Open Bank is headquartered in LOS ANGELES and is the 40th largest bank in the state of California. It is also the 516th largest bank in the nation. It was established in 2005 and as of December of 2024, it had grown to 231 employees at 16 locations. Open Bank has an A health rating.
Note: Open Bank (Los Angeles CA) Is Different From Openbank (A Division Of Santander Bank, N.A.)
Note: Open Bank (Los Angeles CA) is different from Openbank (a division of Santander Bank, N.A.)
The reviews on this page appear to discuss Openbank (Openbank.us), a division of Santander Bank, N.A., while the page itself refers to Open Bank, which is based in Los Angeles.
From Open Bank's website (https://myopenbank.com/contact/):
"Important Notice:
Thank you for visiting Open Bank! We’d like to clarify that Open Bank is a distinct financial institution, unaffiliated with Openbank.us, which is a part of Santander Bank, N.A. If you are seeking assistance with an Openbank.us account or product, please contact them directly via their website, www.openbank.us, or call their customer service at 1-833-833-8305."
OUTSTANDING Second Bank!
I've been with Open Bank for a little over a month now. At first was very cautious as you can use either your computer or cell phone but you MUST verify your use with your cell phone. Got the hang of it now and simply use my cell phone as it is quick, easy, and accurate. I use it as my back up bank to Poppy as it is simple to move money back and forth between the two. Would highly recommend Open Bank as your back up as it currently pays 5% interest which is right at the top currently. No problems at all and they are easy to join and navigate.
Just Joined Today, So Far So Good.
Easy to join, but they are cellphone oriented on a lot of things. Not a problem and they allowed my daughter as joint owner in minutes. Funding the account now, they advertise 5.25%.
Openbank.Us Is Not For Everyone
Since Poppy Bank recently dropped their APY to 4.5% I thought I would check out Openbank.us. After reading their requirements, I found out that a lot of East Coast states are left out of their offer. Also, I don't have fingerprint capabilities on my new Android cellphone. I will keep looking for another bank.
Not An Account Holder Because....
I looked into opening an account. You must use their App, and you must enable face or fingerprint biometrics. I'm ambivalent about the App, but I don't want to participate in facial recognition or fingerprint capture. For .25% greater yield, I'll pass.
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57944 |
| Year Established | 2005 |
| Employees | 231 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.95% |
| Return on Equity - YTD | 11.07% |
| Annual Interest Income | $137.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $2.37B$2.15B |
| Loans | Q4 2024vs Q4 2023 | $1.94B$1.75B |
| Deposits | Q4 2024vs Q4 2023 | $2.03B$1.81B |
| Equity Capital | Q4 2024vs Q4 2023 | $203.3MM$190.9MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $24.8MM$22MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $9.3MM$8.2MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $1.2MM$0 |