OpenBank does not offer a traditional checking account
OpenBank, owned by Banco Santander, operates as a digital-only bank focused on savings products and investment services rather than checking accounts. If you're looking for a place to deposit paychecks, write checks, or use a debit card for everyday spending, OpenBank is not the right fit.
OpenBank's product lineup centers on savings accounts, fixed-term deposits, and investment tools. The platform is designed for customers who want to manage money online without visiting a physical branch, but that convenience doesn't extend to the checking account space where most people need it.
Key Takeaways
- OpenBank does not offer checking accounts, only savings accounts and investment products.
- If you need a checking account, you'll need to open one at a different bank or credit union.
- You can hold both an OpenBank savings account and a checking account elsewhere at the same time.
- Other online banks like Ally, Charles Schwab, and Chime do offer checking accounts if you want to stay digital-only.
What OpenBank actually offers instead
OpenBank provides savings accounts with variable interest rates, which means the rate changes based on market conditions. These accounts have no monthly fees and no minimum balance requirements, making them straightforward for saving money. You can open an account online and fund it through transfers from another bank.
The bank also offers fixed-term deposits, where you agree to leave money untouched for a set period (typically 3 months to 5 years) in exchange for a may provide interest rate. This is useful if you have money you won't need when ready and want predictable returns.
OpenBank's investment services include access to stocks, ETFs, and mutual funds through their platform. These products appeal to people who want to invest but don't want to manage accounts at multiple institutions.
Where to get a checking account if you need one
If you need checking account features—the ability to deposit checks, pay bills by check, or use a debit card for routine purchases—you have several paths. Traditional banks like Chase, Bank of America, and Wells Fargo offer checking accounts at physical branches and online. Credit unions often have lower fees and better customer service, though you may need to meet membership requirements.
Online-only banks that do offer checking accounts include Ally Bank, Charles Schwab Bank, and Chime. These operate entirely online like OpenBank does, but they include checking features. Ally and Charles Schwab offer no-fee checking with debit cards. Chime is designed for people who want early direct deposit and overdraft protection built in.
You don't have to choose one or the other. Many people keep a checking account at one bank for daily spending and a savings account at OpenBank or another high-yield savings bank for money they're setting aside. The accounts don't interfere with each other as long as you manage transfers between them.
Why OpenBank skipped checking accounts
OpenBank's business model focuses on customers who want to save or invest rather than those managing cash flow day-to-day. Checking accounts require infrastructure that online banks find expensive to maintain: fraud prevention systems, check processing networks, debit card networks, and customer support for payment disputes. OpenBank decided to specialize instead.
This is a deliberate choice, not a limitation. Santander operates traditional checking accounts through its main Santander Bank brand. OpenBank exists as a separate product line for people whose primary goal is saving or investing, not spending.
How to use OpenBank alongside a checking account
If you want to use OpenBank for savings while keeping a checking account elsewhere, set up transfers between the two banks. Most checking accounts let you link external accounts and move money in and out. You might deposit your paycheck into your checking account, then transfer a portion to OpenBank's savings account each month.
This setup works well if you want to separate spending money from savings money. Your checking account handles bills and daily expenses. OpenBank handles money you're building up for a goal or emergency fund. The two accounts operate independently, so there's no conflict.
Comparing OpenBank to banks that do offer checking
| Feature | OpenBank | Ally Bank | Charles Schwab | Chime |
|---|---|---|---|---|
| Checking Account | No | Yes | Yes | Yes |
| Savings Account | Yes | Yes | Yes | No |
| Debit Card | No | Yes | Yes | Yes |
| Monthly Fees | None | None | None | None |
| Minimum Balance | None | None | None | None |
Frequently Asked Questions
Can I use OpenBank to receive direct deposit?
No. OpenBank savings accounts cannot receive direct deposit because they lack the routing and account number structure that employers use for payroll. You would need to deposit funds through transfers from another bank account that does accept direct deposit.
What if I already have an OpenBank account and need checking?
Open a checking account at another bank. You can keep both accounts active at the same time. Link them so you can transfer money between them when you need to move funds from checking to savings or vice versa.
Does OpenBank offer anything checking accounts do?
OpenBank offers a debit card for some account types in certain regions, which lets you spend from your savings balance. However, this is not the same as a checking account with check-writing ability and overdraft protection. The debit card is primarily for ATM withdrawals and point-of-sale purchases.
Is OpenBank safe for holding money?
OpenBank is a legitimate bank owned by Santander and is FDIC-insured up to $250,000 per account holder. Your money is protected the same way it would be at any other bank. The question of whether to use it is about whether it meets your needs, not whether it's trustworthy.
Can I transfer money from OpenBank to pay bills?
You can transfer money from OpenBank to another account you own, then use that account to pay bills. You cannot pay bills directly from OpenBank because it has no bill-pay system. The extra step of transferring first is the trade-off for using a savings-focused bank.