Openbank Review

Banking doesn't have to drain your wallet with unnecessary fees. You'll enjoy complete freedom from monthly maintenance fees and minimum balance requirements, giving you full control over your money without the stress of maintaining arbitrary thresholds just to avoid charges.

When your adventures take you abroad, your finances can travel just as freely as you do. You won't encounter those pesky foreign transaction fees that typically add 1-3% to every purchase made in another currency. This saving alone can make a meaningful difference in your travel budget, leaving more money for experiences rather than banking costs.

While these cost benefits create a solid foundation for everyday banking, it's worth noting that some convenience features aren't currently available. You won't have access to out-of-network ATM fee reimbursements, overdraft protection, or free wire transfers. Consider how these limitations might affect your banking habits before making the switch.

Keeping your money safe shouldn't be complicated. With two-factor authentication and instant card lock features, you can protect your accounts from unauthorized access and quickly freeze your cards if they're lost or stolen. These tools put security control right at your fingertips, whether you're checking your balance at home or noticing something suspicious while out and about.

Staying one step ahead of potential threats becomes easier with real-time fraud alerts that notify you immediately when unusual activity occurs. Before heading on vacation, simply set up travel notifications to ensure your legitimate purchases don't trigger security flags when you're exploring new places.

While not offering a full-fledged identity theft protection package, you'll still benefit from Mastercard ID Theft Protection as a cardholder. This complementary service watches for your personal information in data breaches and monitors the dark web, giving you peace of mind without extra costs. These layered security measures work together to create a protective shield around your financial life.

Openbank puts banking at your fingertips with native apps for both iOS and Android devices. While the iOS app scores a modest 3.2/5 and the Android version trails at 2.4/5, both give you full access to your accounts, transfers, and essential banking functions wherever you go. The ATM locator feature helps you find nearby cash points when you're out and about or traveling in unfamiliar areas.

Stay connected to your money through Openbank's robust notification system. You'll receive customizable account alerts and instant push notifications about your transactions, balance changes, and security events—keeping you informed in real time. One notable limitation: Openbank doesn't support mobile check deposits, so you'll need to visit a branch or ATM when you receive paper checks.

Openbank makes managing your money flow seamless with its robust transfer options. You can set up direct deposit for your paycheck or benefits, eliminating paper checks while gaining immediate access to your funds. Even better, their early direct deposit feature puts your money in your account up to two days before payday—perfect for handling unexpected expenses or avoiding late fees on bills.

Need to move larger sums quickly? Openbank supports both domestic and international wire transfers, giving you same-day service domestically and 1-3 day delivery for global transfers. While wires come with higher fees, they provide the speed and security you need for time-sensitive transactions or sending money to family abroad.

You'll also appreciate Openbank's practical everyday transfer solutions. Link your external accounts to view all your finances in one place, making it easier to track your complete financial picture. And when you need to move money between banks without the wire transfer cost, their free ACH transfers handle the job reliably within 1-3 business days—ideal for regular transfers or setting up automatic payments.

Take control of your financial journey with intuitive budgeting tools that track your spending by category and help you set meaningful limits. The visual breakdowns transform complex money matters into clear insights, while detailed spending analytics reveal patterns you might not have noticed—like that coffee habit that's quietly draining your account each month.

Turn everyday purchases into savings opportunities with the round-up feature that tucks away spare change from each transaction. It's like finding money in your couch cushions, but automatic. You can also create custom savings rules that work quietly in the background, transferring funds based on your specific conditions—whether that's moving 10% of your paycheck to savings or adding a little extra when you've stayed under budget.

While you won't have access to sub accounts for separate savings goals, the bill pay service more than makes up for it. You'll never miss another due date when you schedule and manage all your monthly obligations in one place. This centralized approach not only protects your credit score from late payment dings but also gives you a clearer picture of your monthly cash flow.

Openbank connects seamlessly with popular payment services to make your financial life easier. With Zelle, you can instantly send money to friends and family between almost any U.S. bank accounts—perfect for splitting dinner bills or sending birthday cash. The bank's Apple Pay and Google Pay integrations let you tap and go with your smartphone, adding both convenience and security to your daily purchases without reaching for your physical wallet.

Beyond everyday payments, Openbank thinks globally with full Wise integration, helping you send money internationally without the hefty fees typically charged by traditional banks. Small business owners and freelancers will appreciate the QuickBooks connection, which automatically syncs your transactions and saves you from tedious data entry. These thoughtful integrations transform Openbank from just a place to store your money into a central hub for your financial activities.

Need help at 3 AM when you spot a suspicious transaction? The 24/7 phone support has you covered, connecting you with representatives ready to assist with urgent matters whenever they arise. For those middle-of-the-day questions, the live chat feature lets you skip the phone queue and get immediate assistance while continuing with your day.

Email support gives you a paper trail for those complex questions that need detailed responses, perfect when you're sharing specific account information or need thorough explanations. While these core support channels keep you connected to help when you need it, it's worth noting that some specialized services aren't currently available.

You won't find bill negotiation services to help trim your monthly expenses or dedicated financial advisors to guide your long-term planning. These limitations might matter if you're looking for comprehensive financial guidance beyond day-to-day banking support.

Need to handle physical cash but prefer digital banking? While you won't find traditional branch locations or ATMs with Openbank, the bank does understand that sometimes you need access to substantial amounts of physical currency. That's why they fully support large cash withdrawals, giving you the flexibility to access significant funds when needed for major purchases or special occasions.

It's worth noting that Openbank takes a primarily digital approach to banking services. You won't find brick-and-mortar conveniences like cash deposits, cashier's checks, notary services, or safe deposit boxes. The bank also doesn't maintain ATM networks (domestic or international) or provide currency exchange services. This streamlined approach might be perfect if you rarely deal with physical banking needs and primarily manage your finances electronically.

Looking for additional financial services beyond basic banking? You might want to note that several specialized features aren't currently part of the package. The bank doesn't support integrated investment accounts, which means you'll need separate platforms if you're hoping to manage stocks, bonds, or mutual funds alongside your everyday banking.

Cryptocurrency enthusiasts will need to look elsewhere too, as digital currency trading isn't available through this banking relationship. Similarly, you won't find credit monitoring services to track your score, cashback rewards on your purchases, or the ability to maintain foreign currency accounts. If these specialized services matter to your financial life, you might want to consider supplementing with other financial tools or providers that can fill these gaps.