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In an innovative move to enhance consumer savings, OpenBank has introduced a distinctive high-yield savings account that not only offers a competitive annual percentage yield (APY) of 4.20% but also provides a unique benefit: monthly discounts on Verizon phone bills. This novel offering is designed to provide account holders with a dual advantage, combining robust interest earnings with tangible savings on essential services.

OpenBank's collaboration with Verizon marks a significant departure from traditional savings account perks. While the 4.20% APY itself is appealing, securing a spot in daily rankings for top-performing savings options, the addition of phone bill credits sets this account apart. Verizon customers with an eligible postpaid wireless plan in the U.S. can receive monthly credits ranging from $5 to $15, contingent on their average daily savings balance. These credits can accumulate to as much as $180 over a 12-month period, offering substantial relief on communication expenses.

To qualify for these benefits, customers must establish a new OpenBank high-yield savings account specifically through Verizon's platform and maintain a minimum average daily balance of $1,000. For balances between $1,000 and $9,999, a $5 monthly credit is applied. Account holders with balances from $10,000 to $29,999 will enjoy a $10 monthly credit, while those maintaining $30,000 or more will receive the maximum $15 credit each month. These credits are disbursed for up to 12 consecutive months from the initial qualification date.

The synergistic effect of interest accumulation and bill credits can significantly boost the overall return for savers. For instance, a $10,000 balance could yield $420 in interest and an additional $120 in Verizon credits over a year, totaling $540. Similarly, a $30,000 balance could generate $1,260 in interest and $180 in credits, amounting to $1,440. These calculations assume a consistent interest rate and credit tier over the 12-month period, though rates are variable and subject to change.

This partnership exemplifies a creative approach by financial institutions to make saving more rewarding for consumers. For Verizon subscribers, this offering transforms an already strong savings account into an even more compelling financial tool, providing a practical way to optimize both savings growth and household budgeting.