Verizon and Santander Bank have announced a multi-year partnership to bring a new high-yield savings account to Verizon mobile and 5G Home customers. The Verizon Savings account offers qualified Verizon customers up to $180 per year off their bill and a top-tier interest rate that is ten times the national average. This partnership brings together industry leaders in mobility and banking to provide a secure digital banking experience to Verizon customers with no fees, low minimum deposits, and 24/7 access to funds.
The relationship expands Santander’s national scale and reach as part of its strategy to become a leading digital bank while enhancing Verizon’s financial service portfolio with added benefits for customers. “Verizon has long been committed to delivering value and savings beyond wireless services,” said Hans Vestberg, Chairman and CEO of Verizon. Adding the power of a secure, simple high-yield savings account to our financial offerings provides Verizon customers with unique and differentiated value.
Ana Botín, Banco Santander Executive Chair, added, “By partnering with Verizon, we 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.”
In addition to maximizing savings with Verizon’s competitive interest rate, 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.
Verizon customers benefit from new savings
Starting in April, Verizon customers can sign up for a high-yield savings account via verizon.com or the MyVerizon app.
Customers will then be directed to the site to complete the account registration process. The digital platform provides a secure banking experience with no fees, low minimum deposits, and 24/7 access to funds and customer support. The 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 in deposits.
The platform will begin offering additional products, such as Certificates of Deposit and Checking Accounts, later in 2025. Verizon Savings is offered exclusively by Santander Bank, N.A., and is not managed, housed, or controlled by Verizon. Santander Bank, N.A., offering your account through its division, is a Federal Deposit Insurance Corporation insured institution.
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