Openbank Reviews 23

Do not trust this bank. They may restrict access to your funds and arbitrarily cancel transfers. We attempted to wire money out twice, both times without success.

Edit: On the third attempt, we finally managed to transfer our funds to another account. This process caused a delay of approximately six business days.
Additionally, the savings rate they advertise appears to be a bait-and-switch.

Date of experience: April 11, 2025

I have no problem with them at all. Withdrew money next day. Zero issue.

Date of experience: April 01, 2025

I have not had any login problems like others have reported. My only major issue is absurdly long funds availability delays. 7-9 business days for an ACH transfer. They do pay interest during this time, but it is ridiculous that they hold for so long. Also, the lack of Zelle support is disappointing. BTW: This is definitely a real bank; Santander has a long and positive track record generally. I have financed vehicles with them in the past.

Date of experience: March 19, 2025

Is this a real bank, even? The site looks legit, but I'm not convinced - they took my money, although they were a little slow about that. But when I tried to access it later to check on it, they wanted to do a dual authentication, but they didn't seem to be processing their side of that. Now they say I should try tomorrow. Not satisfied with that, myself.

Date of experience: March 12, 2025

I believe it was a bait and switch.
I deposited $100k into a high yield savings account early February and then I get an email 33 days later that the rate was being changed from 4.75% to 4.40%. I understand that is still a good rate, but it is not what I signed up for. I signed up for 4.75%. I called and asked about it and literally the answer I got was "yeahhh., rates change, market conditions change so we need to adjust." then said keep in mind we only allow 100k per day to be withdrawn.

Date of experience: March 06, 2025

Bait and Switch - they offered a high rate to start, and then dropped the rate after less than a month to a lower rate than all my other savings accounts

Date of experience: March 06, 2025

I recently discovered Openbank and was interested in their 4.75% interest rate for HYS. My money hasn't officially cleared due to their long processing times, yet I've already received an email that the rate has dropped to 4.4%. I feel very deceived and can't even transfer my money back out until it officially shows as "available". Classic bait and switch in my opinion.

Date of experience: March 06, 2025

An absurd requirement to use a cell phone for the entire process. Once I finally got their app on my phone they required front/back of my driver's license which their app could not successfully take with my camera which always makes photos of checks I deposit remotely to my normal bank. My guess is that some bunch got together and started a bank, found a down and out programmer to write a failed app and then set up a program to run unattended online. No numbers to call for service. An absolute failure on every level. Maybe they were only looking for "clicks"? A bank? I don't think so.

Date of experience: February 28, 2025

Non-existent customer service. Tried to login to my new account but app won't work. Tried to login to website, but it requires the app and access to biometrics which is not set up on my phone. Took 20 minutes to get a person on the phone and they said too bad. They will have to verify manually and then send me a check to get my deposit back. Total bait and switch scam.

Date of experience: February 28, 2025

I recently opened my account with Openbank because of the high interest rate. I did read all the details that are clearly outlined on the app that it could take 7 - 9 business days for a transfer for a newly linked account so I was not surprised when it took about 7 business days. I also read when transferring from an already linked account it could take 1 - 3 business days. This is not any different from other HYSA I researched. I am not happy that these take so long but I expected it because I read the details before I signed up. Another HYSA I researched said you could not transfer you funds out for 60 days which. Overall I think Openbank is doing OK for a bank that has only been open for less than 6 months.

Date of experience: February 20, 2025

So far, so good. Here's my experience so far:
- Opened my account transferring funds from my credit union on 11/15, funds were showing in Openbank on 11/19.
- Received interest pmt on 12/1/3/25
- Transferred another deposti to Openbank on 12/18/24, funds appeared in Openbank on 12/20/24
- Transferred funds from Openbank back to credit unit (just a test) 12/23, funds were available in credit unit on 12/24
- Interest pmts received on 1/14/25 & 2/14/25
- While these times seems quick, you also need to be aware of the business cutoff times for transfers and banking business hours or your expectations may not be met.

I opened this account as an emergency savings account. I have not tried there Customer Service, so no comments here. I don't need or want an ATM card. Rather I want simply a hied yielding account that I can access my funds quickly and transfer them in an efficient way.
So, ...So far, so good.

