Review: Openbank's Current & Savings Accounts

Discover what Openbank has to offer in our detailed review

Ian McKenzie

Review by Ian McKenzie 

Head of Fintech Research

Contact author

Published: 13.02.24  

Updated: 26.02.24

Published: 13.02.24

Updated: 26.02.24

Openbank: General Information

Openbank's bank accounts for individuals, reviewed.

Today, we're diving deep into Openbank, Spain's innovative digital bank that's making waves across Europe. With its roots firmly planted in Spanish soil, Openbank extends its branches to residents of Germany, the Netherlands, and Portugal, offering a fresh take on banking for the digital age.

In this review, we'll dissect everything Openbank has to offer—from its no-frills current and savings accounts designed for the everyday user, to its more complex offerings tailored for the smart spender. Our team of digital finance professionals, banking insiders, and quantitative finance experts has combed through every detail and got "hands on" with the banking product to bring you a comprehensive look at what sets Openbank apart in the crowded fintech landscape.

Openbank logo

Openbank: Key Facts

HeadquartersMadrid, ES
Total Users1'500'000+
Personal Banking Free plan available
Business Banking From € p/m
Sign-up Bonus Up to 3,65% interest
Joint Accounts
Desktop Version✔️

Exclusive offer for Fintech Compass readers: Free savings account with 3,65% interest rate

To claim the rewards, just follow any of the Openbank links on our website.

Structured for clarity and packed with insights, our review will navigate through the key features, user experience, fees, security measures, customer service, and, of course, the unique benefits and potential drawbacks of banking with Openbank. If Openbank is already on your radar, you're in the right place to learn everything you need to know. Let's get started!

Openbank: Countries Supported

Openbank is available for citizens and residents of the following countries:









Additionally, Openbank also welcomes customers in Argentina.

Convenience, Key Features and Overall Experience

Choosing the right bank goes beyond just looking at the perks; it's about weighing the convenience, features, and the overall user journey against the competition. As such, we’ll dissect the convenience of Openbank's banking product, its key features, account opening process, and user experience, not shying away from its shortcomings.

Openbank positions itself as a digital-first institution, promising easy access and management of finances along with high-interest savings accounts. However, the bank's digital savviness doesn't entirely eliminate friction points. The bank is present in multiple countries, but not available EU-wide, an aspect where globally-present neobanks have an edge.

Unique Selling Points & Key Benefits

Here are some of the points to consider about Openbank's offering:

Openbank mobile banking app.

Opening an Account: Your Mileage May Vary

The account opening process in Openbank is marketed as straightforward, but potential customers should brace for possible hiccups. The online application, while generally user-friendly, frequently presents challenges such as document recognition errors or verification delays. Through the use of third party services, some other neobanks have streamlined the process to near perfection.

Luckily, you only need to complete this process once, so it's not the end of the world if it takes a little bit. And on a positive note, the documentation requirements are minimal, reducing the barriers to entry for new customers. Switching to Openbank can also be incredibly easy, thanks to Bank Switch Service provided at no cost.

Overall Experience: Good, but could be better

Openbank’s user interface is designed to be intuitive, yet you might encounter occasional glitches or navigational complexities. Compared to the seamless experiences offered by some of the leading products, Openbank’s user journey can feel a step behind, particularly in app performance and transaction processing speeds. It also aims to keep the user-facing aspects neat and tidy, yet this has a drawback - you will not find any innovative and unique features in this banking app.

Customer support, while accessible, sometimes falls short in response times and resolution efficiency, especially when compared to the 24/7 support ethos of some competitors. And unlike with most French banks like Qonto, you do not get a dedicated account manager either - although you might call that a niche benefit. However, as the app functions very well overall, and the bank's technical infrastructure is very robust, you might not need to contact support at all - and that's better than having good CS.

Openbank supports Apple Pay.

