Verizon Communications (VZ) is partnering with Santander Bank, the US subsidiary of Banco Santander (SAN), to offer a high-yield savings account through Openbank, the companies said Tuesday.
Starting in April, Verizon customers can sign up for Verizon + Openbank Savings, which offers an annual percentage yield of 4.40%, about 10 times the national average, and provides up to $180 per year in savings on their Verizon wireless or home internet bills, depending on their account balance.
Openbank surpassed $3 billion in deposits since launching in late 2024 and plans to introduce certificates of deposit and checking accounts later in 2025, according to the companies.
Banco Santander is using the partnership to expand its US operations, tapping into Verizon's customer base to grow Openbank, according to a Reuters report on Tuesday.
Verizon shares were up 1.5% in late Tuesday trading, while Banco Santander gained nearly 4%.
Price: 44.29, Change: +0.63, Percent Change: +1.45
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