Date of experience: February 13, 2025

My negative experience has been like other 1 star reviews. After I transferred to open an account I was unable to log into my new account. I also see my monies deducted from my original account and not showing up in my openbank account. When I phoned customer service and wanted to close my account Keta said it would be 30 days before I would get my money back. BEWARE!

Date of experience: February 13, 2025

I've had an Open Bank account open for a week or so and waited for my other account to get linked. When trying to transfer money into the new account I received an "Over limit" message and I'd have to do multiple transfers. Forget it. I'm glad that happened, because I paused to read reviews on this online bank. A ONE star bank at best. No thank you Open Bank!

Date of experience: February 10, 2025

I was very disappointed with this bank. The interest rate offered is high, but they provide no service. They're taking forever to get a $94000 transfer. My sending bank showed it out of the bank 2 days after I asked for it, but open bank didn't even show it in my account until 5 days after that. But I still don't have access to the money because they hold it for another 7 working days so I won't be able to transfer any of that money from open bank to other institutions.

Also, They don't support any of the apps that people use to keep track of finances in several banks. Apps like rocket money, Expedia, etc, Cannot access open bank.

I'll be taking all of my money out of open bank.

Date of experience: February 03, 2025

I have had an open account for about 2 weeks and am ready to close it. The sign in procedure for their bank is at best horrible. They are very slow in reacting to requests. I have very early on lost any faith I might have had in these guys. STAY AWAY!

Date of experience: February 02, 2025

I'm a current account holder. I do recall that I opened account based on the option of free wires in & out and good savings rates. I'm leaving aside that the initial deposit took about 7 business days since the day they charged my external account, so you instantly lose almost two weeks interest. On 12/30/24 at 9 AM I attempted to wire money to pay for my car. CSR Birzney told me that due to frequent fraud there is no outgoing wire, so I made outbound transfer, which had required a managerial approval, which he got approved. Openbank "cutoff times" say that if the transfer made before 12:30 PM ET it will be "processed the same business day and available the following business day". Sure thing, it didn't happened. My money left my account on 12/30/24, on 12/31/24 my account says "transfer completed", my car dealer didn't get the money, I lost a discount, offered for 2024 sale, my $1000 deposit about to be forfeited. 10/331/24 CSR Cara told me that after 3 business days I can file a claim and they will investigate. My questions about "transfer completed" that supposed to be when my recipient will get my money, and where is a proof that my money reached the recipient, were left without any comprehensive replies. Basically, you can get your money only setting transfer from your external bank - this how I'm going to immediately move my business somewhere else and close my account at this so-called bank. Don't get fooled by their rates: it's almost impossible to get your hard earned funds back.

Date of experience: December 30, 2024

Fraudulent practices. Try to transfer funds back into my originating bank. And after several days of calling and attempting on their website, I have had no success at all to be able to get my money transferred back. Customer service people were equally evasive and provided no answer as to why my transfer has not taken place. I filed a complained to consumer finance.gov and received a boiler plate response from the bank they will review the matter. And now when I go to the bank, my transfers are reportedly Cancelled. This is an absolute farce and a fraudulent way to steal peoples money. I will continue to report them to any and all government agencies, do not trust this bank even with one penny. I have never had such an experience with any bank that is reportedly Federally insured. The bank should be bad from doing any business with US customers.

Date of experience: December 17, 2024

I would give negative stars if I could. Should have known better. This bank has daily transfer limits resulting in numerous days to transfer money in. I opened my account about one week ago. Yesterday, three of my four transfers showed in my account balance. Today, my account shows $0.00 and says that my account is closed. Stay away from this bank or proceed at your own caution.

Date of experience: December 10, 2024

Don't do it! Their banking service relies only on the app which doesn't work leaving you without a way to manage your money. I barely had the account open and when I called in to cancel the transfer I initiated they were unhelpful and said I would have to call in after it went through. I have since read other nightmare reviews of money being lost or taking forever to post meaning days of lost interest. I ended up blocking the transfer from my original bank. I trusted NerdWallet instead of doing my own research. Even the app has poor reviews in Google play store.

Date of experience: November 27, 2024

So far, so good... I opened this account because they have a higher APY than everyone but NewTek (who is shady) and even Vanguard Money Market. The app feels old and needs work but is overall functional. I have yet to receive my first interest payment, but I'll take this down and have a field day if there are issues.

Date of experience: November 18, 2024