Open Bank Review

Overview

Founded in 2005, Open Bank has $901 million in assets and $773 million in deposits, making the institution a medium-size bank. Open Bank, whose headquarters are in Los Angeles, California, 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 traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With an average 3.8 out of 5 stars, Open Bank is a bank with better alternatives. Open Bank offers a variety of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. Open Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking account features a monthly fee of $7.00, although banks sometimes have requirements that allow you to waive the fee. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is the best bet for getting the most income from your deposits while maintaining easy access to your funds.

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

Open Bank has a savings rate of 0.25%, which is poor in comparison to the average U.S. bank. Its one-year CD earns at a rate of 1.50%, while its highest-yielding money market account earns at an APY of 0.90%. Given its poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How Open Bank's Savings Rates Compare

On average, Open Bank charges customers high fees compared to other U.S. banks. At $7.00 per month, Open Bank's checking account is less than great for people who need an easy checking account. Open Bank does not refund out-of-network ATM fees, which means you'll have to locate an Open Bank ATM or eat the withdrawal fee.

Open Bank is a brick-and-mortar bank, with eight total branches in California. It also offers access to mobile and web apps for simple access and banking on the go. Open Bank also offers a live chat feature, which may provide helpful service without getting on the phone. Open Bank's online and mobile banking platforms get moderately high scores from users. The Open Bank mobile app is rated at 4.2 out of 5 (out of 20 ratings on Apple and Android) compared to the national average of 3.8. You can use Open Bank's mobile app to control your accounts by checking current statements, sending and receiving money and accessing support representatives. Open Bank gets an outstanding consumer satisfaction rating due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Open Bank is currently a medium-size bank with $901 million in assets as well as deposits totaling $773 million. Open Bank has an excellent Texas Ratio of 0.68%, signifying a minute probability 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.

Products Offered

Open Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you 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 other U.S. banks.

Find a Open Bank Near Me

Open Bank has eight branches across the U.S.