Openbank.us is offering their
Openbank by Santander: High Yield Savings Account: Earn 5.25% APY (
Annual Percentage Yield) when you
open an account and deposit a
minimum of $500 to your account (
additional requirements listed below) valid for
New Openbank Customers only.
Thanks to community member
iyoury for finding this deal
Note, ensure that this offer is active/offered in your area when you apply your zip code.
- FDIC Insured
- No fees/hidden charges
- Top Tier Rate: 11x National Average
How Do I Open a Openbank High Yield Savings account?- Make a minimum initial deposit of $500
- Be at least 18 years old
- Have a U.S. mobile phone number
- Have a smartphone or tablet enabled with face or fingerprint identification
- Download the Openbank app onto that smartphone or tablet (which will become your trusted mobile device)
- Be a U.S. Citizen or a U.S. Resident Alien with a valid residential address in our current service area (check your ZIP code here to see if you're eligible)
Top Comments
CDs are great for those in a situation where they are helpful, but they can't always replace a HYSA.
CDs are only useful if:
- You have a decent, fixed chunk of cash now.
- You are really, really sure you won't need the money before maturity.
If not, it's not the product for you.
Personally, I have both. I regularly deposit into an HYSA (CDs suck for that). When the balance gets big enough, I may open a new CD.
That said, I'm not buying into this HYSA. This smacks me as likely a promo rate they plan on killing once they are more established in the USA.
Better off with an outfit that has been near the top of the highest-apy-savings-accounts for several years, showing a longer-term strategy of being near the top and staying there.
But like the other comment said, a HYSA isn't gonna cut it now that the Fed is starting to lower rates. This deal would be slick if it were a CD, not a HYSA.
"We're sorry. Openbank isn't available there yet. We're planning to bring High Yield Savings to your area soon."
143 Comments
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But like the other comment said, a HYSA isn't gonna cut it now that the Fed is starting to lower rates. This deal would be slick if it were a CD, not a HYSA.
I put some money into MBD and it shows a 9 day hold. Are we getting interest during the 9 day hold? And where on the site can you see the current apy and interest rate thanks.
NM on the interest rate i found it
This really wouldn't concern me. If I need the money in under nine days, I wouldn't put it in my savings account.
This really wouldn't concern me. If I need the money in under nine days, I wouldn't put it in my savings account.
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Only thing about Newtek is that they're real sticklers for only having ONE withdrawal account on file. I've been able to transfer TO them from many accounts but when I wanted to change the withdrawal ACH bank I had to close that external account and send them proof before they switched me.
CDs are great for those in a situation where they are helpful, but they can't always replace a HYSA.
CDs are only useful if:
- You have a decent, fixed chunk of cash now.
- You are really, really sure you won't need the money before maturity.
If not, it's not the product for you.
Personally, I have both. I regularly deposit into an HYSA (CDs suck for that). When the balance gets big enough, I may open a new CD.
That said, I'm not buying into this HYSA. This smacks me as likely a promo rate they plan on killing once they are more established in the USA.
Better off with an outfit that has been near the top of the highest-apy-savings-accounts for several years, showing a longer-term strategy of being near the top and staying there.
Unfortunately I missed out on locking in the 5% for 5 year CD earlier this year. Right now you are lucky to get 4% on that, so this 5.25% is welcome even if it's only for a year
Unfortunately I missed out on locking in the 5% for 5 year CD earlier this year. Right now you are lucky to get 4% on that, so this 5.25% is welcome even if it's only for a year
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