Openbank Review

Banking shouldn't cost you money just to keep your money safe. With no monthly maintenance fees and zero minimum balance requirements, you're free to use your account however works best for your financial situation, whether that's keeping a healthy cushion or drawing down to nearly zero when needed.

Travel enthusiasts will appreciate the absence of foreign transaction fees, saving you 1-3% on every purchase made abroad or in foreign currencies. Those savings add up quickly during international trips! While some premium features like out-of-network ATM fee reimbursements, overdraft protection, and free wire transfers aren't currently available, the core banking experience remains refreshingly fee-free.

Openbank takes your security seriously with robust two-factor authentication that goes beyond passwords, requiring a second verification step through your phone or email. When something seems off, their real-time fraud alerts spring into action, notifying you instantly about suspicious activities like unusual purchases or strange login attempts, giving you precious time to respond before damage occurs.

Lost your card or spotted something fishy? The instant card lock feature lets you freeze your card immediately through the app, putting you in control while you sort things out. Before jetting off on your next adventure, Openbank's travel notification system ensures your legitimate vacation purchases won't trigger security flags. They also provide some identity theft protection through Mastercard ID Theft Protection for cardholders, including data breach alerts and dark web monitoring to keep your personal information safer in today's digital landscape.

Managing your money on the go becomes second nature with both iOS and Android apps at your fingertips. While the iOS app scores slightly better (3.2/5) than its Android counterpart (2.4/5), both give you full access to your accounts, transfers, and other essential banking functions wherever you roam.

Staying informed about your finances is a breeze with customizable account alerts and instant push notifications that keep you updated on deposits, withdrawals, and potential security concerns. The built-in ATM locator proves invaluable when you're traveling or just need quick access to cash in unfamiliar neighborhoods.

One notable limitation is the absence of mobile check deposit functionality, meaning you'll still need to visit physical locations to deposit paper checks. This missing feature might be inconvenient if you regularly receive check payments and value handling them from your smartphone.

Say goodbye to waiting for your money with direct deposit capabilities that automatically route your paychecks, government benefits, and other regular payments straight to your account. You'll even gain access to your funds up to two days earlier with early direct deposit—perfect for handling unexpected expenses or paying bills before their due dates.

Managing your finances across borders becomes effortless with both domestic and international wire transfer options. When time is of the essence, same-day domestic wires deliver quick, secure transfers, while international wires connect you to financial institutions worldwide within 1-3 business days.

Keeping track of your complete financial picture has never been simpler thanks to external account linking, which brings all your banking relationships into one convenient view. And when you need to move money between your accounts at different banks, free ACH transfers provide a no-cost solution—taking a bit longer than wires but saving you fees for those regular transfers that aren't time-sensitive.

Take control of your money with intuitive budgeting tools that track spending by category, set limits, and provide visual breakdowns of where your cash goes. You'll also benefit from smart spending analytics that automatically sort transactions and reveal your spending patterns—perfect for spotting those sneaky expenses that might be draining your wallet.

Turning small moments into meaningful savings is effortless with round-up features that automatically tuck away the spare change from your purchases. Pair this with customizable automated savings rules, and you're building wealth on autopilot—whether it's squirreling away a percentage of your paycheck or making consistent transfers on specific dates.

Managing bills becomes remarkably simple with the integrated bill pay system, helping you avoid those frustrating late fees and keeping all your monthly obligations in one place. While you won't find sub-accounts for separate savings goals, the robust combination of other money management features creates a solid foundation for your financial journey.

Need to send money to a friend or split a dinner bill? Your account connects seamlessly with Zelle, letting you transfer funds to almost any U.S. bank account within minutes—all without fees. When you're shopping, leave your physical wallet at home and tap to pay with Apple Pay or Google Pay, adding an extra layer of security to your purchases while making checkout a breeze.

Managing international finances becomes surprisingly affordable with Wise integration, which bypasses those hidden exchange rate markups that traditional transfers often include. For entrepreneurs and freelancers, the QuickBooks connection automatically pulls your transactions into your accounting software, turning what used to be hours of manual data entry into an automated background process.

These digital connections transform your everyday banking into something that fits naturally into your life—whether you're splitting rent with roommates, traveling abroad, or growing your small business.

Openbank keeps your banking needs covered with their always-on phone support. No matter when that suspicious transaction appears or your card goes missing, someone's there to help—even at 3 AM when financial worries seem to multiply.

Their live chat feature shines as a convenient way to get immediate assistance without the dreaded phone queue. Type your questions and receive real-time guidance whether you're wondering about a simple account detail or navigating something more complex. For less urgent matters, their email support gives you space to explain detailed issues while creating a paper trail you can reference later.

While Openbank delivers solidly on these core support channels, they currently don't offer bill negotiation services that could trim your monthly expenses or provide access to financial advisors for personalized guidance. These gaps might matter if you're looking for a bank that goes beyond basic support to actively help improve your financial well-being.

When you need to withdraw large sums of cash beyond typical ATM limits, you'll appreciate the full support for large cash withdrawals. This feature comes in handy for major purchases, emergency situations, or those special occasions when only cash will do—no need to plan days ahead or make multiple smaller withdrawals.

While the bank shines with large cash access, it's worth noting that physical banking services are limited. You won't find branch locations for face-to-face assistance, ATM networks (domestic or international), or practical services like cash deposits. If you're someone who deals primarily in digital transactions, this digital-forward approach might align perfectly with your lifestyle.

Traditional banking conveniences such as cashier's checks, notary services, safe deposit boxes, and currency exchange aren't available either. This absence of physical services suggests the bank focuses primarily on digital solutions rather than brick-and-mortar experiences—ideal if you rarely need to visit a branch but potentially challenging if you occasionally require these specialized services.

When it comes to expanding your financial horizons, you might find some limitations with your banking options. While investment accounts can be a powerful way to grow your wealth and conveniently manage stocks and bonds alongside your everyday accounts, this functionality isn't currently part of the service suite.

You won't find support for cryptocurrency transactions, credit monitoring tools, or cashback rewards programs either. For international travelers or those dealing across borders, the absence of foreign currency accounts means you'll need to look elsewhere for managing multiple currencies without exchange fees. If these additional financial services are important to your financial strategy, you might want to consider supplementary options to fill these gaps.