Openbank by Santander
Openbank by Santander High Yield Savings
By Alex Compton · Last verified
Santander savings with a temporary introductory APY boost for eligible new customers
Insurance: FDIC insured up to $250,000 through Santander Bank, N.A. (coverage combined with any Santander Bank deposits)
Account Terms History
A dated record of APY, fees and opening requirements. New changes append to this table; prior terms remain visible.
| Observed | APY / yield | Monthly fee | Minimum | Evidence |
|---|---|---|---|---|
| 2026-11-02 | Up to 4.35% variable APY with an eligible 0.35-percentage-point boost for six months; standard variable APY currently 4.00%. ZIP-code terms apply; checked November 2, 2026 | $0 | $500 | Openbank High Yield Savings page, checked November 2, 2026 →Freshness-rotation reconfirmation: Openbank's page still lists a 4.00% standard APY with a 0.35-point new-customer boost to 4.35%; NerdWallet and Doctor of Credit independently agree on the 4.00% base. The boost offer is listed as valid through November 3, 2026, so confirm eligibility before opening after that date. |
| 2026-10-23 | Up to 4.35% variable APY with an eligible 0.35-percentage-point boost for six months; standard variable APY currently 4.00%. ZIP-code terms apply; checked October 23, 2026 | $0 | $500 | Official product terms reviewed October 23, 2026 →Scoped review replaced the obsolete 3.80% flat-rate claim with current variable standard APY and six-month new-customer boost conditions. Full-record date retained. |
| 2026-10-05 | 3.80% (as of October 2026; exact rate varies by ZIP code) | $0 | $500 | Archive record · no attached snapshotPreviously published editorial snapshot; not evidence of the bank’s rate-change date. |
Primary-source verification log
Append-only evidence ledger- changed
Scoped review replaced the obsolete 3.80% flat-rate claim with current variable standard APY and six-month new-customer boost conditions. Full-record date retained.
Fields: tagline, apy, features, atm, pros, cons, ourTake, bestFor, termHistory
Official savings product terms; scoped review →
Features
- ▸Eligible new customers opening during the offer receive a six-month 0.35-percentage-point APY boost
- ▸The standard APY remains variable during and after the promotion
- ▸$500 minimum opening deposit; confirm the rate for your residential ZIP code
- ▸No monthly maintenance fee
- ▸A smartphone, Openbank app and active U.S. mobile number are required
- ▸Deposits share Santander Bank, N.A. FDIC coverage
Pros
- +No monthly maintenance fee
- +Temporary boost may add interest for eligible new customers
- +Published terms separate the boost from the variable standard APY
Cons
- −$500 minimum opening deposit
- −Headline APY includes a boost that expires after six months
- −Existing accounts opened before September 23, 2026 are excluded from this boost; offer cannot be combined with other Santander bonus offers
- −Openbank and Santander deposits are combined for FDIC insurance
Our Take
Compare Openbank using both its standard variable APY and the temporary new-customer boost. The six-month promotion does not lock the total rate, and the rate after it ends will be the standard APY then in effect. Check the ZIP-specific application terms, smartphone requirement and your existing Santander deposits before opening.
Best for: Eligible new savers who will compare the standard rate after the introductory boost ends
Open at Openbank by Santander →Last verified 2026-11-02
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