I have accounts at both Openbank and Santander Bank. Does that mean I qualify for double the FDIC insurance coverage?

Sorry – that’s not the case. Because Openbank operates in the United States as a part of Santander Bank, N.A., for the purposes of calculating FDIC insurance, deposits at Openbank and Santander Bank are combined and are not separately insured. Under the FDIC, the standard coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category (e.g., single, joint, trust, business, etc.).