OpenBank's Current Account Offerings
OpenBank does not offer a traditional checking account. The bank, which operates as an online division of Banco Sabadell (a Spanish bank), focuses on savings products and deposit accounts rather than transaction accounts with debit cards and check-writing capability. If you are looking for a checking account in the United States, OpenBank is not the right fit.
OpenBank's product line centers on high-yield savings accounts and certificates of deposit (CDs). These are designed for people who want to park money and earn interest, not for everyday spending and bill payments. The bank does not issue debit cards tied to checking accounts, and there is no option to write checks or set up automatic bill pay through a checking account structure.
This matters because many people assume any online bank offers checking accounts. OpenBank's narrower focus means you would need a separate account elsewhere if you need a place to deposit paychecks, pay bills, or make everyday purchases.
Key Takeaways
- OpenBank offers only savings accounts and CDs, not checking accounts with debit cards or check-writing features.
- The bank is owned by Banco Sabadell, a Spanish financial institution, and operates as a savings-focused online bank in the United States.
- If you need checking account services, you will need to open an account with a different bank or credit union.
- OpenBank's strength is in interest rates on savings products, not in transaction or payment services.
What OpenBank Does Offer Instead
OpenBank's main product is a high-yield savings account that pays interest on your balance. The account has no monthly fees, no minimum balance requirement, and FDIC insurance up to $250,000. You can deposit money by electronic transfer from another bank account, and you can withdraw it the same way. Interest rates change with market conditions, so the rate you see today may not be the rate next month.
The bank also offers certificates of deposit (CDs), which lock your money away for a set period (typically three months to five years) in exchange for a may provide interest rate. CDs pay more than savings accounts, but you cannot touch the money without paying an early withdrawal penalty.
Both products work through OpenBank's website and mobile app. You manage your account online, set up transfers, and monitor your balance there. There is no physical branch network and no in-person service.
How to Access Your Money at OpenBank
Because OpenBank has no checking account, you cannot write checks or use a debit card tied to an OpenBank account. To spend money from your OpenBank savings account, you must transfer it to another bank account first. This transfer typically takes one to three business days, depending on the receiving bank.
This delay is the main practical difference between a savings account and a checking account. If you need money immediately, a savings account at OpenBank is not convenient. You would transfer funds to a checking account at another bank, then use that account's debit card or checks to spend the money.
Some people use this setup intentionally—they keep spending money in a checking account at a traditional bank and keep savings at OpenBank to earn higher interest. The separation makes it slightly harder to dip into savings on impulse, which can be a useful feature for building emergency funds.
Alternatives If You Need a Checking Account
If you arrived at OpenBank looking for a checking account, consider these alternatives. Online banks like Ally, Charles Schwab, and Discover all offer checking accounts with no monthly fees, no minimum balance, and competitive interest rates. These accounts come with debit cards and the ability to write checks, so you can use them for everyday spending.
Credit unions often offer checking accounts with low or no fees as well, especially if you are a member. Some credit unions also offer high-yield savings accounts, so you could keep both your checking and savings in one place.
If you want to use OpenBank specifically for its savings rates, you can open a savings account there and a checking account elsewhere. Many people do this—they use a checking account for transactions and a separate high-yield savings account (at OpenBank or another bank) for money they want to keep and grow.
Why OpenBank Chose Not to Offer Checking
OpenBank's parent company, Banco Sabadell, is a European bank with limited U.S. operations. The bank entered the American market by focusing on a specific niche: people who want to save money online and earn competitive interest rates. Offering checking accounts would require building out payment processing, fraud prevention, and customer support systems that are expensive and complex.
By staying focused on savings products, OpenBank keeps its costs low and can pass higher interest rates to customers. This is a deliberate business choice, not a temporary limitation. If you need checking services, the bank is simply not designed for that purpose.
Moving Money Between OpenBank and Your Checking Account
If you decide to open a savings account at OpenBank and keep your checking account elsewhere, you will need to link the two accounts. OpenBank allows you to add external bank accounts (your checking account at another bank) through its website or app. You provide your checking account number and routing number, and OpenBank verifies the connection by depositing two small amounts into your checking account.
Once linked, you can transfer money from your OpenBank savings account to your checking account whenever you need it. The transfer is free and typically takes one to three business days. You can also transfer money from your checking account into OpenBank savings, which is useful if you want to move money there regularly (for example, after each paycheck).
Some people set up automatic transfers to move a fixed amount from checking to OpenBank savings each month. This can help you build savings without having to remember to transfer manually.
Frequently Asked Questions
Can I use OpenBank for direct deposit of my paycheck?
No. OpenBank savings accounts do not accept direct deposit because they are not checking accounts. You would need to deposit your paycheck into a checking account at another bank, then transfer money to OpenBank if you want to save it. Some employers allow you to split direct deposit between multiple accounts, which can make this easier.
Does OpenBank offer a debit card?
No. OpenBank does not issue debit cards because it does not offer checking accounts. To spend money from your OpenBank savings account, you must transfer it to a checking account at another bank first, then use that bank's debit card.
What happens if I need my money quickly from OpenBank?
Transfers from OpenBank to another bank take one to three business days. If you need money faster, you would need to keep some funds in a checking account at a bank that offers immediate access. OpenBank is designed for money you do not need right away.
Can I write checks from an OpenBank savings account?
No. OpenBank savings accounts do not come with checkbooks. Only checking accounts offer check-writing. If you need to pay by check, you would transfer money to a checking account at another bank and write the check from there.
Is my money safe at OpenBank if it does not have checking accounts?
Yes. OpenBank is FDIC-insured up to $250,000, the same as any other bank. The fact that it offers only savings products does not affect the safety of your deposits. Your money is protected whether it sits in a checking account or a savings account.