Verizon collaborates with Santander Bank to grant Openbank's digital banking services to Verizon clients
In a significant move to expand their U.S. business, Santander Bank, N.A. has partnered with telecommunications giant Verizon to create a new high-yield savings account named Verizon + Openbank Savings. This partnership, announced in 2025, offers eligible Verizon customers a seamless digital banking experience with competitive savings rates.
Santander Bank, a member of the FDIC, aims to be the best open financial services platform, providing services to individuals, SMEs, corporates, financial institutions, and governments. The partnership brings Openbank's secure and simple banking experience to Verizon's customers nationwide.
Openbank by Santander had more than $3 billion (USD) in deposits when it launched in the U.S. market in late 2024. The digital platform provides a secure, seamless banking experience with no fees, low minimum deposits, and 24/7 access to funds and customer support.
For Verizon customers, this partnership offers a high-yield savings account via Openbank, which allows them to earn monthly interest on deposited funds, helping them grow their savings efficiently. The competitive savings rates, currently around 1.5% annual interest, are quite attractive compared to many traditional banks.
Additionally, Openbank’s accounts may come with additional perks such as a travel-focused card with benefits, appealing to customers who travel frequently. This partnership integrates Verizon’s customer base with Santander’s financial services, offering Verizon users enhanced opportunities for savings growth and convenient digital banking tools without fees.
The partnership significantly expands Santander's national scale and reach, and enhances Verizon's financial service portfolio. As of the end of 2024, Santander Bank had €1.3 trillion in total funds, 173 million customers, 8,000 branches, and 207,000 employees. The partnership is backed by a leading global bank that has earned the trust of over 173 million customers.
Research by Santander US reveals that many consumers have not taken advantage of high-rate products, such as high yield savings accounts, to grow their savings, despite interest rates being at their highest levels in nearly two decades. The new partnership aims to address this gap and provide Verizon customers with an opportunity to maximise their savings.
Openbank in the U.S. will begin offering additional products such as Certificates of Deposit (CDs) and Checking Accounts later in 2025. Verizon customers can save up to $180 per year off their bill with this account.
This partnership is a significant milestone for Santander as they scale their U.S. business, and it underscores Santander's purpose to help people and businesses prosper in a simple, personal, and fair way.
Santander Bank, in collaboration with Verizon, is set to expand its digital banking services within the finance industry, leveraging Openbank's user-friendly platform to offer Verizon customers a high-yield savings account, aiming to help them grow their savings efficiently. As part of this strategic partnership, Openbank will introduce additional products such as Certificates of Deposit (CDs) and Checking Accounts to its U.S. offerings, further enhancing the digital banking experience for Verizon's vast customer base.
