Open Bank is headquartered in LOS ANGELES and is the 38th largest bank in the state of California. It is also the 494th largest bank in the nation. It was established in 2005 and as of March of 2025, it had grown to 240 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.)
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."
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.
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%.
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.
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.
Overall | |
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FDIC Certificate # | 57944 |
Year Established | 2005 |
Employees | 240 |
Primary Regulator | FDIC |
Profit Margin | |
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Return on Assets - YTD | 0.94% |
Return on Equity - YTD | 11.16% |
Annual Interest Income | $34.9MM |
Assets and Liabilities | ||
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Assets | Q1 2025vs Q1 2024 | $2.51B$2.23B |
Loans | Q1 2025vs Q1 2024 | $2.02B$1.8B |
Deposits | Q1 2025vs Q1 2024 | $2.19B$1.9B |
Equity Capital | Q1 2025vs Q1 2024 | $208.6MM$193.6MM |
Loan Loss Allowance | Q1 2025vs Q1 2024 | $25.4MM$22.1MM |
Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $11.8MM$6MM |
Real Estate Owned | Q1 2025vs Q1 2024 | $1.2MM$1.2MM |
Sorry, we do not have rate data for Open Bank.
Buena Park Branches | ||
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Buena Park (Fullerton) Branch | 5141 Beach Blvd | Buena Park, CA 90621 |
Carrollton Branches | ||
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Carrollton Branch | 2540 Old Denton Rd 314 | Carrollton, TX 75006 |
Cerritos Branches | ||
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Cerritos Office Branch | 11811 South Street | Cerritos, CA 90703 |
Gardena Branches | ||
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Gardena Branch | 15435 S. Western Avenue, #d | Gardena, CA 90249 |
Los Angeles Branches | ||
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Open Bank | 1000 Wilshire Blvd | Los Angeles, CA 90017 |
Aroma Center Bank | 3680 Wilshire Blvd., Suite 101 | Los Angeles, CA 90010 |
Fashion District Branch | 747 E. 10th Street, #310 & 311 | Los Angeles, CA 90021 |
Olympic Branch | 3030 W. Olympic Blvd, Suite 101 | Los Angeles, CA 90006 |
Western Branch | 550 South Western Avenue | Los Angeles, CA 90020 |
Santa Clara Branches | ||
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Santa Clara Office | 2998 East El Camino Real | Santa Clara, CA 95051 |