Verizon + Openbank High-Yield Savings: Earn 4.40% APY and Up to $180 in Verizon Bill Credits

Verizon has teamed up with Openbank to launch a unique high-yield savings account that rewards loyal Verizon customers. By opening a new Verizon Openbank savings account and maintaining a qualifying balance, you can earn a competitive 4.40% APY along with up to $180 in Verizon bill credits over the first 12 months.

Here’s how it works: eligible Verizon customers who open and fund an Openbank savings account can receive up to $15 in monthly bill credits, totaling $180 per year. The credits are automatically applied to your Verizon account each month as long as your savings balance remains above the qualifying threshold.

The 4.40% annual percentage yield (APY) makes this offer particularly appealing for anyone seeking a safe and rewarding place to grow their cash. Unlike many traditional banks offering lower yields, Openbank’s online savings platform provides a simple, fee-free experience with flexible account management tools.

This partnership reflects Verizon’s growing push into the financial services space, offering customers both value and convenience. The added Verizon bill credits effectively increase your return on savings—especially if you’re already paying for a family or unlimited data plan.

If you’re a Verizon customer looking for an easy way to earn high interest and lower your monthly phone bill, this Verizon and Openbank savings offer is worth considering. Just be sure to check the program’s official terms and deposit tiers to see how much you can earn.

he Verizon Bill Credit is based on the monthly average daily balance of your High Yield Savings account 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 average account 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 average account 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 balance is $30,000 or more. Offer valid for up to 12 consecutive months from the date you open the account.

Here are the details on qualifying Verizon accounts:

You’ll need an existing Verizon mobile account with up to 12 phone lines maximum (depending on your plan), 5G Home Internet or LTE Home Internet to be eligible to apply for the Verizon + Openbank Savings account. Verizon Prepaid, Verizon mobile Business, Verizon Fios and Verizon Fios Business accounts are not eligible for Verizon + Openbank Savings

Bonus calculations. There is a $500 minimum to open an account, and the bonus is based on the “monthly average daily balance”.

$1,000 balance earning $60/year in credits = 6.0% boost over a year.
$10,000 balance earning $120/year in credits = 1.2% boost over a year.
$30,000 balance earning $180/year in credits = 0.60% boost over a year.

As long as the base APY is relatively competitive, you could probably justify keeping up to $30,000 in this account, given that the bill credits are basically after-tax money. 4.40% + 0.60% = 5.00%, which is a top overall rate. This is assuming they don’t 1099 you for the bill credits, which I doubt they will considering they are a discount on a service.

However, if you just want the most bang for your buck, you could just keep $1,000 in there for a $60 total bonus. Or you could think of it as a ~10% APY savings account for a year.

This promotion would be a lot more attractive if the bill credits applied indefinitely, instead of only the first 12 months. As it is, it might be attractive if you already have Verizon wireless service.

Hat tip to Doctor of Credit