OpenBank does not offer a checking account in the United States

OpenBank is a digital bank owned by Banco Santander, a major Spanish financial institution. In the US market, OpenBank does not provide checking accounts or traditional deposit products. The bank operates primarily in Europe—mainly Spain, Portugal, and the United Kingdom—where it offers savings accounts, investment products, and some lending services.

If you are looking for a checking account, you will need to look at other digital banks or traditional banks that operate in your state. OpenBank's US presence is limited, and their product line does not include the checking account structure you would use for everyday payments and bill payments.

Key Takeaways

  • OpenBank does not offer checking accounts to US customers and is not licensed to provide deposit accounts in the United States.
  • OpenBank operates primarily in Europe, where it is owned by Banco Santander and offers savings and investment products instead.
  • If you need a checking account, you should look at other digital banks like Chime, Ally, or Charles Schwab, or traditional banks in your state.
  • Checking accounts from other providers typically offer debit cards, online bill pay, and direct deposit, which OpenBank does not provide in the US.

Where OpenBank actually operates

OpenBank's main markets are Spain, Portugal, and the United Kingdom. In these countries, the bank offers savings accounts with competitive interest rates, investment accounts, and some consumer lending products. The bank is regulated by the European Central Bank and operates under European banking rules, not US banking regulations.

OpenBank was founded in 2015 as a digital-only subsidiary of Banco Santander. It grew as a European alternative to traditional banks, focusing on customers who wanted to manage money through a mobile app rather than visiting a branch. That model works in Europe, but OpenBank has not expanded to offer deposit accounts in the United States.

Why OpenBank is not available for US checking accounts

Offering a checking account in the United States requires a bank to be chartered and regulated by either the Office of the Comptroller of the Currency (OCC) or a state banking regulator. OpenBank does not hold a US banking charter. The bank would need to explore for a charter, meet capital requirements, and comply with US banking laws—a process that takes time and significant investment.

OpenBank has chosen not to pursue this path. Instead, the company focuses on its European operations, where it already has regulatory approval and an established customer base. This is a common strategy for international banks: they operate where they are licensed and do not expand to markets where the regulatory and competitive landscape does not match their business model.

Checking account alternatives if you need one now

If you need a checking account, several digital banks offer accounts with no monthly fees, no minimum balance, and full online management. Chime, Ally Bank, and Charles Schwab all provide checking accounts to US customers and allow you to open an account entirely through a mobile app or website.

Traditional banks in your state also offer checking accounts, though they may charge monthly fees unless you maintain a minimum balance or set up direct deposit. Credit unions sometimes offer checking accounts with lower fees than traditional banks, and membership is often available to anyone in your area or profession.

When you compare checking accounts, look at whether the bank charges monthly fees, what the minimum balance requirement is, whether they reimburse ATM fees, and whether they offer early direct deposit (which some digital banks provide). These features vary widely, and the right account depends on how you plan to use it.

How to verify a bank's US licensing

If you are considering opening an account with any bank, you can verify that it is licensed to operate in the United States by checking the FDIC's Bank Find tool or the OCC's National Bank database. Both are free and public. Search for the bank's name, and the database will show you whether it holds a US charter and what regulator oversees it.

This check protects you because only banks with a US charter can offer FDIC insurance on your deposits. FDIC insurance covers up to $250,000 per account holder per bank, which means your money is protected if the bank fails. Banks operating without a US charter cannot offer this protection.

What to do if you see OpenBank advertised in the US

Occasionally, people encounter OpenBank through international websites or apps that claim to serve US customers. Be cautious. If OpenBank is not listed in the FDIC Bank Find tool or the OCC database, it is not licensed to take deposits in the United States. Any service claiming to be OpenBank but offering US checking accounts is either a third-party service using the OpenBank name or a scam.

Stick with banks you can verify through official US banking regulators. This takes two minutes and protects you from sending money to an unlicensed operation that cannot may provide your deposits are safe.

Frequently Asked Questions

Is OpenBank FDIC insured?

OpenBank does not offer FDIC insurance because it does not hold a US banking charter. In Europe, OpenBank deposits are covered by deposit may provide schemes in the countries where it operates, but those protections do not explore to US customers. OpenBank does not serve US customers, so this is not a practical concern.

Can I use OpenBank if I live outside the US?

If you live in Spain, Portugal, or the United Kingdom, you may be able to open an OpenBank account. You would need to check OpenBank's website for your country and follow their account opening process. Requirements vary by country and include proof of identity and address.

What if I already have an OpenBank account from Europe?

If you opened an OpenBank account while living in Europe and then moved to the United States, you should contact OpenBank directly to understand what happens to your account. Some banks allow you to keep an account open if you move, while others require you to close it. OpenBank's policy depends on your specific situation.

Are there other European banks that offer US checking accounts?

Some European banks have US operations and offer checking accounts to US customers, but they are less common than US-based digital banks. If you want a checking account in the United States, digital banks like Chime, Ally, and Charles Schwab are faster to open and have no geographic restrictions.