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Openbank HYSA By Santander 5.25% - 8 States Excluded

midas89
  |     |   959 posts since 2017

The 8 states that cannot open the 5.25% APY savings account: Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island.

$500 minimum to open the account.

You must have a mobile device (smartphone or tablet) with face- or fingerprint-recognition capabilities, on which you can download and use the Openbank app —which you’ll set up your trusted mobile device.

https://www.openbank.us/banking/high-yield-savings-account

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Terp
  |     |   67 posts since 2020
Wow, Salamander Bank is not popular in the comments.

But this is a good find in this rate-lowering environment.

Why did Santana Bank name themselves after that 90's band?
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GH1
  |     |   1,028 posts since 2017
sounds nice but i expect the rates to only last like 10 days. Then fall like everyone else
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bananaRama1234
  |     |   63 posts since 2023
Does anyone know how to get a hold of a CSR? The Openbank website neither has a contact number or email/Chat. Please share if someone knows how to get a hold of a live agent who can address questions regarding the Openbank HYSA.
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midas89
  |     |   959 posts since 2017
@bananaRama1234 You could try this number, as it is listed at their site to report activity one does not recognize. And if they say it's the wrong department, hopefully they can connect you to customer service: 1 833 833 8300
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bananaRama1234
  |     |   63 posts since 2023
@midas89, found the number under the fine print in "Fee Schedule". You got most of the numbers correct. Number listed is 1.833.833.8305
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midas89
  |     |   959 posts since 2017
@bananaRama1234 You are correct. 8305 is direct to customer service, while 8300 is direct to their security department. Good luck with your new Openbank Savings Account. It will be very interesting to see how low they will drop the rate after the next Fed rate drop, of course.
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bananaRama1234
  |     |   63 posts since 2023
Does anyone on this forum have an Openbank HYSA? The Openbank Digital Banking Agreement on the website does not specify the ACH limits for external transfers. In order to find out the limits(which is subject to change at their discretion), one must sign up for an account and it will be displayed when doing a transfer. Just wondering if anyone here knows what the ACH limits are. Thanks!
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twins512
  |     |   8 posts since 2023
Opened account more out of curiosity. Account approval and set up was immediate. Initial deposit initiated by Openbank took 7 days (albeit includes 2 weekend days) to even show up as 'pending' in the Openbank account dashboard even though source bank shows the initial deposit amount debited the very next day I opened the account. If I am reading the "notes about account balances" correctly it says transfers are typically 1-3 business days and that new accounts may take an additional 7-9 days. "It is at this point that interest will start (not sure if that means at the point it becomes 'available'? that would be a lot of lost interest). I did trial $5 ACH from source bank to Openbank and that took 6 days (includes 2 weekend days). Notes regarding transfer limits say $50K daily and $100K rolling 30 days (notes for ACH transfers initiated at Openbank to transfer funds from source bank to Openbank).
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midas89
  |     |   959 posts since 2017
@twins512 Thank you for sharing your helpful information from your experience.
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Terp
  |     |   67 posts since 2020
And DA has not created an Openbank space yet.

This place has suffered with the loss of Ken.

If they can't do basic maintenance in the site... they can probably get user assistance.

Sad that this place is going downhill.
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bananaRama1234
  |     |   63 posts since 2023
@twins512, Per CSR, if requesting ACH incoming external transfer interest starts to accrue once the deposit is credited to the account, 2-3 business days. For new accounts, there may be an additional 7-9 business days to hold the funds but will accrue interests during hold period before they become available. You can overcome the daily/rolling 30 day ACH limits by initiating push or wire outgoing funds in your external account. Wire transfer is same day if requested by cut off time and will be immediately credit to your account once received.
I'm leaning towards Openbank (vs Newtek) as the former does not require you to schedule ACH 3 business days in advance!! ACH will go out the same day if conducted by 6pm EST. I'm not sure if you have to contact Openbank if you want to do a wire out transfer or if you can do that online yourself. At Newtek you have to contact a CSR to request an outgoing transfer and it may not process for 2 business days!
Unlimited number of withdrawals permitted.
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bananaRama1234
  |     |   63 posts since 2023
@twins512, what methods does Openbank use to link to external accounts? Were you able to use trial deposits or do they use some other third party platform to do instant verification?
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twins512
  |     |   8 posts since 2023
@bananaRama1234, linking was done during account set up where they require the routing and acct# of the source bank (bc there is a $500 min initial deposit required), there were no trial deposits.
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bananaRama1234
  |     |   63 posts since 2023
@twins512, isn't it unusual not to verify(via trial deposits or some third party software that requires external account login credential) the linked account before conducting an ACH transaction?  I'm going to PM you.
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twins512
  |     |   8 posts since 2023
@bananaRama1234, yeah I was kinda thinking about that as well but didnt give it much thought (was just thinking that this was somewhat similar(?) to a billpay transaction which is one way). On my source bank side, so that it recognizes Openbank as a 'linked external account' I had to go through the trial deposit exercise. Let me know if there is a redflag here somewhere.
Just to test the set up and confirm really how quick/slow the transfer process is I was going to do a test pull from Openbank ($50 is their minimum transfer amount).
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midas89
  |     |   959 posts since 2017
@twins512 I have had some account openings in the past where it was not required to do either trial deposits or utilize Plaid to verify the initial funding source. I would not necessarily consider your opening experience with Openbank a red flag.

Also, your thought about the initial funding being similar to a bill pay (or even funding the account with a credit card as some allow) is valid, especially since the bank or middleman service handing the initial sign-up probably already checked your SS and address and DOB with databases looking for a match, or with ChexSystems or EWS or Lexis-Nexis, etc., which would make them accept the initial funding without the need for trial deposits or Plaid.

I am going to assume that after the account is set up, if one links external accounts for ACH transfers, Openbank will then want verification.
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twins512
  |     |   8 posts since 2023
@midas89, thanks for your comments, I just did my initial trial test pull for $50, noticed that it had already set up the initial funding source as a 'linked account'.
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