Verizon + Openbank Savings is a digital savings account offered by Openbank, a division of Santander Bank, N.A., in partnership with Verizon. On Verizon’s landing page reviewed October 8, 2026, the account advertised a 3.80% variable APY, plus a temporary 0.35-percentage-point boost for six months for qualifying new accounts, for a total advertised APY of 4.15% during that period. Eligible Verizon customers may also qualify for monthly bill credits based on their savings balance; those credits are separate from the account’s interest.
Who provides the account—and what did Verizon announce?
Verizon and Santander Bank, N.A. announced a multi-year U.S. partnership on March 18, 2025, to offer Verizon + Openbank Savings. Openbank is a division of Santander Bank, N.A. and provides the account; Verizon is the partner and says it does not manage, house, or control customer accounts. Verizon’s announcement described the service as a digital savings option for its customers.
At the time of that 2025 announcement, Verizon said Openbank’s U.S. digital platform had more than $3 billion in deposits, a company-reported figure. Santander later reported that Openbank had gathered more than $11 billion in U.S. deposits as of Q2 2026. Those figures refer to different dates and are company statements, not independent audits. Santander’s August 27, 2026 release reported the later figure.
What APY is advertised, and how long does the boost last?
Verizon’s landing page, reviewed October 8, 2026, advertised a standard variable APY of 3.80%. Qualifying new accounts could receive a 0.35-percentage-point promotional boost for six months, making the advertised total 4.15% during the boost period. Verizon says the offer became effective October 1, 2026. The standard rate can change without notice, and the promotional boost is subject to terms and may be changed, suspended, or ended. Check the current Verizon + Openbank Savings page before applying; neither rate should be treated as fixed for the life of the account.
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APY is the account’s annual percentage yield, which reflects interest and compounding over a year at the stated rate. The temporary boost is an interest-rate promotion, not a Verizon bill credit. The bill credit has separate balance and eligibility rules.
How do the Verizon bill credits work?
Verizon calculates the monthly credit using the account’s monthly average daily balance, as determined by Openbank. The credit is applied to a qualifying Verizon bill and is available for up to 12 consecutive months. The balance bands and monthly credits in Verizon’s FAQ are:
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| Monthly average daily balance | Monthly Verizon bill credit |
|---|---|
| $1,000–$9,999.99 | $5 |
| $10,000–$29,999.99 | $10 |
| $30,000 or more | $15 |
These credits are conditional, not interest or a guaranteed return. If the balance falls below a qualifying threshold for a month, Verizon says no credit is issued for that month; the shortfall does not change the account’s interest rate or customer status.
When credits may appear
Verizon says credits may begin appearing within two to three Verizon billing cycles after the initial Openbank statement. The timing of the credit is therefore distinct from when interest accrues in the savings account.
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Conditions for the maximum stated credit
A single Verizon account may receive up to two credits if two eligible individuals each open their own qualifying Openbank accounts and maintain the required balances. Verizon states a maximum of $360 across two qualifying accounts over 12 months. That maximum assumes both accounts qualify for the $15 monthly tier for every eligible month; it is not automatic and requires at least $30,000 in monthly average daily balance in each account, as well as continued eligibility.
Who can apply?
The offer is for eligible U.S. customers, and every application is subject to Openbank approval. Verizon says availability depends on residential ZIP code, so not every location is necessarily eligible. Its FAQ excludes prepaid, mobile business, Fios, and Fios Business accounts from the bill-credit offer. The promotional credit also requires applying through the Verizon + Openbank pathway and having a qualifying Verizon account. Review the Verizon offer FAQ for current eligibility and terms.
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The account requires $500 to open, according to Verizon’s offer information. That opening requirement is separate from the higher average-balance tiers needed to earn monthly bill credits.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How do enrollment and account access work?
Verizon directs interested customers from Verizon.com or My Verizon to Openbank to complete registration. After opening the account, customers manage it through the Openbank app. Verizon’s support information says Openbank has no branch locations, and the savings account does not include checks or debit-card functionality.
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This is a digital account rather than a conventional branch-based banking relationship. Consider whether app-based access and the absence of checks or a debit card fit how you need to move and use savings before transferring money.
How does FDIC insurance apply?
Santander Bank, N.A. is the FDIC-insured institution behind Openbank. The standard FDIC insurance limit is $250,000 per depositor, per ownership category, and deposits held at Santander Bank and Openbank are aggregated for that limit. If you already have deposits at Santander, those balances count toward the same applicable coverage limit; opening an Openbank account does not create a separate $250,000 allowance. Check the Verizon FAQ’s FDIC information and review your total deposits by ownership category.
What to weigh before moving savings
- Separate interest from credits. The APY applies to the savings balance, while bill credits depend on monthly average daily balance and a qualifying Verizon relationship.
- Compare the ongoing rate, not only the introductory figure. The 4.15% advertised total includes a six-month boost; the 3.80% standard APY was also variable as of October 8, 2026.
- Account for the balance thresholds. The bill-credit tiers begin at $1,000, while the stated opening deposit is $500. Do not keep more cash in the account solely to chase a credit without considering your broader savings needs.
- Check access and location. Enrollment and servicing are digital, and ZIP-code availability and approval apply.
- Aggregate your Santander deposits. Include any existing Santander balances when considering FDIC coverage.
The available terms establish the offer’s rates and credit conditions, but they do not provide a like-for-like comparison with other savings accounts. A meaningful comparison should use each account’s current APY, minimums, access options, eligibility, and protections rather than treating a temporary boost or bill credit as a substitute for the underlying rate.
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