Hi there, we will review Openbank to help you find out whether it is the right neobank for you!
Openbank is a fully digital bank and the online banking subsidiary of Banco Santander, founded in 1995 and headquartered in Madrid, Spain.
Likewise, Openbank provides various banking products, including current accounts, savings accounts, loans, credit cards, and investment options, all accessible via its user-friendly mobile app and website. The bank focuses on delivering a seamless banking experience with features such as real-time banking, low fees, and competitive interest rates.
Overall, Openbank’s mission is to make banking more accessible and efficient, emphasizing transparency and customer-centricity. As it continues to expand its reach beyond Spain to countries like Germany, Portugal and the Netherlands, Openbank aims to provide innovative solutions that meet the evolving needs of its diverse customer base.
In this review, we will dive deeper into the key features and benefits of Openbank.
Pros and Cons
Pros
- Unlimited free SEPA transfers across the EU
- Earn a highly competitive savings rates
- Free withdrawals worldwide in Santander networks
- Robust range of financial products
- Loans, mortgages and credit cards availability
Cons
- The sign-up experience could be smoother
- Only offers EUR accounts
- Lacks options for low-cost, easy international transfers
- Mobile app could be improved
Current accounts
Openbank’s current account stands out for its clear and transparent pricing policy, offering a range of features designed to meet the needs of all individuals. One of its key benefits is that there are no commissions for opening, managing, or closing the account, making it an accessible option for anyone looking for a straightforward banking experience.
In terms of transfers, Openbank offers free Euro transfers, including both national transfers and those to European Union countries, without any additional charges. This makes the account especially appealing for those who frequently send money within Europe.
Additionally, Openbank provides a free debit card, with the option to add paid features if needed, offering flexibility for users who may require extra services. The account also comes with the added benefit of free withdrawals from over 40,000 Banco Santander ATMs worldwide.
In the Eurozone, customers are entitled to five free monthly withdrawals, further enhancing the account’s value. Lastly, the account includes a European IBAN, making it easy to receive payments from other European countries.
High-yield savings accounts
Openbank álso offers competitive high-yield savings accounts designed to meet the diverse needs of personal users. One of the key advantages is that there are no fees or commissions, allowing customers to open, maintain, or close their savings accounts completely free of charge. This transparent approach ensures that users can manage their savings without any hidden costs.
The savings account provides flexibility, allowing users to withdraw some or all of their money, along with the interest earned, at any time. For the first six months, customers earn an attractive 3.00% interest rate on the first €500,000 in the account. After this period, the rate decreases to 2.50%, maintaining a competitive return on savings.
The interest rate can be different depending on the country and the period being consulted!
Additionally, Openbank offers a free Я42 Debit Card with the savings account, which serves as a 2-in-1 card. Customers also have the option to subscribe to the Travel+ benefits package for an additional €4.99 per month, unlocking exclusive travel perks and further enhancing the value of the account.
How to open an account with Openbank
In order to use Openbank, you will be asked to provide the following:
- Being over the age of 18 and have an accepted document to verify your identity
- Being a resident in Spain, Portugal, Germany, Netherlands, Mexico or United States
- Valid mobile phone number and email address
- Filling out the registration form
Also, you may be asked a few questions about yourself and the purpose of your account (these questions will not impact your eligibility).
The Openbank Я42 Card
No matter which account you choose, your Openbank card will be a Mastercard, which you can use to make purchases around the world wherever Mastercard is accepted.
Likewise, you can spend in multiple currencies and get automatic money conversion at near the real exchange rate. Making international purchasing faster and easier.
You can have more than and you can also associate your virtual card with your Apple Pay wallet or Google Pay wallet. Also, for a nominal fee of €4.99/month, users gain access to a suite of benefits designed to ease the financial aspects of travel.
Best Openbank Features
Openbank offers a comprehensive suite of personal finance tools, all accessible from a single platform. Here’s a rundown of the key features you can enjoy with Openbank:
Free European Bank Account: When you sign up, Openbank provides a free banking account, giving you access to essential financial services at no cost.
Pricing Transparency: Openbank prides itself on offering transparent fees, but the structure can still be somewhat confusing, especially when it comes to understanding how interest rates are calculated..
Robo-advisor Investments:The Robo-Advisor automated investment service helps you achieve your goals through the strategies that best suit you.
Budgeting Tools: Set spending limits and receive notifications when you’re close to exceeding them, helping you stay in control of your finances.
Expense Tracking: Use spend analytics to categorize and manage your expenses, making budgeting simpler and more transparent.
Openbank brings a mix of banking, investing, and budgeting tools into one intuitive platform, designed to simplify your financial life.
Is it safe to use Openbank?
Openbank complies with strict regulations set by European financial authorities. This includes offering deposit guarantees of up to €100,000 per customer under the European Deposit Insurance Scheme, ensuring that your funds are protected.
Moreover, Openbank offers several protective measures:
- Biometric authentication
- Spending limits to avoid unexpected expenses
- The ability to create a one-time-use online card for safe online shopping
- The option to freeze the card instantly
As a result of the fast evolution of new scams, Openbank is continually developing new solutions to combat the latest fraud and scam technologies.
In which countries does Openbank operate?
Openbank is currently available for citizens and residents of the following countries: Spain, Portugal, Germany, Netherlands, Mexico and United States
Costumer Service
Customer support at Openbank is generally accessible, but response times and the efficiency of issue resolution can sometimes lag behind the 24/7 support offered by some competitors.
In addition, the website and app have a basic FAQs section, an email to contact and a blog with up-to-date information on the bank’s activities.
Is Openbank worth it? Alternatives?
In conclusion, both the current and savings accounts are a decent banking option, especially with its Я42 Travel Card, which provides valuable benefits for frequent travelers at an affordable monthly fee.
However, while the bank’s integration with existing bank accounts and focus on security features are notable, potential customers may find more enticing options elsewhere. That said, if you’re in need of a secondary account or frequently make international transfers, platforms like Revolut, N26, or Wise might be worth exploring.
Ultimately, whether Openbank suits your needs depends on your personal banking requirements and how they align with the bank’s services. And since there’s no cost to try it out, it’s certainly worth considering!
FAQs
Who is Openbank for?
Openbank offers tailored solutions for personal users, blending digital banking and investing in a seamless platform. With quick setup, current and hight-yield savings accounts, Openbank is well-suited for modern users who want an innovative solution and good interest rates.
How is Openbank different than my bank?
Openbank offers low fees with no physical branches, which means fewer costs for ATM withdrawals, international transfers, and payments abroad. Plus, the app allows you to go paperless, keeping all your communications and account details digital for ultimate convenience and eco-friendliness.
