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Investing.com -- Shares of Banco Santander (NYSE:SAN) climbed 2.5% while Verizon Communications (NYSE:VZ) saw a 1% increase following the announcement of a new partnership between the two companies. The collaboration introduces the Verizon + Openbank Savings account, offering Verizon customers a high yield savings account with an interest rate ten times the national average, along with the potential to save up to $180 annually on their Verizon bill.
The strategic partnership is poised to significantly expand Santander’s national scale and reach, aligning with its ambition to become a leading digital bank in the U.S. with a strong branch presence. For Verizon, the addition of Openbank’s high yield savings account enhances its financial service offerings, providing unique benefits to its customer base.
The new savings account is designed to deliver a secure and seamless digital banking experience with no fees, low minimum deposits, and 24/7 access to funds. This move is part of a broader strategy by both companies to offer competitive financial solutions that leverage their respective industry strengths in mobility and banking.
Hans Vestberg, Chairman and CEO of Verizon, emphasized the company’s commitment to delivering value beyond wireless services, noting that the partnership enables the creation of exclusive financial solutions for Verizon customers. Ana Botín, Banco Santander Executive Chair, highlighted the partnership as a significant milestone for Santander’s growth strategy in the U.S., leveraging Openbank’s banking experience and rewards to reach Verizon’s extensive customer base.
This collaboration marks a notable step for both companies as they seek to provide added value to their customers and enhance their market positions through innovative banking solutions. The positive market response reflects investor confidence in the potential of this partnership to generate additional revenue streams and customer loyalty for both Banco Santander and Verizon.
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