Verizon & Santander Bank Partner to Bring Openbank’s Digital Banking Experience to Verizon Customers

Rhea-AI Summary

Verizon and Santander Bank (NYSE: SAN) have announced a multi-year partnership to launch Verizon + Openbank Savings, a high-yield savings account offering Verizon customers up to $180 annual bill savings and interest rates 10 times the national average.

The service, launching in April, will be available to Verizon mobile and 5G Home customers with a minimum average daily balance of $1,000. The digital banking platform, operated through Santander's Openbank division, features no fees, low minimum deposits, and 24/7 access to funds.

Openbank's U.S. platform, launched in late 2024, has already accumulated over $3 billion in deposits. The service will expand to include Certificates of Deposit (CDs) and Checking Accounts later in 2025. The partnership aims to enhance Verizon's financial services portfolio while expanding Santander's national reach in its strategy to become a leading digital bank.

Positive

• Partnership expands Santander's (SAN) national reach and digital banking presence
• Openbank has already secured $3B in deposits since US launch
• New revenue stream through partnership with leading mobile provider
• Planned expansion of product offerings to include CDs and checking accounts

Negative

• Requires minimum $1,000 balance for bill savings benefits
• initial product offering (only savings accounts)

Insights

Financial Analyst

This partnership represents a significant strategic expansion for Santander in the U.S. market. By leveraging Verizon's massive customer base of millions of mobile and home users, Santander gains immediate scale for its Openbank digital platform without costly branch expansion.

The deal creates a compelling value proposition: Verizon customers receive interest rates 10 times the national average plus potential Verizon bill savings of up to $180 annually. This dual-benefit structure differentiates the offering in the competitive high-yield savings market and creates a sticky customer relationship tied to their telecommunications provider.

Openbank has already demonstrated promising traction, accumulating over $3 billion in deposits since launching in late 2024. This partnership significantly accelerates that growth trajectory. The planned expansion to CDs and checking accounts in 2025 indicates Santander's intention to establish a comprehensive digital banking presence.

For Santander shareholders, this represents an efficient customer acquisition strategy in the challenging U.S. banking market. Rather than competing head-on with entrenched national players, Santander is creating a differentiated distribution channel through a trusted consumer brand. The partnership aligns perfectly with management's stated strategy to "become a leading digital bank with branches" and expand U.S. scale.

While exact financial terms weren't disclosed, the multi-year structure provides stability for building this business line. This deal represents a smart, capital-efficient approach to expanding Santander's $102 billion U.S. asset base and growing its deposit franchise beyond its current East Coast regional footprint.

New Verizon + Openbank Savings account offers qualified Verizon customers up to $180 per year off their bill and maximizes savings with a top-tier interest rate 10 times the national average

• Partnership brings together industry leaders in mobility and banking to provide a secure, seamless digital banking experience to Verizon customers with no fees, low minimum deposits and 24/7 access to funds.
• Relationship significantly expands Santander’s national scale and reach as part of its strategy to become a leading digital bank with branches and enhances Verizon’s financial service portfolio with added benefits for customers.

BOSTON & NEW YORK--(BUSINESS WIRE)--

Verizon and Santander Bank, N.A., part of the global banking leader Santander¹, today announced a multi-year U.S. partnership to bring a new, competitive high yield savings account to millions of Verizon mobile and 5G Home customers. Introducing Verizon + Openbank Savings: a digital high yield savings account with a rate 10 times the national average and the ability to save up to $180 a year on your Verizon bill. Verizon + Openbank Savings joins Verizon’s portfolio of financial services offerings, yet another example of outstanding value and benefits on top of mobile and home connectivity.

“Verizon has long been committed to delivering value and savings beyond wireless services,” said Hans Vestberg, Chairman and CEO of Verizon. “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. This collaboration reinforces our dedication to delivering meaningful and exclusive benefits that support how our customers live, work, play AND save.”

Ana Botín, Banco Santander Executive Chair, added, “By partnering with Verizon, the nation’s leading mobile provider, Openbank can offer a differentiated savings opportunity and digital experience to millions of consumers across the U.S. The Verizon partnership is a significant milestone for Santander as we scale our U.S. business further by bringing Openbank’s secure and simple banking experience and compelling rewards to Verizon’s customers nationwide – backed by a leading global bank that has earned the trust of more than 173 million customers. This is an important step in our growth strategy, and I am excited for what’s ahead.”

