Openbank by Santander
Analysis
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Edited by General
As the largest bank in Spain and a force in Latin America, Santander is a recognized name worldwide. Unfortunately, the bank's name is not necessarily synonymous with strong customer service on the retail bank side anywhere. Its efforts to advance a US retail bank was dependent on an NBA sponsorship for years, but it has never gained much traction at any point. In 2024, it is trying anew with a new brand but there is little reason to believe that the service and customer experience will be much different from what the world has grown to expect of Santander.
Advantages
- Openbank's initial online savings offer involves an attractive APY.
- Accounts can be opened online with only a $500 minimum deposit and should be free of fees.
Disadvantages
- Openbank is initially launching with just one product - an online savings account - and is not available to residents of Florida or the northeast US (areas where Santander has branches).
- There is no reason to believe the Openbank's customer service will be any different from Santander's.
- Openbank does not offer an ATM or debit card.
Savings Fees
| Fee Type | |
|---|---|
| Non Sufficient Funds | $0.00 |
| Maintenance | $0.00 |
| Out-of-network ATM | $0.00 |
| Excessive Transaction | $0.00 |
| Incoming Wires | $0.00 |
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