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.
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Short-term and long-term interest rates do not always move in sync. They are related, but not locked-together and other factors matter.
Long term rates are more driven by treasury auctions, which are market-based and supply/demand driven. Short term is based more on the fed funds rate. (I say more because neither of these correlations are perfect)
Since our government is borrowing like bonkers, supply of treasuries is high.
- When supply is high, treasury prices are lower. That's supply and demand.
- When bond prices are lower, interest rates are higher. That's just math - if you pay less for a bond that is worth $1000 in five years, you're getting more interest than if you pay more.
This is just a correction - for the past couple years we've had an inverted yield curve, where short-term rates are higher than long-term rates. That is not normal. Lenders usually demand more interest to lock up their money long term, not less. In a normal economy, short term rates are lower than long term rates. We're getting closer to normal.
Right now, that is correcting itself. Short term rates are going down, while long-term is probably also going down but less quickly, resulting in a more normal yield curve.
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I've been fooled by this before with PoplarBank. https://media1.tenor.co
Is there a ruling on them drastically changing their rates (i.e. lowing) ad-hoc, or are they locked in for a time period?
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