Verizon and Santander Bank have announced a new partnership to offer Verizon customers a high-yield savings account through Openbank. This collaboration aims to provide a secure digital banking experience with no fees, low minimum deposits, and 24/7 access to funds.
The new product, called Verizon + Openbank Savings, offers an interest rate ten times the national average. Customers can save up to $180 annually on their Verizon bill by maintaining certain balance requirements. The service will be available starting in April via Verizon's website or app.
Hans Vestberg, Chairman and CEO of Verizon, stated, “Verizon has long been committed to delivering value and savings beyond wireless services.” He emphasized that this partnership provides unique benefits in both telecommunications and financial services.
Santander US research indicates that many consumers have not yet taken advantage of high-rate savings products despite favorable interest rates. The Openbank platform addresses this by offering a seamless banking experience focused on safety and stability.
Openbank launched its digital banking platform in the U.S. in late 2024, quickly amassing over $3 billion in deposits. It plans to expand its offerings later this year with additional products like Certificates of Deposit (CDs) and Checking Accounts.
For more details about eligibility for Openbank by Santander, interested parties can visit openbank.us.