Account Security & Asset Protection Guarantees

Openbank prioritizes the security and reliability of its platform through multiple layers of protection. Firstly, there's a range of technological protective measures. Utilizing encryption protocols, such as SSL, ensures data confidentiality and your privacy during online transactions. Next to it, there's 3D Secure enabled for cards, providing additional authentication for enhanced payment security. On top of this, a series of automated transaction monitoring solutions is in place, ensuring anti-money laundering checks and fraud detection.

Beyond these, there is the legal-regulatory guarantee. The bank adheres to strict regulations enforced by European financial authorities. This includes deposit guarantees up to €100'000 per customer, as per the European Deposit Insurance Scheme.

Combined, these factors contribute to a secure and trustworthy banking environment, with as much legal protection for the customer as with a "big" bank like BBVA.

Bank Accounts for Individuals

Read our detailed reviews of personal bank accounts available at some of the world's most popular online banks, compare the plans they offer, explore their pricing and discover all the hidden fees.

Banking for individuals on mobile.

Accounts Available at Openbank

Current Account

No monthly fee

Openbank's Current account is also known as "Girokonto" in Germany, "Betaalrekening" in the Netherlands, "Cuenta Corriente Open" in Spain and "Conta à Ordem Open" in Portugal. It is a basic bank account without a monthly fee that also offers a free debit card and SEPA transfers.

These accounts get better if you use them as "Payroll Accounts", i.e. an account you get your salary, unemployment benefits or other recurring payments in. These benefits include (but are not limited to): 0,5% cashback on your bills, free debit and credit cards, all with discounts offered by select partners.

Savings Account

Openbank also offers savings accounts - and these too come at no cost. The terms on this account vary country by country, here are the key differences:

Regardless of the country you're in, you can rest safe knowing that your money is securely protected in accordance with European regulations. Protection is guaranteed by the Spanish Deposit Guarantee Fund, which covers savings and investments of up to €100'000 per depositor.

You will find all the details on fees, products available and rates applicable in the account comparison table below.

Openbank: Plan Comparison Table

Openbank logo
Openbank plan comparison table and fee structure.
Feature Current Account Savings Account Travel Card
Price, per month € 0.00 € 0.00 € 4.99
CommitmentCancel monthlyCancel monthlyCancel monthly
Sign-up bonus Up to 3,65% interest
Sub-accounts included111
Shared accounts
Child accounts
Mobile Payments
Apple Pay✔️✔️✔️
Google Pay✔️✔️✔️
Samsung Pay✔️✔️✔️
Other methods Fitbit Pay, Garmin Pay Fitbit Pay, Garmin Pay Fitbit Pay, Garmin Pay
Cards available Mastercard Mastercard Mastercard
Cards included 1 1 1
Debit cards✔️✔️✔️
Credit cards✔️✔️
Virtual cards✔️✔️
Extra card fee - - -
Replacement fee---
Free replacements---
Metal card✔️✔️
Wooden cards
Payment Methods
Various Fees
SWIFT (receive) € 9.02 € 9.02 N/A
Foreign exchange fee 1.50% 1.50% -
Currency fee-free limit - - -
ATM Withdrawals
Daily limit € 600 € 600 € 600
Free withdrawals, per month 5 times 5 times 5 times
After that, per withdrawal € 1.99
Withdrawal fee abroad 0.1% 0.1% 0.1%
Interest Rate
Current accounts
Savings accounts 3.65%
Transaction & Deposit Limits
Deposit limit---
Deposit Protection Up to €100'000
Monthly spend limit---
Other financial products
Overdraft 12000 p/m 12000 p/m 12000 p/m
Investments in-app ✔️ ✔️
Crypto trading
Cheques 0,40% fee (min €10) 0,40% fee (min €10)
Insurance Available as add-ons Available as add-ons Travel, Baggage
Lounge access
Transaction categorization ✔️ ✔️ ✔️
Purchase protection
Round-up savings
Budgeting features ✔️ ✔️ ✔️
Deals & Discounts ✔️ ✔️ ✔️
Other benefits Bizum in-app Open account remotely Flight delay insurance
Learn more
Go to
Openbank also supports contactless via Garmin Pay, Fitbit Pay and Samsung Pay.

