Key Takeaways
- OpenBank adds an uncommon twist to its high-yield savings account—pairing phone bill discounts with its attractive 4.20% APY.
- If you’re a Verizon customer, you can earn $5 to $15 in monthly credit for up to a year, depending on your savings balance.
- On a $10,000 balance, your interest earnings and bill credits could total about $540 over 12 months—nicely stacking your overall return.
A Savings Account That Pays You Twice
It’s rare for a savings account to help you lower a monthly bill, but that’s exactly what OpenBank is offering through a new partnership with Verizon.
OpenBank’s 4.20% APY is already attractive enough to land it in our daily ranking of the best high-yield savings accounts. Now the bank is adding an uncommon perk: monthly credits that reduce Verizon customers’ phone bills.
You earn a competitive rate on your savings, and—depending on your average monthly balance—you can qualify for a bill credit from Verizon worth $5 to $15 each month for up to a year. Over twelve months, that can add up to as much as $180 in phone bill savings.
If you’ve been comparing high-yield savings accounts lately, this one stands out for combining a competitive rate with a practical, real-world benefit—helping you keep more money in your pocket.
Why This Matters to You
If you’re a Verizon customer, this account could turn your savings into a two-for-one win: a solid interest rate plus smaller phone bills each month for a year.
How the Phone Bill Discounts Work
Here’s what to know about how the Verizon bill credits are earned and applied.
Eligibility: You must open a new OpenBank high-yield savings account through Verizon and have a qualifying Verizon postpaid wireless plan in the U.S. Verizon Fios, prepaid, and business accounts don’t qualify.
Minimum balance: You need an average daily balance of at least $1,000 each month to earn any Verizon credit.
Monthly credits: Verizon applies a single monthly credit ranging from $5 to $15, depending on your balance:
- $5 per month for balances from $1,000 to $9,999
- $10 per month for balances from $10,000 to $29,999
- $15 per month for balances of $30,000 or more
That’s a potential savings of $60 to $180 over 12 months.
Duration: Credits can continue for up to 12 consecutive months from the time your account qualifies.
Account details: The OpenBank high-yield savings account currently pays 4.20% APY, has no monthly maintenance fees, and is FDIC-insured through Santander Bank, N.A. The rate is variable and can change at any time.
How Your Interest and Bill Credits Could Stack Up
Combining OpenBank’s interest payments with Verizon bill credits can significantly increase what you earn with this account. The table below shows how the math works across different balance levels.
Example Returns by OpenBank Balance Tier
Average daily balance
12 months of interest (4.20% APY)
12 months of Verizon bill credits
Combined value
$1,000
$42 in interest
$60 in credits
$102
$10,000
$420 in interest
$120 in credits
$540
$30,000
$1,260 in interest
$180 in credits
$1,440
These examples assume the rate and credit tiers stay constant for 12 months. Actual results will vary if your balance changes or the APY moves.
OpenBank’s offer won’t be the right fit for everyone, but it’s a clever example of how banks are finding new ways to make saving more rewarding. For Verizon customers, the partnership can make an already strong savings account work even harder for you.
Daily Rankings of the Best CDs and Savings Accounts
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Important
Note that the “top rates” quoted here are the highest nationally available rates Investopedia has identified in its daily rate research on hundreds of banks and credit unions. This is much different than the national average, which includes all banks offering a CD with that term, including many large banks that pay a pittance in interest. Thus, the national averages are always quite low, while the top rates you can unearth by shopping around are often 5, 10, or even 15 times higher.
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