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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 and its headquarters are located in Los Angeles, California. Open Bank manages $901 million in assets and $773 million in deposits, classifying it as a medium-size bank. Open Bank has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a score of 3.8 out of 5 stars, Open Bank should be near the middle of the pack in your search for a bank. Open Bank provides customers with a complete choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account carries a monthly fee of $7.00, although banks sometimes have requirements that allow you to waive the fee. Banks that offer free checking, in addition to a high savings APY are your best option for getting the most income from your deposits while having easy access to your money.

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

Open Bank has a savings rate of 0.25%, which is fair compared to the average U.S. bank. Open Bank's one-year CD has a rate of 1.20%, while its highest-yielding money market account has a rate of 0.25%. Given Open Bank's poor savings rate, you should consider looking elsewhere to open savings accounts.

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

Open Bank has typically high fees compared to other U.S. banks. Its checking account has a monthly fee of $7.00, making it fair for anyone looking for a hassle-free account. Open Bank does not refund out-of-network ATM fees, meaning you'll need to search for an Open Bank ATM or eat the withdrawal fee.

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. It also offers access to mobile and web apps for easy access and banking on the go. Additionally, Open Bank customers can access live chat for help, key for getting quick access to customer service. Open Bank's online and mobile banking services get reasonably high praise from customers. Out of 20 customer reviews on both Apple and Android platforms, the Open Bank mobile app is scored at 4.2 out of 5 (compared to the national average of 3.8). Open Bank's mobile app allows you to control your accounts by monitoring current statements, transferring funds as well as reaching customer service. Open Bank receives an outstanding consumer satisfaction rating based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 a medium-size bank with assets totaling $901 million as well as $773 million in deposits. Its Texas Ratio is 0.68%, denoting a minute chance of 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: 1.20% APY
  • 24 Month: 1.40% APY
$1000 for all terms
Money Market Account 0.25% APY $10000

Open Bank offers several deposit products like 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 other options 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 compared to the national average.

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Find a Open Bank Near Me

Open Bank has eight physical locations across the U.S.

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