Openbank is a solid choice if you want low fees and online-only banking, but it's not the right fit for everyone

Openbank is a Spanish bank owned by Banco Santander that operates entirely online in the United States. It offers checking and savings accounts with no monthly maintenance fees, no minimum balance requirements, and no overdraft fees. The trade-off is that it has no physical branches — all banking happens through its app or website. Whether it's a good choice depends on what you actually need from a bank.

If you rarely visit branches, don't need cash deposits, and want straightforward accounts without hidden charges, Openbank works. If you need to deposit checks or cash regularly, want a human to talk to in person, or need a wide ATM network, you'll be frustrated. The bank itself is legitimate and FDIC-insured, so your money is safe — the question is whether its features match your habits.

Key Takeaways

  • Openbank charges no monthly fees, no minimum balance, and no overdraft fees, which makes it cheaper than many traditional banks for basic checking.
  • The bank has no physical branches and no way to deposit cash or checks in person, so you must use mobile check deposit or transfers from other accounts.
  • ATM access is limited to Santander's network in the US, which is smaller than networks offered by larger banks, so out-of-network fees add up if you travel.
  • Savings account interest rates are competitive but not the highest available, so if you're saving money, you may find better rates elsewhere.
  • Customer service is available by phone and email but not in person, which works fine for routine questions but can be slow for urgent problems.

What Openbank charges and doesn't charge

Openbank's fee structure is genuinely straightforward. There is no monthly maintenance fee, no minimum balance to keep the account open, and no overdraft fees — if you spend more than you have, the transaction is declined rather than charged. You won't pay for wire transfers, ACH transfers, or balance inquiries. This is a real advantage over banks that charge $12 to $15 per month just to hold a checking account.

Where costs appear is in the details. If you use an ATM outside Openbank's network, you pay $2.50 per withdrawal. If you need a cashier's check or a replacement debit card shipped overnight, those cost money. Foreign transactions carry a 3% fee. These aren't unusual charges — most online banks have them — but they add up if your actual banking habits don't match Openbank's design.

How you deposit money and access cash

Openbank has no ATMs of its own outside Santander locations, and Santander's US ATM network is concentrated in certain regions. If you live in California, Texas, Florida, or the Northeast, you'll find Santander ATMs. If you live in Montana, Iowa, or much of the Midwest, you won't. The bank reimburses out-of-network ATM fees up to $10 per month, but that only covers four withdrawals — anything beyond that costs you $2.50 each.

Check deposits work through the mobile app: you photograph the front and back of the check and submit it. This usually clears within one to two business days. Cash deposits are the problem. Openbank has no way to accept cash directly. If you need to deposit cash, you must transfer it from another bank account you control, or use a third-party service like Walmart or CVS, which charges a fee. This is a real limitation if you handle cash regularly.

Interest rates on savings and money market accounts

Openbank offers a savings account and a money market account. The savings account rate is competitive but not exceptional — it typically sits in the middle range of what online banks offer. The money market account has a slightly higher rate but requires a higher opening balance. Both rates change with the Federal Reserve, so what you see today won't be what you earn in six months.

If you're comparing Openbank to other online banks purely on interest, you'll find banks like Marcus, Ally, and American Express Personal Savings that often pay more. The difference might be 0.1% to 0.3% annually, which on a $10,000 balance is $10 to $30 per year. That's not nothing, but it's also not the main reason to choose or reject a bank unless saving money is your only goal.

Customer service and problem resolution

Openbank's customer service is available by phone during business hours and by email anytime. There are no physical branches, so you cannot walk in to resolve a problem. For routine questions — how to reset your password, why a deposit hasn't cleared, how to order a new card — phone support works fine. For complex disputes or fraud claims, email creates a paper trail, which is useful.

The real friction appears when you need something done urgently and it's outside business hours. If your debit card is compromised on a Saturday night, you can call and speak to someone. If you need to dispute a transaction and want it resolved by Monday, you'll be waiting. This matters less if your banking is stable and predictable, and more if you travel, use your card frequently, or have had fraud issues before.

Security and FDIC protection

Openbank is FDIC-insured, which means deposits up to $250,000 per account type are protected if the bank fails. This is the same protection you get at any other FDIC-insured bank. The bank uses standard encryption and two-factor authentication on the app, which is industry-normal security. There's nothing special here, but there's nothing weak either.

The main security risk with any online-only bank is that you are responsible for keeping your login credentials safe. There's no branch employee who knows you by sight. If someone gains access to your account, the bank will investigate, but the burden is on you to notice and report it quickly. This is true of all online banks, not just Openbank, but it's worth understanding if you've never used one before.

Who Openbank works well for and who it doesn't

Openbank is a good fit if you: pay most bills online or by card, rarely need cash, live in an area with Santander ATMs, don't deposit checks often, and are comfortable managing your bank entirely through an app. It's also good if you want to avoid fees and don't care about earning high interest on savings.

Openbank is a poor fit if you: deposit cash regularly, need to deposit checks in person, live far from Santander ATMs, want to speak to a banker face-to-face, or are looking for the highest savings rates available. It's also not ideal if you travel internationally often, since the 3% foreign transaction fee adds up quickly.

Frequently Asked Questions

Is Openbank safe? Will my money be protected?

Yes. Openbank is FDIC-insured, so deposits up to $250,000 are protected if the bank fails. The bank uses standard encryption and two-factor authentication. Your money is as safe as it would be at any other FDIC-insured bank.

Can I deposit checks with Openbank?

Yes, through the mobile app. You photograph the front and back of the check and submit it. Deposits usually clear within one to two business days. You cannot deposit checks in person because there are no branches.

What if I need to deposit cash?

Openbank doesn't accept cash deposits directly. You would need to deposit cash at another bank you have an account with and transfer it to Openbank, or use a third-party service like Walmart or CVS, which charges a fee.

How do I withdraw cash if there's no Openbank ATM near me?

You can use any ATM, but out-of-network withdrawals cost $2.50 each. Openbank reimburses up to $10 per month in out-of-network fees, which covers four withdrawals. After that, you pay the fee yourself.

Does Openbank pay good interest on savings?

Openbank's savings rates are competitive but not the highest available. Other online banks like Marcus and Ally often pay slightly more. The difference is usually 0.1% to 0.3% annually, which matters if you're saving a large amount but is minor for smaller balances.