OpenBank does not offer checking accounts in the United States
OpenBank is a digital bank owned by Banco Santander, a major Spanish financial institution. In the U.S. market, OpenBank does not provide checking accounts or traditional deposit products. The bank focuses on personal loans and credit products rather than deposit accounts.
If you are looking for a checking account, you will need to look at other banks and financial institutions. Many online banks, credit unions, and traditional banks offer checking accounts with different features, fees, and requirements.
Key Takeaways
- OpenBank does not offer U.S. checking accounts and focuses instead on personal loans and credit products.
- You can open a checking account with online banks like Ally, Charles Schwab, or Chime, which typically have no monthly fees and low minimum balances.
- Traditional banks and credit unions also offer checking accounts, often with in-person service and local branch access.
- When choosing a checking account, compare monthly fees, minimum balance requirements, overdraft policies, and ATM access before opening.
Where to find checking accounts instead
Online banks are a common choice for checking accounts. Banks like Ally Bank, Charles Schwab Bank, and Chime offer accounts you can open entirely online, often with no monthly maintenance fees and no minimum balance requirements. These banks typically reimburse ATM fees or provide access to large ATM networks.
Traditional banks and credit unions remain another option. If you prefer in-person service or want a local branch, your community bank or credit union may offer checking accounts. Credit unions sometimes have lower fees and more flexible requirements than large national banks, though membership requirements vary by institution.
What to compare when choosing a checking account
Monthly maintenance fees vary widely. Some accounts charge nothing; others charge $10 to $15 per month, though many waive the fee if you maintain a minimum balance or set up direct deposit. Check what the actual fee is and what conditions waive it.
Minimum balance requirements also differ. Some accounts require $0 to open and maintain; others require $500 or more. Overdraft policies matter too — some banks charge $30 to $35 per overdraft, while others offer overdraft protection or decline transactions rather than charging fees. ATM access is worth checking: online banks may reimburse out-of-network fees, while traditional banks may have limited ATM networks unless they are part of a larger alliance.
How to open a checking account online
Most online banks let you open an account in 10 to 15 minutes using a computer or phone. You will need a valid government-issued ID, your Social Security number, and proof of address (usually a recent utility bill or lease). Have a debit card or bank account information ready so you can make an initial deposit if required.
The bank will verify your identity and run a check through ChexSystems, a banking history database. This check looks for unpaid overdrafts or fraud flags from previous accounts. If you have a history of overdrafts or closed accounts due to negative balances, some banks may decline you, though others specialize in second-chance checking.
Second-chance checking if you have banking history issues
If you have been denied a checking account or closed an account due to overdrafts, some banks and credit unions offer second-chance checking. These accounts often have higher fees and lower ATM access, but they let you rebuild your banking history. Chime, LendingClub, and some regional credit unions offer these accounts.
Before opening a second-chance account, ask whether the bank reports to ChexSystems. If it does, on-time account management will improve your record and make it easier to move to a standard account later. If it does not report, you will not build a positive history that other banks can see.
Checking accounts at credit unions
Credit unions often offer checking accounts with lower fees and more personalized service than large banks. Membership is usually based on where you work, where you live, or a group you belong to. Some credit unions have joined shared branching networks, which means you can conduct transactions at other credit unions nationwide.
Credit union checking accounts typically have no monthly fees and no minimum balance, though this varies by institution. If you already belong to a credit union or can join one, it is worth comparing their checking account terms to online and traditional banks.
Frequently Asked Questions
Can I use OpenBank for any banking services in the U.S.?
OpenBank in the U.S. offers personal loans and credit products, not deposit accounts. If you need a checking account, savings account, or money market account, you will need to open one with a different bank or credit union.
What is the fastest way to open a checking account online?
Online banks like Chime, Ally, and Charles Schwab typically let you open an account in 10 to 15 minutes on your phone or computer. You will need a valid ID, Social Security number, and proof of address. Some banks fund your account the same day; others take one to two business days.
Do I need a minimum balance to open a checking account?
Many online banks require no minimum balance to open or maintain an account. Traditional banks and some credit unions may require $100 to $500. Check the specific bank's requirements before opening, as this affects whether you will be charged monthly fees.
What happens if I have overdrafts on my banking record?
Unpaid overdrafts appear in ChexSystems and can make it harder to open a new account at mainstream banks. Second-chance checking accounts are designed for people with this history. Some credit unions and online banks also have more flexible policies toward banking history issues.
Are online checking accounts as safe as traditional bank accounts?
Online banks that are FDIC-insured offer the same deposit protection as traditional banks — up to $250,000 per account holder per bank. Check that any bank you choose displays FDIC insurance information on its website before opening an account.