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
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Our community has rated this post as helpful. If you agree, why not thank Greygooser
"We're sorry. Openbank isn't available there yet. We're planning to bring High Yield Savings to your area soon."
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%.
Our community has rated this post as helpful. If you agree, why not thank BeigeIdea523
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.
Our community has rated this post as helpful. If you agree, why not thank WolfTheCat
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.
Our community has rated this post as helpful. If you agree, why not thank Hierophanta
I've been fooled by this before with PoplarBank. https://media1.tenor.co
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Our community has rated this post as helpful. If you agree, why not thank thegman230
Our community has rated this post as helpful. If you agree, why not thank WolfTheCat
I've been fooled by this before with PoplarBank. https://media1.tenor.com/m/h-HbCr...e-deal.gif [tenor.com]
As for rates going down next month, that's happening to all HYSAs right now due to the fed.
If you want a long-term guaranteed rate, you can talk to an insurance company about annuities. I don't recommend doing it - it's not a good idea for most investors and not a replacement for a savings account. But, insurance companies sell products that can do that.
I won't trust Santander to keep a promotion going. I guess I hold a grudge.
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As for rates going down next month, that's happening to all HYSAs right now due to the fed.
If you want a long-term guaranteed rate, you can talk to an insurance company about annuities. I don't recommend doing it - it's not a good idea for most investors and not a replacement for a savings account. But, insurance companies sell products that can do that.
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%.
NM on the interest rate i found it