Openbank

I opened an high yield savings account because Open Bank was advertising a competitive rate. Within the first 4 months, they reduced the rate 2 times even though the treasury rate remained the same. When transferring money, there is a significant delay before the transaction is processed. I ended up "pulling" my money to another account because the transfer limit was unreasonable. There are better companies paying a better rate with better service. I won't be using Open Bank or Santander again.

They do not do outgoing wire transfers, limit ACH transfers to 50k/day, and do not process ACH transfers over the weekend. That coupled with their recent savings account interest rate drops your money gets stuck there and it takes forever to get it out.

I opened an account with Open Bank by Santander. This is by far the worst business of any kind that I have ever dealt with. Horrible customer service. I think they intentionally put you on hold for a long time and then disconnect you. They rejected a deposit for some unknown reason from a bank I had used with them before. They sent my deposit to a third-party bank called Fiserv Compass, not Amex where it came from. I have no receipt for this money, and they are having a hard time getting it back with no explanation as to why this has happened. They have been holding my money for two weeks and plan on holding it for three more weeks. My only action was trying to deposit money into my account at their bank. I have wasted countless hours trying to get my money back. Don't even think about dealing with this bank.

I thought I had been scammed because the availability of funds is exceedingly long. I transferred $5,000 a week and a half ago, and it is still not available. I called and was told it would be available the next day; it was not. I called again and got hung up on. When I called back, the same representative said his system was down, which is why I got hung up on; he told me to call back and speak with another representative. I did, and she informed me that I was told incorrectly and that the money would be available tomorrow. I said that it is a ridiculous amount of time. She says the disclosure states this on page 39! I will take my money out as soon as possible and close this account.

If I could rate a negative zero, I would. Do not open an account with them. Be advised that Openbank is known for not allowing access to funds for legitimate accounts with no history of fraud or financial wrongdoing. I have filed complaints with the OCC, CFPB, Federal Reserve, and FTC in hopes that they can mandate Openbank to issue my money to me. They should be investigated for unfair and deceptive conduct against consumers.

Absolutely terrible customer service. I opened an account and transferred cash into it. They closed the account the next day. Now I have to wait for a review before they return the cash. I do not recommend this bank at all. I'm very tech-savvy and can't understand how they do business with the terrible, never returned phone calls to resolve issues.

I opened a savings account online with Open Bank on November 29, 2025. On December 1, I got an email saying the account was ready to fund. I went to their, Open Bank's, website and set up an ACH transfer from another online bank to fund the new account. Open Bank immediately blocked my new account and would not give any reason why. Since the account was blocked in the middle of this transfer, it caused my original bank to suspect something fraudulent was going on, so they froze my account on their end. After several calls over 30 days with no one willing or able to give me any reason for the blockage, they (Open Bank) sent me an email saying they were closing the account. Again, no reason given. I would suggest anyone considering doing business with Santander Bank (Open Bank) consider the other direction. These people are officially and completely bewildering. They have no business being in business.

The OpenBank rate is great, but the product and overall customer experience is awful. I am a pretty savvy online banking customer, and I have now spent a total of 3 hours and 5 phone calls trying to get the app to work. Finally, I gave up and had to have them send me a check by regular mail to close my account. The support people were very nice, but the IT and the company policies are the worst! They told me that their IT support does not accept incoming calls. If you have issues (which you will), their IT people have to call you back at their convenience, potentially days in the future. The same goes for their customer support supervisors. No incoming calls are allowed, so they too have to call you back at their convenience. Their mobile app (which are required to use each time you login) has major issues. If the mobile app used for confirming your login doesn't work (which I never got to work), there is no alternative method. They cannot verify your login any other way, so you can forget about accessing your account. I've had over 20 banking accounts over the years, and I've never encountered anything so bad. Steer clear from this bank!

I was very disappointed with this bank. The interest rate offered is high but they provide no service. They're taking forever to process a $94,000 transfer. My sending bank showed it had left 2 days after I requested it, but the recipient bank didn't even display it in my account until 5 days later. I still don't have access to the money because they place a hold on it for another 7 working days so I won't be able to transfer any of that money from the recipient bank to other institutions.

Moreover, they don't support any of the apps that people use to manage their finances across several banks. Apps like Rocket Money, Expedia, etc, cannot access the recipient bank.

I'll be withdrawing all of my money from this bank.

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 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 the Google Play Store.