Incredible savings with Verizon + Openbank

In addition to maximizing savings with Verizon + Openbank’s competitive interest rate at 10 times the national average, customers can also save on their Verizon wireless bill, starting with a minimum average daily balance of $1,000. The higher the average daily balance, the higher the wireless bill savings – up to $180 per year.

Signing up is simple

Starting in April, Verizon customers can easily sign up for an Openbank high yield savings account via verizon.com or the MyVerizon app. Customers will then be directed to the Openbank site to complete the account registration process. After opening their account, customers can use the Openbank app to deposit and withdraw funds, check their monthly interest rate and manage their accounts. To learn more, you can visit verizon.com/startsaving.

Unlocking a savings growth opportunity

Santander US research reveals that while interest rates have been at their highest levels in nearly two decades, many consumers have not taken advantage of high-rate products, such as high yield savings accounts, to grow their savings. The research also found consumers’ top consideration for selecting a banking partner are safety, stability, and 24/7 digital access. Openbank’s digital platform provides a secure, seamless banking experience with no fees, low minimum deposits and 24/7 access to funds and customer support.

The Openbank digital banking platform launched in the U.S. market in late 2024 with a high yield savings account offering that quickly reached more than $3 billion (USD) in deposits. The digital platform is now available nationwide, and will begin offering additional products, such as Certificates of Deposit (CDs) and Checking Accounts, later in 2025. Openbank in the U.S. is a division of Santander Bank, N.A., which is a Member of the FDIC. For more information about Openbank by Santander, including eligibility, please visit openbank.us.

With exclusive savings, top-tier perks, the flexibility to customize your plan with myPlan and myHome, and now the incredible Verizon + Openbank Savings account, it’s never been a better time to be a Verizon customer.

¹ Banco Santander is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. At the end of 2024, Banco Santander had €1.3 trillion in total funds, 173 million customers, 8,000 branches and 207,000 employees.

Verizon + Openbank Savings is offered exclusively by Openbank, a division of Santander Bank, N.A., and is not managed, housed, or controlled by Verizon. Santander Bank, N.A., offering your account through its Openbank division, is a Federal Deposit Insurance Corporation (“FDIC”) insured institution. Deposits at Santander Bank, N.A. and its Openbank division are combined for FDIC insurance purposes (FDIC Cert. 29950) and are not separately insured. There is a maximum of $250,000 of deposit insurance from the FDIC per depositor for each category of account ownership. Please visit fdic.gov for details. Verizon is not a chartered banking institution and is not insured by FDIC.

Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.8 billion in 2024. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.

About Santander Bank, N.A

Santander Bank, N.A. is one of the country’s leading retail and commercial banks, with $102 billion in assets as of December 31, 2024. With its corporate offices in Boston, the Bank’s more than 4,400 employees and more than 1.8 million customers are principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN), recognized as one of the world’s most admired companies by Fortune Magazine in 2024, with approximately 173 million customers in the U.S., Europe, and Latin America. Santander Bank is overseen by Santander Holdings USA, Inc., Banco Santander’s intermediate holding company in the U.S. For more information on Santander Bank, please visit www.santanderbank.com. © 2025 Santander Bank, N.A. All rights reserved. Santander, Santander Bank, Openbank, the Flame Logo are trademarks of © 2025 Santander Bank, N.A. All rights reserved. Santander, Santander Bank, Openbank, the Flame Logo are trademarks of Banco Santander, S.A. or its subsidiaries in the United States or other countries. All other trademarks are the property of their respective owners. For more information on Openbank in the United States, please visit www.openbank.us.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/news. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250318565587/en/

Verizon media contact:

George Koroneos

george.koroneos@verizon.com

Social: @GLKcreative

Santander media contact:

Andrew Simonelli

andrew.simonelli@santander.us

Source: Santander Bank, N.A.

FAQ

What benefits does the Verizon + Openbank Savings account offer to customers?

The account offers interest rates 10x the national average and up to $180 yearly savings on Verizon bills for customers maintaining minimum average daily balances of $1,000.

When will the Verizon + Openbank Savings account become available?

The service will launch in April, accessible through verizon.com or the MyVerizon app.

How much has Santander's Openbank platform (SAN) accumulated in US deposits since launch?

Openbank has accumulated over $3 billion in deposits since its late 2024 US launch.

What new products will Openbank (SAN) add to its US platform in 2025?

Openbank will expand its offerings to include Certificates of Deposit (CDs) and Checking Accounts later in 2025.

What are the minimum requirements for the Verizon + Openbank Savings account?

The account requires a minimum average daily balance of $1,000 to start earning Verizon bill savings.