Why isn’t the rate I see for Openbank High Yield Savings available for my accounts at Santander Bank?
This is largely a function of cost of operation. As you may know, online high yield savings accounts frequently offer higher interest rates than a traditional savings account at a bank with physical branch locations. Why? Because the costs associated with operating an online platform are much lower than the costs of maintaining deposits at a branch-based bank. As a purely digital bank, Openbank is able to leverage this approach to offer a more competitive interest rate to its customers.
The good news? Openbank is now available to Santander Bank customers. This means they can take advantage of Openbank’s top-tier rate by applying for a High Yield Savings account at openbank.us or on the Openbank app – while also continuing to enjoy the full range of in-branch services for Santander Bank products they currently enjoy.
Two additional points to consider:
- Openbank accounts are opened and managed entirely online. As a result, they’re not eligible for service within Santander Bank branches – which is how Openbank maintains the cost structure that fuels our higher rates.
- Santander Bank does offer some highly attractive rates – especially for CDs. For more information, visit Santander’s web pages for savings and CDs, or speak to a banker at your local Santander Bank branch.