In This Article:
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.
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.”
"Verizon and Santander collaborate on digital savings account" was originally created and published by Retail Banker International, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.