Openbank HYSA By Santander Reduced To 4.75% APY

midas89 | Dec 18, 2024 | 970 posts since 2017

Openbank High Yield Savings Account By Santander Reduced To 4.75% APY.

From their site:

This product is not currently available for residents of CT, DE, MA, NH, NJ, NY, PA, and RI.

Note: Openbank High Yield Savings is currently available in most areas - and it's coming soon to the northeast (CT, DE, MA, NH, NJ, NY, PA, and RI).

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badnarc | Feb 4, 2025 | 68 posts since 2023

I've been with Openbank for several months now and use them as my backup bank when interest rates change. My main bank is Poppy but Poppy just dropped their rates for old accounts this morning to 4.5% so immediately moved my money to Openbank which is still 4.75% and is the highest you can find on a reliable bank. I can help you greatly with Openbank if you remember a couple of things. First, Openbank REQUIRES a cellphone to log in to your account. You can also open their website on your computer but you have to use your cellphone to verify the opening. Next, DO NOT make external transfers using Openbank as they put them on hold until you CALL them to approve the transfer. They have an external transfer limit of $100,000 which is great but what you need to do is link another bank account to Openbank and make ACH debit transfers from Openbank with your other bank account. I suggest Poppy as they have an external transfer limit of $100,000 or CIT Bank or Ally Bank both of which have external transfer limits of $500,000. Bottom line is that Openbank is great for the highest savings rate and as long as you remove your money by an ACH debit transfer created at another bank you'll like this bank.

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