Verizon + Openbank Savings FAQs

Verizon + Openbank Savings is an offer available through a partnership between Verizon and Openbank.¹ If you qualify, you may receive exclusive Verizon + Openbank Bill Credit(s) on your Verizon bill. Your bill credit is based on the savings account’s monthly daily average balance. Up to 2 Verizon Bill Credits can be earned per month, per Verizon mobile account through this offer. This offer is for 12 consecutive months.²

Good to know: You can take advantage of the Verizon + Openbank Bill Credit(s) with what you may earn today with Verizon’s Auto Pay discounts.

¹ Openbank is a division of Santander Bank, N.A. Member FDIC. Verizon and its affiliates are not FDIC insured institutions. All deposits are held at Santander Bank, N.A. ² Eligible customers must have a mobile telephone number associated with a post-paid consumer wireless account offered by Verizon within the United States (the “Verizon Account”). To receive a credit on your Verizon bill (the “Verizon + Openbank Bill Credit”), you must submit an application for an Openbank high yield savings account (the “Deposit Account”) using the application link provided on Verizon’s website or mobile app. You will be eligible for a Verizon + Openbank Bill Credit for up to 12 months from the time you open a Deposit Account. Verizon Bill Credits are based on monthly average daily balance, as calculated by Openbank: $5 for qualifying balances between $1,000 and $9,999.99; $10 for qualifying balances between $10,000 and $29,999.99; and $15 for qualifying balances over $30,000. Up to two Verizon + Openbank Bill Credits per Verizon Account. If you qualify for a Verizon + Openbank Bill Credit, it will be applied to your Verizon bill beginning within 2-3 Verizon bill cycles following the issuance of your initial Deposit Account statement. Verizon is solely responsible for applying the Verizon Bill Credit based on Deposit Account balance information provided by Openbank.

Openbank is a division of Santander Bank, N.A. Openbank combines the best of digital banking innovation with the stability and security of a large national bank to deliver a seamless and powerful digital banking experience.

Since Openbank is a digital bank, there are no branch locations. All Openbank high-yield savings accounts are accessible only through the Openbank app. To manage your account, you’ll have to download the Openbank app.

To be eligible for the Verizon + Openbank Savings offer, you must have a Verizon mobile account and also become an Openbank customer. Up to 2 Verizon lines per mobile bill are eligible for the Bill Credit. Each Verizon line requires individual login credentials.

Verizon’s eligibility requirements:

• Verizon standard monthly account with up to 12 phone lines maximum (depending on your plan).
• 5G Home Internet or LTE Home Internet account.

You’re not eligible for the Verizon + Openbank Savings offer if:

• You have a Verizon Prepaid account or Verizon mobile Business account.
• You have a Verizon Fios or Fios Business account.

Openbank’s eligibility requirements:

1. When you’re ready to apply, you’ll need a minimum initial deposit of $500 to open a high-yield savings account with Openbank.
2. After account approval, make sure to download the Openbank mobile app from the app store on your smartphone or tablet. Learn more about downloading the Openbank app.

For complete eligibility rules for high-yield savings account at Openbank visit Openbank’s FAQs. See the Openbank account application for additional requirements.*

Important: If you already have an existing High Yield Savings account at Openbank, you aren’t required to close that account to participate in Verizon + Openbank Savings. You must be an existing Verizon Mobile customer and sign up on the Verizon + Openbank page for Verizon Bill Credit eligibility.

*The Openbank high-yield savings account is a variable-rate account and the rate applicable may change at any time without notice. Availability for this product will be based on the residential zip code entered when an account is opened within the online application process. Offer subject to change or cancellation at any time without notice. All account applications are subject to approval by Openbank.

No, pre-existing Openbank accounts don’t qualify for the Verizon Bill Credit. You must open a new Openbank account through the Verizon + Openbank page on Verizon’s website or mobile app.

Important: If you already have an existing High Yield Savings account at Openbank, you aren’t required to close that account to participate in Verizon + Openbank Savings.

You can only have 1 high-yield savings account with Openbank that is eligible for the Verizon + Openbank Savings offer in your name. If you already have an existing High Yield Savings account at Openbank, you aren’t required to close that account to participate. You may also be added to another account in Verizon + Openbank Savings as a joint account holder.

