If you’re hunting for a high-yield savings account (HYSA) with competitive rates and modern app functionality, Openbank might have caught your eye. I recently signed up for Openbank, drawn in by their initially advertised 5% APY on their high-yield savings account. After using it for a few weeks, I’ve formed a clear opinion of both the pros and cons—so here’s my honest, in-depth Openbank HYSA review.
Why I Chose Openbank
I decided to open an account with Openbank because they were advertising 5% APY at the time—significantly higher than the average high-yield savings account. While the rate has since dropped to 4.4% APY, it’s still fairly competitive compared to other banks like Capital One (which recently dropped from 4.5% to 3.7%).
The account opening process was smooth and straightforward. It didn’t take long to set up the account, and I was able to link my external bank and initiate an initial deposit right away.
However, that’s where some friction started.
The Good: What Openbank Gets Right
✅ Competitive APY (Even After Drop)
Openbank’s current 4.4% APY still places it among the top-tier HYSA options available today. While the drop from 5% is disappointing, it aligns with what’s happening across the board as interest rates shift.
✅ User-Friendly Mobile App
The Openbank mobile app is sleek, intuitive, and reliable. Navigating between accounts, viewing balances, and scheduling transfers is easy.
✅ No Monthly Fees or Minimums
There are no maintenance fees, no account minimums, and no hidden charges—something many savers will appreciate. This makes it great for beginners or anyone looking to stash extra funds without worrying about penalties.
✅ Quick Setup
Opening an account was surprisingly fast. Within minutes, I was verified and ready to go—ideal if you’re used to long waits and paperwork with traditional banks.
The Bad: Where Openbank Falls Short
❌ Extremely Slow Transfers
This was my biggest frustration. After initiating a transfer from my external bank, the funds left the other account almost immediately—but they didn’t show up in Openbank for over a week.
Worse, even after showing in my “current balance”, it took another 1–2 weeks before the money became “available balance”. That’s up to 2 weeks of waiting for your own money, which defeats the purpose of quick-access savings.
❌ Joint Account Setup is a Nightmare
Adding a joint owner after opening an account? Prepare for chaos.
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Openbank requires the joint owner to re-submit all personal information (SSN, address, date of birth, etc.) even if it was already provided.
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They must also download the app, create their own profile, and complete multiple verification steps.
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In my case, this process took over 30 minutes—with no success. It felt like an endless loop of verification and form filling.
Honestly, unless you’re both extremely tech-savvy and patient, this could be a dealbreaker.
❌ No Secure Messaging System
There’s no built-in message center in the app or online banking dashboard. So, if something goes wrong—like not seeing your deposit—you’ll need to call customer service directly. While their reps are helpful, this feels outdated in 2025.
Common Issues to Be Aware Of
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Delayed Deposit Visibility: If you don’t see your initial deposit, call support—don’t just wait.
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Promotional Rates Can Change: That shiny APY might drop after a few months, as it did from 5% to 4.4%.
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Not Ideal for Urgent Access: If you plan to move money in and out frequently, this isn’t the fastest option.
Should You Use Openbank’s High Yield Savings Account?
If your main priority is earning a high APY, Openbank is still worth considering. While it’s not perfect, especially regarding transfer speed and joint account complexity, its competitive rate, no-fee structure, and modern app make it a decent choice for hands-off savers.
That said, if you’re the type who moves money often or wants seamless joint access, you might want to explore other options. HYSA aggregator sites like NerdWallet or Bankrate can help you find alternative accounts that might suit your needs better.
Final Verdict
✔️ Do I recommend Openbank’s HYSA? Yes—with some caution.
If you’re okay waiting a bit for transfers and don’t need joint access, Openbank offers a great passive savings option. The rate remains strong, the app is solid, and the account has no fees. But make sure you’re not expecting immediate liquidity or a quick joint setup experience.
