This new high-yield savings account offers 4.4% APY, plus up to $180 off your Verizon wireless bill

Some advertisements and offers on this page are from advertisers who pay us. That may influence which products we write about, but it does not affect what we write about them. Here's an explanation of how we make money and our Advertiser Disclosure.

Verizon customers can save up to $180 in a year.

Ivana Pino · Senior Writer

Mon, Apr 7, 2025 3 min read

Verizon customers now have a unique opportunity to open an online high-yield savings account that pays over 10 times the national average savings account rate and also offers a discount on wireless bills.

This savings account, offered in partnership with Openbank, boasts a competitive annual percentage yield (APY) of 4.40%, no monthly fees, and up to $180 off your wireless bill in the first 12 months.

Verizon + Openbank Savings account details

APY: 4.4%
Minimum opening deposit: $500
Minimum balance: $1,000 to earn discounts
Monthly maintenance fee: $0

The Verizon + Openbank Savings account earns 4.4% APY — that’s more than 10 times the national average — with no monthly service fees or hidden charges. Funds are insured by the FDIC up to the federal limit of $250,000 per depositor.

There's a minimum balance requirement of $500 to open a Verizon + Openbank Savings account.

In order to receive the minimum monthly Verizon bill credit of $60 in the first 12 months, you will need a monthly average daily minimum balance of $1,000 to $9,999.99. Account balances between $10,000 and $29,999.99 can get up to $120 in credits for the year, and balances of $30,000 or more can get up to $180 in Verizon bill credits. This offer is only available for the first 12 consecutive months from the date you open your account.

This savings account doesn’t come with a debit card, so you cannot make cash withdrawals at an ATM. To withdraw funds from your account, you’ll need to make a transfer to an external bank account.

How to open a Verizon + Openbank Savings account

This account is available to Verizon customers with a mobile account (maximum of 12 lines), a 5G Home Internet plan, or LTE Home Internet plan. Verizon Prepaid, Verizon Mobile Business, Verizon Fios, and Verizon Fios Business accounts are not eligible for the Verizon + Openbank Savings account. You must also be at least 18 years old, a U.S. citizen or U.S. resident alien with a U.S. residential address and mobile phone number, and have a mobile phone or tablet on which you can install the Openbank app.

To open an account, fill out an online application. After submitting your application, you’ll need to download the Openbank app and log in to fund your account.

What is Openbank?

Openbank is a division of Santander Bank, N.A., one of the nation's largest banks by assets. Funds deposited into an Openbank account are FDIC-insured up to the federal limit of $250,000 per institution, per depositor, per ownership category. It’s important to note that all deposits held at Santander Bank and its Openbank division are combined for FDIC insurance purposes and are not separately insured.

The Openbank mobile app is available for download on the Apple App Store and Google Play and has an average rating of 3.2 and 2.5 stars, respectively. Customers can use the app to check account balances, move money between accounts, contact a customer service representative, and more.

High-yield savings accounts with rates of 4% and up

If you’re not a Verizon customer and can’t qualify for this account, there are plenty of other high-yield savings accounts with competitive rates. Some of our favorites include:

Bask Bank: Interest Savings Account: 4.35% APY
EverBank: Performance Savings: 4.3% APY
TAB Bank: Save Account: 4.26% APY
UFB Direct: Portfolio Savings: 4.01% APY
Synchrony Bank: High-Yield Savings Account: 4% APY