Other Personal Banking Products

Я42 Travel Card

Openbank's Я42 Travel Card proposes an intriguing concept, blending the flexibility of a subscription model with the utility of a travel-focused financial tool. For a nominal fee of €4.99/month, users gain access to a suite of benefits designed to ease the financial aspects of travel. These include fee-free purchases abroad, 5 fee-free ATM withdrawals worldwide, and the assurance of travel assistance and accident insurance. The ability to link the card to an existing bank account, avoiding the need to switch banks, alongside perks like Card Control for customizable security settings, positions the Travel Card as a potentially valuable asset for frequent travelers.

However, the Travel Card is not without its drawbacks. The subscription model, while innovative, may not appeal to all users, particularly those who travel infrequently or prefer a more traditional banking product without monthly fees. The cost-benefit analysis becomes crucial here; the €4.99 monthly fee can quickly accumulate, potentially outweighing the savings on transaction fees and ATM withdrawals for some users. Additionally, while the card offers a range of discounts and benefits, the value of these perks is highly dependent on individual usage patterns. Competitors might offer similar benefits without a recurring fee, making it essential for potential users to carefully evaluate their options and travel habits before committing to the Я42 Travel Card.

Credit Line (Overdraft) & Loans

Thanks to its traditional banking background, Openbank offers a variety of personal loans and mortgages, which is a domain many mobile banks have yet to develop into. In addition, you can easily make an investment through Openbank's Rabo advisor directly from the app.

Open Deposit

Santander's digital native subsidiary also offers fixed-term deposits, offering a 6-month and a 12-month savings plan. Earn up to 2% APR and annual NIR over the 12 months, which can be boosted all the way to 3,05% if your recurring income is paid into your account. If you need to withdraw your funds from a fixed-term deposit account, you will get 0,20% APR as long as you hold your balance.

Variety of Payment Methods

"Europe's biggest digital bank" (as the bank claims on their official website - though it's questionable given Revolut's gigantic user base) packs quite a few pleasant surprises for tech-savvy gadget-obsessed natives. The following payment methods are supported by Openbank: Apple Pay, Google Pay, Fitbit Pay, Garmin Pay and even bank's own Openbank Pay.

This list was recently expanded to include Samsung Pay (a rarity these days!) as well, making payments even easier. Smartwatch users are bound to appreciate the options available. And for Spanish users specifically, they'd be delighted to discover Openbank's implementation of Bizum directly in your bank app, making transfers to peers a breeze.

Openbank's client can be used on both desktop and mobile devices.

Openbank: Pros & Cons


  • Plus sign
    Strong product portfolio: Openbank has a pretty solid Current Account product, you not only can get a fully digital experience, but also more mature loans, mortgages and credit cards products as well.
  • Plus sign
    Interesting perks: Features such as the password manager are pretty handy and unique for a banking app, it is also not common but very nice to have a free accident insurance that comes with your bank card.
  • Plus sign
    Save money and give back: The promotion and donation are a neat combination of features that allows you to take advantage of many discounts as an Openbank customer while also being able to easily give back.
  • Plus sign
    Investments: Casual investing has become extremely popular among retail customers and Openbank Wealth is definitely appealing to many prospect customers.


  • Minus sign
    Signing up experience: You still need to complete the signup process from the website, which could make a nicer experience if it's built directly into the app. Similar sloppy implementations can be found here and there if you deviate too far from the "core" mobile features.
  • Minus sign
    Leftover fees: Openbank has a much simpler fee structure comparing to traditional banks especially in Spain, however there are still some fees worth noting. For example, cash withdrawals are not completely free and would sometimes depend on which ATM you use. You do have an option to switch on Travel Benefits for €4.99 per month in The Netherlands, which allows you to have up to 5 free withdrawals per month, fee-free card spending abroad as well as a more comprehensive travel insurance.
  • Minus sign
    Not very "expat-friendly": Only offering EUR account and doesn't yet offer easy and low fee international transfers.
  • Minus sign
    High FX fees: In a world where banks like bunq or financial services like Wise and Vivid exist, 1,5% fee for every non-Euro payment and 0,2% fee for FX conversion is a bit too much.

