Openbank is a digital bank with low fees, but it works best for specific needs

Openbank is an online bank owned by Santander that offers checking accounts with no monthly maintenance fees, no minimum balance requirements, and no overdraft fees. It has no physical branches—all banking happens through a mobile app or website. Whether it is a good fit depends on what you need from a bank: if you deposit checks regularly, need cash access, or want customer service by phone, Openbank has real limitations. If you mostly transfer money digitally, pay bills online, and rarely need cash, it can work well.

The bank is FDIC insured up to $250,000 per account type, so your money is protected the same way it would be at any other bank. The app is straightforward and the account opens in minutes. But before you move your paycheck there, you should understand what you cannot do and what happens when you need help.

Key Takeaways

  • Openbank charges no monthly fees, no minimum balance, and no overdraft fees, which saves money if you avoid those charges at other banks.
  • You cannot deposit checks through the app or mail—you must transfer money from another bank account or use direct deposit, which limits how you can fund the account.
  • There are no physical branches and no phone support, so if something goes wrong with your account, you can only reach the bank through email or in-app chat.
  • ATM access is limited to Santander ATMs and a small network of partner machines, so withdrawing cash may require a trip or a fee.
  • Openbank works best as a secondary account for digital payments and bill pay, not as your primary bank if you need check deposits or frequent cash access.

How deposits and cash access actually work

Openbank does not accept check deposits at all—not through the app, not by mail, not in person. Your only ways to fund the account are direct deposit from your employer, transfers from another bank account you own, or transfers from someone else's account. If you receive checks regularly or need to deposit cash, you will have to use a different bank first, then transfer the money over.

For cash withdrawals, you can use Santander ATMs for free. If you do not have a Santander branch or ATM near you, you can withdraw at some partner ATMs, but fees apply—usually $2 to $3 per transaction. Some Openbank customers keep a second account at a bank with wider ATM access just to avoid these fees. If you live in an area with few Santander locations, this becomes a real cost.

What happens when you need customer support

Openbank has no phone line. If your card is lost, your account is frozen, or money disappears, you contact the bank through in-app chat or email. Response times vary—some issues are handled in hours, others take a day or two. If you need immediate help on a weekend or late at night, you are limited to what the chat system can do.

For people who rarely need support, this is fine. For people who have had fraud, account errors, or urgent problems, the lack of phone support is a real drawback. You cannot call and talk to a human the same day. This matters most if something goes wrong with a payment or transfer and you need it resolved fast.

Fees you will actually pay

Openbank's main selling point is the absence of common fees. There is no monthly maintenance fee, no minimum balance fee, and no overdraft fee. Wire transfers are free for domestic transfers (most banks charge $15 to $30). International wire transfers cost $15. Incoming wire transfers are free.

The fees you might hit are ATM fees outside the Santander network, which run $2 to $3 per withdrawal depending on the ATM operator. If you use your debit card at a non-Santander ATM and it declines, you may be charged a decline fee by that ATM's operator (usually $1 to $2), though Openbank itself does not charge it. Overdraft protection is not available, so if you spend more than you have, the transaction will decline rather than overdraft.

Comparing Openbank to other online banks

Other online banks like Ally, Charles Schwab, and Discover also have no monthly fees and no minimum balance. The key differences are check deposit and ATM access. Ally and Discover both let you deposit checks through the app by taking a photo. Charles Schwab reimburses ATM fees worldwide, so you can use any ATM without paying out of pocket. Openbank does neither.

If check deposits or ATM access matter to you, Ally or Charles Schwab are stronger choices. If you want the simplest possible account for digital transfers and bill pay, and you have another bank for checks and cash, Openbank saves you money and keeps things lean. The choice depends on how you actually move money, not on which bank sounds best.

Security and fraud protection

Openbank uses standard security: two-factor authentication, encryption, and fraud monitoring. If someone uses your card without permission, you report it through the app and Openbank investigates. The bank's fraud liability policy follows federal rules—you are not responsible for unauthorized charges if you report them promptly, though the investigation can take time.

The risk is not higher or lower than at other banks. The friction is that you cannot call to report fraud immediately; you have to use the app or email. For most fraud cases, this delay does not matter because the bank has already blocked the charge. But if you need to dispute a large transaction or freeze your account in an emergency, the lack of phone support is a real limitation.

When Openbank makes sense and when it does not

Openbank works well if you have direct deposit, rarely need cash, do not receive checks, and want to avoid fees. It is a good secondary account for savings or for keeping money separate from your main checking account. It is also useful if you travel internationally and want free incoming wire transfers.

Openbank does not work well if you deposit checks regularly, need frequent cash access, live far from a Santander ATM, or want phone support. It is not a good choice as your only bank account. If you need a primary account that handles everything, a traditional bank or a more full-featured online bank like Ally or Charles Schwab is a better fit.

Frequently Asked Questions

Can I deposit checks with Openbank?

No. Openbank does not accept check deposits through the app, by mail, or in person. You must transfer money from another bank account or use direct deposit. If you receive checks, you will need a second bank account to deposit them first.

What if I need to withdraw cash and there is no Santander ATM near me?

You can use a non-Santander ATM, but you will pay a fee—usually $2 to $3 per withdrawal. Some customers keep a second account at a bank with wider ATM access to avoid these fees. Check Santander's ATM locator before opening an account to see what is available in your area.

Is my money safe at Openbank?

Yes. Openbank is FDIC insured up to $250,000 per account type, the same protection as any other bank. Your deposits are protected even if Openbank fails. The bank uses standard security measures like two-factor authentication and fraud monitoring.

Can I call Openbank if something goes wrong?

No. Openbank has no phone support. You can only reach the bank through in-app chat or email. Response times vary, but you cannot talk to a human by phone. If you need immediate support, this is a real limitation.

Should I use Openbank as my main bank account?

Probably not, unless you have direct deposit, never need cash, and do not receive checks. Openbank works best as a secondary account. If you need a bank that handles everything—deposits, cash access, phone support—a traditional bank or a more full-featured online bank is a better choice.