SoFi Bank vs Varo Bank
The two banks compared as banks: the charter, branches, checking, the other products they offer, their apps and their deposit rates. Each fact has its source and the date it was confirmed.
Choose SoFi Bank or Varo Bank
Choose SoFi Bank if
- You want a mortgage from the same bank. Varo Bank does not offer one.
- You want an investment account from the same bank. Varo Bank does not offer one.
- The savings rate matters most. SoFi Bank advertises the higher savings APY. That account is online only.
- You want a sign-up bonus. SoFi Bank has one on offer now: Up to $400 bonus.
Choose Varo Bank if
- The app matters to you. Varo Bank rates 4.5 on Google Play and SoFi Bank rates 3.8.
SoFi Bank and Varo Bank compared
| Field | SoFi Bank | Varo Bank |
|---|---|---|
| What each bank offers | ||
| Savings account | YesBanksparency rate data | YesBanksparency rate data |
| CDs | None trackedBanksparency rate data | None trackedBanksparency rate data |
| Money market account | None trackedBanksparency rate data | None trackedBanksparency rate data |
| Checking account | YesBank site, confirmed Sep 27, 2026 | YesBank site, confirmed Sep 27, 2026 |
| Credit cards | YesBank site, confirmed Sep 27, 2026 | YesBank site, confirmed Sep 27, 2026 |
| Personal loans | YesBank site, confirmed Sep 27, 2026 | Small loans only ($600 to $2,000, a line of credit)Bank site, confirmed Sep 27, 2026 |
| Mortgages | YesBank site, confirmed Sep 27, 2026 | NoBank site, confirmed Sep 27, 2026 |
| Investing | YesBank site, confirmed Sep 27, 2026 | NoBank site, confirmed Sep 27, 2026 |
| Deposit rates | ||
| Best savings APY | Up to 4.40% APY. That account is online only.Advertised, newest reading Nov 11, 2026 | Up to 3.75% APY. That account is online only.Advertised, newest reading Nov 2, 2026 |
| Sign-up bonus | Up to $400 bonusBank offer, confirmed Nov 8, 2026 | None on record |
| Checking | ||
| Account compared | SoFi Checking and SavingsBank site, confirmed Sep 27, 2026 | Varo Bank AccountBank site, confirmed Sep 27, 2026 |
| Monthly fee | NoneBank site, confirmed Sep 27, 2026 | NoneBank site, confirmed Sep 27, 2026 |
| How to avoid the fee | No fee to avoidBank site, confirmed Sep 27, 2026 | No fee to avoidBank site, confirmed Sep 27, 2026 |
| Overdraft fee | NoneBank site, confirmed Sep 27, 2026 | NoneBank site, confirmed Sep 27, 2026 |
| Zelle | YesBank site, confirmed Sep 27, 2026 | Yes, after 60+ days as a customer and $1,000 in deposits within a rolling 61 daysBank site, confirmed Sep 27, 2026 |
| Branches and ATMs | ||
| Branches | SoFi accounts are online only. Its Golden Pacific Bank division has 3 branches in California for its own customers.Bank site, confirmed Sep 27, 2026 | No branchesBank site, confirmed Sep 27, 2026 |
| Fee-free ATMs | Allpoint, 55,000+Bank site, confirmed Sep 27, 2026 | Allpoint, 40,000+Bank site, confirmed Sep 27, 2026 |
| Other banks' ATM fees | No refundBank site, confirmed Sep 27, 2026 | Not statedBank site, confirmed Sep 27, 2026 |
| Apps | ||
| App Store rating | 4.7 of 5Store listing, confirmed Sep 27, 2026 | 4.9 of 5Store listing, confirmed Sep 27, 2026 |
| Google Play rating | 3.8 of 5Store listing, confirmed Sep 27, 2026 | 4.5 of 5Store listing, confirmed Sep 27, 2026 |
| The bank behind it | ||
| Charter | Utah · one of 44 insured banks chartered thereFDIC call report, Q2 2026 | Utah · one of 44 insured banks chartered thereFDIC call report, Q2 2026 |
| Size | 46th-largest by deposits of 4,238 insured banksFDIC call report, Q2 2026 | 2,708th-largest by deposits of 4,238 insured banksFDIC call report, Q2 2026 |
| Deposit growth | Higher than at 99% of 4,226 insured banks over the four quarters to Q2 2026FDIC call report | Higher than at 96% of 4,226 insured banks over the four quarters to Q2 2026FDIC call report |
“Not stated” means the bank’s own pages say nothing that answers the question. “Not confirmed yet” means no one has confirmed the fact against its source.
How each bank has moved its rates
Banksparency reads each bank’s rates every day. A bank that cuts often, or lets a promotion lapse to a lower rate, costs more over a year than its rate today shows.
SoFi Bank
- SoFi Savings: 3 rate changes since Jan 21, 2026, 2 cuts and 1 raise.The last was on Sep 23, 2026, up 0.20 points.Its 4.40% APY is a promotion for 180 days. After that the rate falls to 3.30%.
Varo Bank
- High-Yield Savings Account: one rate change since Jan 21, 2026, 1 cut.The last was on Jul 2, 2026, down 1.25 points.
What each bank pays on deposits
An advertised rate tells you what a new savings account earns today. It cannot tell you how the bank has priced the savings and money market deposits it already holds, over time. This section shows that. The figure is computed from the interest expense and deposit balances that every bank files with the FDIC in the same form. That is what makes it comparable across banks and across quarters.
SoFi Bank
The two figures answer different questions, so they sit side by side and are not combined. That 4.40% is a promotional rate for six months. The account advertises 3.30% after it ends. Six-month APY boost for members new to SoFi Checking and Savings. It requires an Eligible Direct Deposit or $5,000 or more in qualifying deposits every 31 days.
In Q2 2026, SoFi Bank paid a higher average rate on savings and money market deposits than 96% of banks that reported a figure (FDIC call report). The all-bank median was 1.45%.
Each figure is that bank's own charter-level average across its whole deposit book, so the two are shown one after the other and are not a ranking.
Varo Bank
The two figures answer different questions, so they sit side by side and are not combined. The 3.75% applies to the first $5,000. The balance above that earns 1.00%.
Average annualized rates paid on savings and money market deposits, and on all interest-bearing deposits, quarterly. The FDIC line for savings includes money market deposit accounts and business savings deposits and does not separate consumer accounts. Source: FDIC call report data, as reported; it may be amended. The percentile compares all FDIC filers, count-weighted. A missing quarter is suppressed, never interpolated. The percentile counts the banks that paid strictly less on savings and money market deposits, one vote per bank, among the banks that reported a figure for the quarter.
More on these two banks
More whole-bank comparisons
SoFi Bank compared with other banks:
Varo Bank compared with other banks: