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."
144 Comments
Sign up for a Slickdeals account to remove this ad.
Typically, you can expect to see it in your account in 3-5 business days, and you'll start earning interest the day it's finalized." Thus, if you move $200K you'll loose $32x5business days in prime interest. Openbank CSR told me that my money "are travelling via ACH network up to 5 business days", while my next question "when I made a transfer request on Sunday and the Openbank had my external account debited on Monday morning how come it didn't take 5 business days to travel via ACH just to reach my external account?" the CSR was unable to provide any explanation. Basically, if you are moving money from 4% rate you are to loose the added interest for several months. Besides that they do not have any mobile deposits offered.
Typically, you can expect to see it in your account in 3-5 business days, and you'll start earning interest the day it's finalized." Thus, if you move $200K you'll loose $32x5business days in prime interest. Openbank CSR told me that my money "are travelling via ACH network up to 5 business days", while my next question "when I made a transfer request on Sunday and the Openbank had my external account debited on Monday morning how come it didn't take 5 business days to travel via ACH just to reach my external account?" the CSR was unable to provide any explanation. Basically, if you are moving money from 4% rate you are to loose the added interest for several months. Besides that they do not have any mobile deposits offered.
What bank
I'd wait to see if their HYSA rates stay near the top of the heap. There isn't enough historical data to know that yet.
I'm currently with flagstar/mybankingdirect at 5%. They're usually somewhere near the top.
Not leaving for 0.25%.
Sign up for a Slickdeals account to remove this ad.
MBD (like many of these HYSAs) don't pay accrued interest when you close, so any interest earned since the last payout would be lost. Interest was just paid today.
It is in your best interest (pun) to close the day the interest is paid.
I'm not jumping ship today. Maybe next month, who knows?
My reasons:
- App-only. No website access. I do most banking on PC.
- Online transfers are wire transfers instead of normal ACH transfers. That can be a problem, since most banks charge a hefty fee for an incoming wire. To avoid this, originate the ACH transfer from the other institution - not PiBank.
- New bank, open since September. So, just like OpenBank, they have little history of keeping their rates high.
Sign up for a Slickdeals account to remove this ad.
With regards to moving money out, was told there are no limits on moving money out. Was given as an example: a large downpayment to be placed on a home purchase, but of course will still be subject to however many number of days it normally takes for them to process outgoing transfers. Was told you can bring down your balance to $0 in one transaction and there wont be any holds on the transaction.