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)
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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."
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Our community has rated this post as helpful. If you agree, why not thank WolfTheCat
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
There is nothing wrong with chasing the highest HYSA yield you can find, and switching whenever you find a better deal. They're all FDIC insured, so there is no real risk. You just have to:
- Watch the fine print - many accounts have fees if you close too soon or have withdrawal limits or other terms you may not like.
- Do the work. Lots of web forms. Lots of fine print to read.
- Deal with the stack of 1099s at the end of the year.
I choose not switch constantly that because I don't want to deal with that crap. For me to switch, they gotta pay at least 0.6% more and have a history of really good savings rates.
If you want to chase yield, the best savings/bank CD account search site I've found is depositaccounts.com. It tends to have a better list than some others, and if you dig in, you can see the historical rates for the lender, letting you know if they have a strategy of high rates all the time, or just a promo rate for right now.
Is there a ruling on them drastically changing their rates (i.e. lowing) ad-hoc, or are they locked in for a time period?
That's true for almost all savings accounts, not just this one.
There is nothing wrong with chasing the highest HYSA yield you can find, and switching whenever you find a better deal. They're all FDIC insured, so there is no real risk. You just have to:
- Watch the fine print - many accounts have fees if you close too soon or have withdrawal limits or other terms you may not like.
- Do the work. Lots of web forms. Lots of fine print to read.
- Deal with the stack of 1099s at the end of the year.
I choose not switch constantly that because I don't want to deal with that crap. For me to switch, they gotta pay at least 0.6% more and have a history of really good savings rates.
If you want to chase yield, the best savings/bank CD account search site I've found is depositaccounts.com. It tends to have a better list than some others, and if you dig in, you can see the historical rates for the lender, letting you know if they have a strategy of high rates all the time, or just a promo rate for right now.
I already deal with the stacks of 1099. Sometimes I do checking account signup bonus too so I also get those forms
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After fed cut, my bank reduced the interest rate!
Looking for long term solution!
Sign up for a Slickdeals account to remove this ad.
After fed cut, my bank reduced the interest rate!
Looking for long term solution!
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