Participating in Verizon + Openbank Savings may make you eligible for a monthly Verizon Bill Credit on your Verizon mobile bill. The Verizon Bill Credit will appear on your monthly Verizon statement as Verizon Openbank Bill Credit. 2 Verizon lines per mobile bill are eligible for the Verizon Bill Credit.

The Verizon Bill Credit will be applied within 2 or 3 billing cycles of meeting the eligibility requirements for the offer.

The Verizon + Openbank Bill Credit is based on the monthly average daily balance of your high-yield savings account with Openbank and can range between $5, $10 or $15 a month according to the following:

• Get up to $60/year ($5/month) in Verizon Bill Credits if your monthly average daily balance is between $1,000 and $9,999.99. Offer valid for up to 12 consecutive months from the date you open the account.
• Get up to $120/year ($10/month) in Verizon Bill Credits if your monthly average daily balance is between $10,000 and $29,999.99. Offer valid for up to 12 consecutive months from the date you open the account.
• Get up to $180/year ($15/month) in Verizon Bill Credits if your monthly average daily balance is $30,000 or more. Offer valid for up to 12 consecutive months from the date you open the account.

If you add a joint account owner to your high-yield savings account at Openbank, only the primary account holder will be eligible for the Verizon Bill Credit. 
 

Your Verizon Bill Credit is calculated by Openbank using the monthly average daily account balance. The Verizon Bill Credit should be applied in 2 or 3 billing cycles after funding your high-yield savings account at Openbank with the minimum balance required to earn the bill credit.

Up to 2 Verizon lines per mobile account are eligible for the Verizon Bill Credit. Each line needs to use their individual login for Verizon to sign up for Verizon + Openbank Savings.

Visit Openbank website for more details on account balance information.

The monthly average daily balance is the average amount in your account over the statement period. It is calculated by adding up the balance for each day of the month and dividing by the number of days in your Verizon + Openbank Savings statement period. New deposits are reflected in your monthly average daily balance as soon as Openbank receives your deposit.

Once you’ve signed up for Verizon + Openbank Savings, and the account is fully funded, you can find your Verizon Bill Credit by viewing your monthly Verizon statement. The Verizon Bill Credit will appear on your monthly Verizon statement as Verizon Openbank Bill Credit.

Review your Verizon billing information on the My Verizon website or app.

Good to know: The Verizon Bill Credit should be applied in 2 or 3 billing cycles, after funding your high-yield savings account with the minimum balance required to earn the bill credit.

High-yield savings accounts are interest-bearing savings accounts. They can offer higher interest rates than the national average of standard savings accounts. Openbank is a division of Santander Bank, N.A., which is a member of the FDIC. High-yield savings accounts created through participation in Verizon + Openbank Savings are FDIC insured up to the standard maximum deposit insurance amount of $250,000 per depositor, per ownership category. Deposits at Santander Bank and its Openbank division are combined for FDIC purposes and aren’t separately insured. For more information about FDIC deposit insurance, visit the FDIC’s online resources.

Important: High-yield savings accounts at Openbank are intended for accumulating savings and don’t include checks or debit card functionality.

Openbank offers a top-tier annual percentage yield (APY) and is FDIC-insured. In addition, this offer from Verizon + Openbank Savings gives you exclusive Verizon Bill Credits.

If your Openbank account balance falls below the monthly average daily balance required, you won’t receive the bill credit for the month. This may not be reflected on your Verizon mobile bill in the same month your account is below the average daily balance required. It may take an additional Verizon + Openbank Savings billing cycle to reflect the change of the Verizon Openbank Bill Credit on your Verizon mobile bill.

Yes, FDIC (Federal Deposit Insurance Corporation) insurance is a federally backed deposit insurance fund that protects any insured account against loss due to bank failure. Under the FDIC, the standard coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category (e.g., single, joint, trust, business, etc.).

Since Openbank is a division of Santander Bank, N.A., which is a member of the FDIC, your account would be protected – subject to the limitations referenced above.

Important: Any insured deposits at Openbank combine with your insured deposits at Santander Bank, N.A. (per owner, per ownership category) to calculate your total insurable deposits.

Learn more about Openbank and FDIC ownership categories.

There are a few ways to participate in Verizon + Openbank Savings offer and be eligible for the Verizon + Openbank Savings Bill Credits and high-yield savings account. You can visit our Verizon + Openbank Savings page to learn more and apply or sign into your My Verizon account.

