Verizon teams up with Santander Bank to deliver Openbank's digital banking services to their customers
In a move to enhance financial services for its customers, telecommunications giant Verizon has partnered with Santander Bank, N.A., a division of Santander. This collaboration, facilitated through Santander's digital bank called Openbank, offers Verizon mobile and 5G Home customers access to a high-yield savings account.
The partnership aims to provide a secure, seamless digital banking experience with no fees, low minimum deposits, and 24/7 access to funds. Qualified Verizon customers can save up to $180 per year off their bill with Verizon + Openbank Savings, a high-yield savings account that offers an interest rate 10 times the national average.
Santander, with its purpose of helping people and businesses prosper in a simple, personal, and fair way, is building a more responsible bank. The bank has committed to raising €220 billion in green financing between 2019 and 2030. Ana Botín, Executive Chair of Santander, expressed her excitement about the partnership, stating that it reinforces Santander's dedication to delivering meaningful and exclusive benefits to its customers.
Hans Vestberg, Chairman and CEO of Verizon, echoed similar sentiments, stating that the partnership reinforces Verizon's dedication to delivering meaningful and exclusive benefits to its customers. He added that the partnership is a significant milestone for Santander as it scales its U.S. business further by bringing Openbank's secure and simple banking experience and compelling rewards to Verizon's customers nationwide.
At the end of 2024, Santander Bank, N.A. employed 207,000 people and had 173 million customers and 8,000 branches. The bank managed €1.3 trillion in total funds. The Openbank digital platform, a division of Santander Bank, N.A., launched in the U.S. market in late 2024 and has quickly gained traction, with over $3 billion (USD) in deposits.
Openbank's digital platform offers a high yield savings account, a part of Verizon's portfolio of financial services offerings. The partnership significantly expands Santander's national scale and reach as part of its strategy to become a leading digital bank. The Openbank digital platform is now available nationwide and will begin offering additional products like Certificates of Deposit (CDs) and Checking Accounts later in 2025.
[1] The high-yield savings account likely offers competitive interest rates compared to conventional savings accounts, enhancing customers’ saving potential.
Businesses and customers stand to benefit from the collaboration between Verizon and Santander, as the partnership aims to deliver a secure, seamless digital banking experience through Openbank. This strategic alliance offers Verizon mobile and 5G Home customers access to a high-yield savings account, potentially providing competitive interest rates that could boost their savings potential.
