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📌 Main takeaway:
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Key takeaways
- OpenBank is adding an unusual twist to its high-yield savings account, combining phone bill discounts with an attractive APY of 4.20%.
- 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 — adding up to your total return nicely.
A savings account that pays you twice
It’s rare that a savings account can help you lower your 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 place it in our daily ranking of the best high-yield savings accounts. Now the bank is adding an uncommon feature: monthly credits that reduce phone bills for Verizon customers.
You get a competitive rate on your savings, and — depending on your average monthly balance — you can qualify for a Verizon bill credit of $5 to $15 per month for up to a year. Over the course of twelve months, this can add up to $180 in savings on your phone bill.
If you’ve been comparing high-yield savings accounts lately, this account stands out because it combines a competitive rate with practical, realistic benefits — helping you keep more money in your pocket.
Why is this important to you?
If you’re a Verizon customer, this account could turn your savings into a two-for-one win: a strong interest rate plus smaller phone bills every month for a year.
How do phone bill discounts work?
Here’s what to know about how to get and apply Verizon bill credits.
Eligibility: You must open a new high-yield OpenBank savings account through Verizon and have an eligible postpaid wireless plan from Verizon in the US. Verizon Fios, prepaid, and business accounts are not eligible.
Minimum balance: You need an average daily balance of at least $1,000 per month to get any Verizon credit.
Monthly credits: Verizon applies one 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
This represents a potential savings of $60-$180 over 12 months.
period: Credits can last 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 interest and credits can accrue on your bills
Combining OpenBank interest payments with Verizon bill credits can significantly increase what you earn from this account. The table below shows how the math works across different balance levels.
| Example of return based on OpenBank balance level | |||
|---|---|---|---|
| Average daily balance | 12 months of interest (4.20% annually) | 12 months of Verizon bill credits | Combined value |
| $1000 | $42 in interest | $60 in credits | $102 |
| $10,000 | $420 with interest | $120 in credits | $540 |
| $30,000 | $1,260 with interest | $180 in credits | $1,440 |
These examples assume that the rate and credit levels remain constant for 12 months. Actual results will vary if your balance changes or APY moves.
OpenBank’s offering won’t be for everyone, but it’s a smart example of how banks are finding new ways to make saving more useful. For Verizon customers, the partnership can make an already robust savings account work even harder for you.
Daily ranking of the best CDs and savings accounts
We update these rankings every business day to give you the best deposit rates available:
important
Note that the “highest rates” listed here are the highest rates available nationally that Investopedia determined in its daily search of hundreds of banks and credit unions. This is very different from the national average, which includes all banks that offer a CD with this term, including many large banks that pay a pittance in interest. Thus, national rates are always very low, while the highest rates you can discover by shopping around are often 5, 10 or even 15 times higher.
How to Find the Best Savings and CD Rates
Each business day, Investopedia tracks rate data for more than 200 banks and credit unions that offer CDs and savings accounts to customers across the country and determines a daily ranking of the highest-grossing accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the minimum initial account deposit must not exceed $25,000. It is also not possible to determine A maximum The deposit amount is less than $5,000.
Banks must be available in at least 40 states to be eligible to be available nationwide. While some credit unions require you to donate to a specific charity or association to become a member if you do not meet other eligibility criteria (for example, if you do not live in a certain area or work a certain type of job), we exclude credit unions with donation requirements of $40 or more. To learn more about how to choose the best rates, read our full methodology.
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