Verizon has forged a multi-year alliance with Santander Bank to offer a high yield savings account to its mobile and 5G Home customers in the US.
Verizon + Openbank Savings is a digital savings account offering a rate ten times the national average and potential savings of up to $180 per year on Verizon bills, stated the telecom company.
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Customers can save on their Verizon wireless bill by maintaining a minimum average daily balance of $1,000 with the new account.
From April, Verizon customers can sign up for an Openbank high-yield savings account through verizon.com or the MyVerizon app. They will be redirected to the Openbank site to finish the registration process.
After opening their account, customers can use the Openbank app to manage their funds, check their monthly interest rate, and oversee their accounts.
Verizon chairman and CEO Hans Vestberg said: “Verizon has long been committed to delivering value and savings beyond wireless services.
“Our scale enables the creation of exclusive financial services solutions and savings accessible only to Verizon customers.”
The Openbank digital banking platform made its US debut in late 2024, offering a high-yield savings account that accumulated over $3bn in deposits.
The platform is now available across the nation and will introduce more products, including certificates of deposit (CDs) and checking accounts, later this year.
Banco Santander executive chair Ana Botin said: “By partnering with Verizon, the nation’s leading mobile provider, Openbank can offer a differentiated savings opportunity and digital experience to millions of consumers across the US.”
