Verizon’s new high-yield savings account can net you up to $180 off your bill each year

Apparently, there’s only so much a company can do in order to bolster its revenue streams. While we’ve seen partnerships in the past, this new one from Verizon might have some customers scratching their heads. The wireless carrier announced that it would be partnering with Santander Bank for its new high-yield savings account.

Not Verizon’s first rodeo

Now, if you’ve been a Verizon customer for some years, you’ll know that this isn’t the first time that the brand has introduced a financial product. Back in 2020, Verizon began offering its own credit card to customers with various rewards and benefits. But a bank account is something a little different.

When it comes to some of the details, the “Verizon + Openbank Savings account” will have a rate that is “10 times the national average” while also providing customers with the “ability to save up to $180” on their existing Verizon bill. The brand shared that this is a “meaningful and exclusive” benefit for customers.

Of course, you won’t be able to get the $180 off your Verizon bill just by signing up, and there will be criteria that need to be met in order to make it happen. Customers will need a minimum daily balance of $1,000 in order to see some form of savings, but in order to max out that number, you will need to deposit at least $30,000 into the account.

You can always check out the savings account website to get all the details to see whether this would be something worthwhile for you. The good news is that signing up for this account is going to be pretty simple, and can be done through the Verizon website or MyVerizon app on your existing devices.

This might not be the benefit you’ve been looking for from your wireless carrier, but it may be one that is worth investing in if you’ve got the extra cash just lying around and not currently in a high-yield savings account.