Verizon has recently announced a partnership with Santander Bank to launch a new high-yield savings account. This account is set to offer an interest rate that is reportedly ten times higher than the national average.
In addition to this attractive rate, customers will be able to receive a discount on their Verizon wireless bill, potentially saving up to $180 per year. This isn’t Verizon’s first venture into financial products.
In 2020, Verizon launched a credit card for its customers, complete with various rewards and benefits. However, introducing a bank account marks a new step in its expansion into financial services.
The newly branded “Verizon + Openbank Savings account” aims to provide substantial benefits to its users, particularly with its competitive interest rate and potential bill discounts. To qualify for the savings account, customers must maintain a minimum daily balance of $1,000.
To maximize the discount of up to $180 on their monthly bill, customers will need to deposit at least $30,000 into the account. While these requirements may sound steep, Verizon has characterized this offering as a “meaningful and exclusive” benefit for its customers.
Enrolling in the new savings account is expected to be straightforward, as users can sign up through the Verizon website or the MyVerizon app on their devices. Although this offering may not align with everyone’s idea of a desirable benefit from a wireless carrier, it could be a worthwhile option for those with extra cash looking to earn interest in a high-yield savings account.
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