terms before applying.