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Alternatives to Openbank


bunq is a Dutch mobile-first neobank that's enjoyed impressive popularity in the last few years, doubling the overall assets under its management every year and expanding all over the EU. Sub-accounts for easy budgeting, flashy bank cards by Mastercard, interbank exchange rate when paying in currency and a very modern mobile app - definitely worth an investigation if you're in the market!

General Information

  • Deposit ProtectionUp to €100'000
  • Customer SupportChat, email
  • CurrenciesEUR, USD, GBP + 12

Bank Accounts

  • Individuals Free plan available
  • Businesses Starting at €7.99
  • Jointyes
  • Convenience & User-friendlinessStarStarStarStarStarStarStarStar half-fullStar emptyStar empty
  • Customer SupportStarStarStarStarStarStarStarStar emptyStar emptyStar empty
  • Features AvailableStarStarStarStarStarStarStarStarStarStar half-full
  • Value for MoneyStarStarStarStarStarStarStarStarStarStar half-full
  • Overall RatingStarStarStarStarStarStarStarStarStar half-fullStar empty


Available all over the EU, Revolut's financial super-app is by far the most popular choice if you're looking for a digital bank in Europe. Flexible plan structure, wide range of products supported, joint accounts for shared banking and frequent updates with useful features added daily - you just can't go wrong with Revolut.

General Information

  • Deposit ProtectionUp to £85'000
  • Customer SupportChat, email
  • Currencies30+ currencies

Bank Accounts

  • Individuals Free plan available
  • Businesses Free plan available
  • Jointyes
  • Convenience & User-friendlinessStarStarStarStarStarStarStarStarStarStar half-full
  • Customer SupportStarStarStarStarStarStarStarStar half-fullStar emptyStar empty
  • Features AvailableStarStarStarStarStarStarStarStarStar half-fullStar empty
  • Value for MoneyStarStarStarStarStarStarStarStarStar half-fullStar empty
  • Overall RatingStarStarStarStarStarStarStarStarStar half-fullStar empty


If you're looking for a way to send and receive payments all over the world, while getting local bank account details for dozens of countries available immediately at very low fees, Wise Multi-currency accounts might be exactly what you're looking for.

General Information

  • Deposit ProtectionN/A
  • Customer SupportPhone, chat, email
  • Currencies54 currencies

Bank Accounts

  • Individuals Free plan available
  • Businesses Free plan available
  • Jointno
  • Convenience & User-friendlinessStarStarStarStarStarStarStarStar half-fullStar emptyStar empty
  • Customer SupportStarStarStarStarStarStarStarStarStar half-fullStar empty
  • Features AvailableStarStarStarStarStarStarStarStar half-fullStar emptyStar empty
  • Value for MoneyStarStarStarStarStarStarStarStarStar half-fullStar empty
  • Overall RatingStarStarStarStarStarStarStarStarStar emptyStar empty
Analysing your cash flow as an entrepreneur is very important.

Conclusion & Our Verdict

In conclusion, after getting hands-on and using the current and savings accounts for a few weeks each, our team's verdict is as follows. Openbank presents an "okay" banking option, particularly with features like the Я42 Travel Card offering specific benefits for frequent travelers at a relatively low monthly cost.

However, when placed side by side with the competition, Openbank seems outclassed in most areas, including innovation in financial products, user experience, and broader global accessibility. While the bank's effort to integrate with existing bank accounts and provide a range of security features is commendable, potential customers might find more compelling offerings elsewhere.

Before making a decision, we advise exploring other bank reviews available on our website. The vast array of fintech solutions means that what Openbank offers could be the perfect fit for some, depending on individual banking needs, preferences for digital integration, and the value placed on travel benefits.

Ultimately, whether Openbank is the right choice for you hinges on your unique banking requirements and how they align with the bank's services. And since it's free, you really can't lose if you give it a try!

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