Verizon and Openbank have partnered together such if that you open a high yield savings account with Openbank and maintain a qualifying balance, you’ll get up to $15 a month in Verizon bill credits for the first 12 months (total up to $180). You also get the standard APY, which is currently a competitive 4.40% APY. If you are a Verizon customer, it might be worth a look. Here are the tiers:
The 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.