Varo Bank

Last Updated: 6/20/2025

Note: Interest rates below are reported as APY, or Annual Percentage Yield

Quick Views

High-Yield Savings Account: 2.50% - 5.00% APY(Rank 2 out of 74 tracked HYSAs)

Minimum Deposit: $0 | Online Only | Direct Deposit: Min. $1,000/month

National Savings Interest Rate: 0.42% (as of 5/19/2025)

Note: The FDIC tracks savings and CD rates nationally, but it does not report APY, only the average interest rate.

(Source: FDIC)

Bank Overview

Location: Draper, Utah

Founded: 2015

Affiliation: Varo Money, Inc.

Access to Branches: None

BBB Rating: A- (BBB Accredited)

App Store Rating: 4.9/5

Google Play Rating: 4.7/5

Website: Visit Varo Bank

Our Take on Varo Bank

Highlights

  • 5.00% APY on up to $5,000 with direct deposit
  • No maintenance fees or minimum balance requirements
  • High App Store rating of 4.9
  • BBB Accredited with an A- rating

Considerations

  • Direct deposit of $1,000/month required for high APY
  • No physical branches available
  • Lower APY of 2.50% on amounts over $5,000
  • Online-only banking may limit access for some users
Summary: Varo Bank offers a competitive 5.00% APY on its High-Yield Savings Account, but requires a direct deposit of $1,000 monthly to qualify. The account has no maintenance fees and no minimum balance, appealing to savers. However, the lack of physical branches and a tiered APY structure may deter some users. With an A- BBB rating and high app ratings, Varo presents a strong online banking option.

Savings Account

Savings Account Offered by Varo Bank

FeatureHigh-Yield Savings Account
APY
2.50% - 5.00% (as of 6/20/2025)
APY TrendStable for the last month
Minimum Deposit$0
Minimum Balance for APY$0.01
FDIC-insured
Yes
Online OnlyYes
Bundled Account
No
Direct Deposit Required
Yes. Min. $1,000/month
Compound Frequency
Daily
Maintenance Fee$0
EligibilityUnited States
NoteEarn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required.

No deposit agreement summary available for this bank.

Calculate Savings for Varo Bank

All calculations are based on APY.

High-Yield Savings Account (APY: 2.50% ⎼ 5.00%)

Deposit Frequency:

Total savings breakdown:

  • Interest earned: $5 (4.76%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $100 (95.24%)

Your total balance

$105.00

Effective APY: 5.00% (based on your deposit and contributions)

The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.

Varo Bank Savings Rates Over Time

Historical APY Insights

MetricHigh-Yield Savings Account
Latest APY5.00 %
TrendSideways
Slope (bps/mo)0.0
Rate Changes / Mo0.00
Days Since Last Change184
High (-6 m)5.00 %
Low (-6 m)5.00 %
Draw-down from High0.0 %
Volatility (CV)0.000
APY Insights Glossary
Latest APY
Most recent advertised annual-percentage yield.
Trend
Direction over the last 6 months (regression slope).
Slope (bps/mo)
Average monthly change; 10 bps = 0.10 pp.
Rate Changes / Mo
Typical number of APY moves per month.
Days Since Last Change
Recency of the latest APY adjustment.
High (-6 m)
Highest APY in the last 186 days.
Low (-6 m)
Lowest APY in the last 186 days.
Draw-down from High
How far today sits below the 6-month peak.
Volatility (CV)
Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
  • See how quickly a bank reacts to Fed moves or competition.
  • Gauge “twitchiness” - frequent moves can annoy savers.
  • Spot if you're buying near a peak (draw-down) or riding a rise.
  • Slope (bps/mo) shows speed of change.
  • Volatility (CV) scales jumps by average level.

Compare Varo Bank's Savings Account

  • Affirm - 3.85% APY
  • All America Bank - 1.50-3.25% APY
  • Ally Bank - 3.50% APY
  • Amalgamated Bank - 2.25% APY
  • American Express - 3.60% APY
  • Axos Bank - 4.66% APY
  • Bank5 Connect - 4.05% APY
  • Bank of America - 0.01% APY
  • Barclays - 3.90-4.10% APY
  • Bask Bank - 4.20% APY
  • Betterment - 4.00% APY
  • BMO Alto - 3.60% APY
  • Bread Savings - 4.30% APY
  • BrioDirect - 4.30% APY
  • Capital One - 3.60% APY
  • Carver Bank - 4.00% APY
  • Charles Schwab Bank - 0.15% APY
  • Chase Bank - 0.01% APY
  • Chime - 1.25-3.75% APY
  • CIBC Bank USA - 4.11% APY
  • CIT Bank - 0.25-4.00% APY
  • Citibank - 3.60% APY
  • Citizens Access™ - 3.70% APY
  • Colorado Federal Savings Bank - 4.25% APY
  • ConnectOne Bank - 4.00% APY
  • Customers Bank - 4.23% APY
  • Discover Bank - 3.60% APY
  • E*TRADE from Morgan Stanley - 4.00% APY
  • EverBank - 4.30% APY
  • Evergreen Bank Group - 4.25% APY
  • First Foundation Bank - 4.25% APY
  • Fitness Bank - 5.00% APY
  • Flagstar Bank - 4.00% APY
  • Forbright Bank - 4.25% APY
  • FVCbank - 4.35% APY
  • High Plains Bank - 0.23-3.82% APY
  • Jenius Bank - 4.20% APY
  • LendingClub - 3.40-4.40% APY
  • Live Oak Bank - 4.10% APY
  • Marcus by Goldman Sachs - 3.65% APY
  • My Banking Direct - 4.30% APY
  • MySavingsDirect - 3.75% APY
  • Neighbors Bank - 4.60% APY
  • Newtek Bank - 4.35% APY
  • OMB Bank - 1.00% APY
  • Openbank - 4.30% APY
  • Peak Bank - 4.44% APY
  • Pibank - 4.60% APY
  • PNC - 3.95% APY
  • Poppy Bank - 4.25% APY
  • Popular Direct - 4.05% APY
  • Presidential Bank - 4.00-4.50% APY
  • Prime Alliance Bank - 4.05% APY
  • Primis Bank - 4.35% APY
  • Quontic Bank - 3.85% APY
  • RBMAX - 4.15% APY
  • Rising Bank - 4.30% APY
  • ROGER - 4.65% APY
  • Salem Five Direct - 4.01% APY
  • Sallie Mae Bank - 3.90% APY
  • Santander Bank - 0.03% APY
  • SoFi Bank - 3.80% APY
  • Synchrony Bank - 3.80% APY
  • TAB Bank - 4.26% APY
  • TD Bank - 0.05-3.00% APY
  • The State Exchange Bank - 1.90% APY
  • TIMBR - 4.40% APY
  • UFB Direct - 4.01-4.21% APY
  • Upgrade - 4.02% APY
  • Valley Direct - 4.20% APY
  • Western Alliance Bank - 4.30% APY
  • Zynlo Bank - 4.35% APY
FeatureVaro BankSelect a bank...
ProductHigh-Yield Savings AccountN/A
APY
2.50% - 5.00% (as of 6/20/2025)N/A
Bundled Account
NoN/A
FDIC-insured
YesN/A
Online OnlyYesN/A
Compound Frequency
DailyN/A
Minimum Deposit$0N/A
Minimum Balance for APY$0.01N/A
Maintenance Fee$0N/A
Direct Deposit Required
Yes. Min. $1,000/monthN/A
NoteEarn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required.N/A

Bank-to-Bank Comparisons

Compare Varo Bank's APY of 5.00% with other banks