What is the difference between Openbank and Santander Bank?

In simple terms, Openbank is a leading national digital bank, while Santander Bank offers customers a wide network of retail banking branches across the Northeast.

In many ways, you can think of them as two sides of the same coin. At Openbank, customers enjoy the unique features and benefits of a digital bank – including the top-tier rate of Openbank’s High Yield Savings accounts – while accessing their accounts exclusively through the Openbank mobile app and online banking at openbank.us. Santander on the other hand, offers customers a full banking relationship as well as on-site support through the branch network.

The two banks operate on separate platforms, with overlap limited to customer personal information and the ability to transfer money seamlessly between the two divisions. Deposits at Santander Bank and its Openbank division are combined for FDIC purposes and are not separately insured. For more information about FDIC deposit insurance, visit the FDIC’s online resources here.