How to access through your My Verizon app:

1. Sign in to your My Verizon app.
2. Tap Discover and scroll to find the Verizon + Openbank Savings offer tile ad.  
3. Tap the tile to learn more and apply on our mobile landing page.

How to access through the My Verizon website:

1. Sign into your account on the My Verizon website.
2. On the Account menu, scroll down to the Discover more section.
3. Select the Verizon + Openbank Savings offer tile to learn more and apply on our mobile landing page. 

You’re not eligible for the Verizon + Openbank Savings offer if:

• You have a Verizon Prepaid account or Verizon mobile Business account.
• You have a Verizon Fios or Fios Business account. 

For complete Openbank High Yield Savings account eligibility rules, visit Openbank’s FAQs.

No, since Openbank is a digital bank, it has no branch locations. To participate in Verizon + Openbank Savings, you must apply online through the Verizon + Openbank Savings page.

Important: While Openbank is a division of Santander Bank, N.A., it operates on an entirely separate platform. As a result, Santander Bank retail branches cannot help customers to open, manage, or service Openbank accounts.

Visit Verizon to see our mobile phones and mobile plan options to become a Verizon mobile customer. You can become eligible for the Verizon + Openbank Savings offer once you establish yourself as a Verizon mobile customer. See the Verizon + Openbank eligibility requirements for more information.

No, you can only apply online by visiting the Verizon + Openbank Savings landing page on My Verizon which will take you to the Openbank application.

Sign in to the Openbank mobile app or online at the Openbank website.

Visit the Openbank’s Help & Contact page for assistance with your account

Yes. The easiest and most secure way to access your account is by using the Openbank app on a trusted mobile device. You’ll need to set up a trusted mobile device before you can perform any sensitive actions on your account. Here’s how to get started:

1. Download the Openbank Mobile Banking App for free on the App Store® or Google Play.
   1. Search for “Openbank US” and look for the icon that has a white “O” with a red flame in a black square..
2. Open the app, then follow the directions to set up your trusted mobile device. This required step allows Openbank to verify your identity and keep your account secure.* Once you set up your trusted mobile device, sign in to the app with your Openbank User ID and password.

Good to know: If you're using a desktop, laptop, or mobile web browser, you can access your account through online banking. You’ll still need a trusted mobile device to verify your identity when performing any sensitive actions.

For complete details on setting up the Openbank app, visit Openbank’s Help & Contact page for assistance with your account.

*Openbank strongly recommends using face or fingerprint recognition for extra security.

While signing up for your account, you’ll have the opportunity to add money to your new high-yield savings account by linking it to another bank account. To set this up, you'll need the account number and routing number for your other bank account.

You can also add money later if you choose – just sign in to the Openbank app, select Move money in, and follow the directions – or even set up direct deposit.

Contact Openbank’s Customer Service Center using the Openbank app on your trusted mobile device:

1. Sign in to the Openbank app.
2. Select the menu icon at the top left corner of your screen.
3. Select Support and Call us to contact Openbank directly.

Before contacting Verizon, confirm:

1. On your most recent monthly Openbank statement, your monthly average daily balance is greater than the minimum to receive the credit.
2. Other lines on your account aren’t already receiving the monthly credit (limit 2) on your most recent Verizon statement.
3. You’ve waited 2- 3 billing cycles after funding your account at Openbank, and you’re maintaining the minimum balance required to earn the Verizon Bill Credit.
4. You’re looking at your most recent Verizon bill.

After confirming the above, you can contact Verizon Customer Service.

Verizon is unable to support any technical issues with your Openbank application. If you are experiencing a technical issue with your online application, call the Openbank Customer Service Center, Mon - Sat, 8 AM to 8 PM ET (5 AM to 5 PM PT) at 855-896-2265 (855-VZN-BANK). Hearing and speech-impaired customers can call 711 or their preferred relay service.

Verizon is unable to support any technical issues with your Openbank application. If you need assistance here’s what you can do:

• Validate that you aren’t connected to a Virtual Private Network (VPN).
• Verify that you aren’t using any screen-recording features on your device.

Verizon isn’t able to support questions related to your Openbank account or balance. For assistance, call the Openbank Customer Service Center, Mon - Sat, 8 AM to 8 PM ET (5 AM to 5 PM PT) at 855-896-2265 (855-VZN-BANK). Hearing and speech-impaired customers can call 711 or their preferred relay service.