Personal Finance News
Verizon Partners with Santander Bank for Customer Bank Account
Verizon has partnered to launch a banking account that includes special benefits for wireless and Home 5G customers.
About Verizon + Openbank Savings:
Recently, Verizon announced it was working with Santander’s OpenBank to introduce the Verizon + Openbank Savings account. With this high-yield savings option, Verizon Wireless and Home 5G customers can not only currently earn 4.40% APY but can also save up to $180 on their Verizon bill.
For this offer, customers can earn up to $15 per month for up to 12 months (from the date of account opening) in Verizon Bill Credits. However, the monthly credit amount will depend on the customer’s savings account balance. The tiers are as follows:
- $1,000 to $9,999.99: $5 a month (up to $60)
- $10,000 to $29,999.99: $10 a month (up to $120)
- $30,000+: $15 a month (up to $180)
To get started, Verizon users can visit Verizon.com/StartSaving. Customers will then log in using their Verizon account information. Note that all Verizon + Openbank Savings account deposits are held at Santander Bank and are FDIC insured up to $250,000 per depositor.
This new savings account is the latest in Verizon’s line-up of financial products. Previously, the company launched a rewards credit card called the Verizon Visa Card. In fact, last year, the brand improved that offering with enhanced rewards rates. Now, customers can earn 4% at grocery stores, gas stations/EV charging stations, and restaurants as well as on Verizon purchases (excluding monthly bills).
What They’re Saying:
In a press release announcing the new savings account, 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. Adding the power of Openbank’s secure, simple high yield savings account to our financial offerings provides Verizon customers with unique and differentiated value in the telco and financial services category.” Vestberg added, “This collaboration reinforces our dedication to delivering meaningful and exclusive benefits that support how our customers live, work, play, and save.”
My Thoughts:
As a Verizon customer myself (well, actually, my wife is the account holder), I’m fairly interested in this new Verizon + Openbank Savings account. First, 4.40% APY is pretty high these days. For comparison, Synchrony — which is frequently one of the highest-yield online banking accounts — is currently at 4% APY.
The other factor is the year-long bill credit deal. While there’s absolutely no chance we can put $30,000 away to get the full offer, the $1,000 minimum required for the $5 per month credit is definitely reasonable. I only wish that this was an ongoing feature and not a 12-month capped promotion.
In any case, if we do end up opening an account and taking advantage of this deal, I’ll be sure to do a full review afterward.
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