Verizon, the US telecommunications giant, has partnered with Santander Bank, the North American division of Spain’s Banco Santander group, to introduce digital high-yield savings accounts for mobile and 5G Home customers. The accounts, named Verizon + Openbank Savings, will be available from April 2025 and will offer competitive interest rates and Verizon bill credits.
Verizon, a leading telecommunications company in the United States, has joined forces with Santander Bank, the North American division of Spain’s Banco Santander group, to introduce high-yield digital savings accounts exclusively for Verizon mobile and 5G Home customers.
The new savings product, called Verizon + Openbank Savings, is powered by Openbank, Santander’s digital banking subsidiary, which launched in the US in October 2024. Verizon customers will be able to access the savings accounts starting from April 2025.
According to a joint statement from Verizon and Santander Bank, the accounts will offer interest rates “10 times the national average” while also enabling Verizon customers to earn wireless bill credits of up to $180 annually.
The onboarding process for these savings accounts will be handled through Openbank’s digital banking platform, integrated within the Verizon mobile app. Deposits will be held by Santander Bank, ensuring financial security and regulatory compliance.
This move aligns with Verizon’s strategy to expand its presence in financial services. The company previously introduced Visa credit cards, issued by Synchrony, in June 2020, and later partnered with Mastercard to enhance mobile payment solutions using 5G technology.
With the launch of Verizon + Openbank Savings, Verizon is strengthening its commitment to offering financial benefits alongside telecommunications services, providing its customers with convenient, high-yield digital banking options.
