The news: Verizon has partnered with Santander’s US digital banking speedboat Openbank to offer a high-yield savings account to Verizon mobile and 5G customers, per PYMNTS.
How we got here: In its first four months, Santander’s Openbank received a whopping $2 billion in deposits. This rapid accumulation underscores the new bank’s significant market impact—especially given its exclusivity, as the bank is only available to US residents within certain states.
Its high APY—which was 4.75% in February and 4.40% in March—helped put it on customers’ radar.