What is an online high-yield savings account?

Like a traditional savings account, an online high-yield savings account is a deposit account that can grow your cash—often in an FDIC-insured account. Institutions offering such accounts typically have a digital-first model, minimizing their operating expenses (such as those arising from having physical branches), and pass the savings along to customers in the form of lower fees and higher interest rates. The annual percentage yield (“APY”) on such accounts typically exceeds those of traditional savings accounts.

Consumers comfortable with a lower-touch, digital-first banking experience can see benefits of a high-yield savings account from better interest rates and lower fees. And such accounts can be a bit more attractive than traditional savings accounts in the face of inflation. In early 2025, the rate of inflation in the U.S. was 2.4%, and because inflation diminishes purchasing power over time, a high-yield savings account can be an attractive alternative to lower-yielding bank deposits over the long term.

Whether you're trying to get your savings back on track, build a savings fund from scratch or get a higher rate of return from FDIC-insured deposits, an online high-yield savings account can give you the boost you need to earn more—and faster than a traditional savings account. A high-yield savings account can help meet short-term goals (like saving for a trip or the down payment on a home) and longer-term savings goals as part of an overall financial plan.

When considering a high-yield account, here are four questions to ask:

1. What' the APY? This is, of course, a primary consideration since it determines how fast your money will grow. High-yield savings accounts typically offer an attractive APY that is typically higher than the national average.
2. Is the account FDIC insured? It is important to understand whether the high-yield savings account you are considering is backed by a reputable bank that's insured by the FDIC, which provides deposit insurance of up to $250,000 per depositor, per ownership category. As a division of Santander, Openbank is FDIC insured.¹
3. Is it easy to access my money? Look for a high-yield savings account that allows you to easily manage your account and transfer funds to and from other financial accounts.
4. What other benefits are offered? With Verizon + Openbank Savings, you can earn up to $180 over 12 months ($15 a month) in bill credits toward your Verizon mobile bill—which can be combined with a Verizon Auto Pay discount—when you maintain a qualifying savings balance.²

Verizon's fast, reliable networks put millions of people in touch with the experiences they value most. Now, with Verizon + Openbank Savings, they can get closer to their savings goals while saving on the mobile and home internet plans they’ve come to depend on. Find out how to open an account today.

Disclaimers

¹ 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.

² To get $180 in Verizon + Openbank Bill Credits your Verizon account must have an Openbank high yield savings account opened through the Verizon + Openbank Savings program that maintains a monthly average daily balance equal to or greater than $30,000 for all 12 months you are eligible to earn the Verizon + Openbank Bill Credit.