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Open Bank Review

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Open Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Open Bank started in 2005 with its headquarters in Los Angeles, California. Open Bank owns $901 million in assets along with deposits totaling $773 million, classifying it as a medium-size bank. Open Bank has above-average customer service access with a live chat feature, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Overall, Open Bank is a bank with better alternatives, with a score of 3.8 stars out of 5 from the SmartAsset team. Open Bank has a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking account has a $7.00 monthly fee, making it a rather costly bank for checking. Using a bank with no-fee checking and a high savings APY is your best bet for gaining the most income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.8
SmartAsset Average: 3.5

With a savings rate of 0.25%, Open Bank ranks poorly compared to the national average. Its one-year CD earns at a rate of 1.50%, while its highest-yielding money market account has an APY of 0.90%. Given its noncompetitive savings rate, you should consider other options to earn more on your deposits.

How Open Bank's Savings Rates Compare

Open Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

On average, Open Bank charges its customers high fees compared to the average U.S. bank. At $7.00/month, Open Bank's checking account is not the best product for those who need a hassle-free banking experience. Open Bank doesn't refund out-of-network ATM fees, meaning you will be required to search for an Open Bank ATM or eat the ATM charge.

Monthly Fee $7.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.3
SmartAsset Average: 3.7

Open Bank is a brick-and-mortar bank, with eight total bank locations in California. With mobile and web apps, Open Bank makes account access easy, even on the go. Additionally, Open Bank offers a live chat feature, something to consider if you work during the customer service hours. Open Bank receives reasonably high praise from customers for its online presence. The Open Bank mobile app has been given a 4.2 out of 5 (with 20 reviews on Apple and Android) compared to the national average of 3.8. You can use Open Bank's mobile app to control your funds by checking current statements, sending and receiving funds and accessing customer service. Open Bank gets a superb consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

5.0
SmartAsset Average: 4.8

Open Bank is currently a medium-size bank and has $901 million in assets as well as $773 million in deposits. Open Bank's Texas Ratio is 0.68%, indicating that the bank is in superb financial shape and far from failure. Additionally, Open Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Open Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $500
Checking Account 0.35% APY $1
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 1.80% APY
$1000 for all terms
Money Market Account 0.9% APY $10000

Open Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Open Bank does not have the best savings rate, which means you should consider looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Open Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Open Bank Near Me

Open Bank has eight locations across the U.S.

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