Varo Bank: Savings Accounts & Rates

Savings rates updated: 8/22/2025

Mission statement: Banksparency aims to make Varo Bank's savings accounts transparent and comparable to those of other banks. Learn more about Banksparency.

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

We earn a commission if you open an account through some links on this page.

Savings Overview

High-Yield Savings Account: 2.50% - 5.00% APY(Rank 1 of the 20 Best Savings Rates)

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

National Savings Interest Rate: 0.38% (as of 7/21/2025)

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

Deposit Insurance: FDIC Cert # 59190

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

Earn 5.00% APY on up to $5,000
No maintenance fees or minimum deposit required
High customer satisfaction with 4.9 App Store rating
BBB Accredited with an A- rating

Considerations

Direct deposit of $1,000/month required for highest APY
Online-only bank with no physical branches
Lower APY of 2.50% on balances over $5,000
Limited customer service options due to online-only model

Summary: Varo Bank offers a competitive High-Yield Savings Account with a 5.00% APY on balances up to $5,000, but requires a direct deposit of $1,000 monthly to qualify. The bank has no maintenance fees and no minimum deposit, appealing to many savers. However, it operates online only, lacking physical branches and potentially limiting customer service. With strong ratings, Varo is a solid choice for those comfortable with digital banking.

Savings Account: In-Depth View

Savings Account Offered by Varo Bank

Feature	High-Yield Savings Account
APY	2.50% - 5.00% (as of 8/22/2025)
APY Trend	Stable for the last quarter
Minimum Deposit	$0
Minimum Balance for APY	$0.01
FDIC-insured	Yes
Online Only	Yes
Bundled Account	No
Direct Deposit Required	Yes. Min. $1,000/month
Compound Frequency	Daily
Maintenance Fee	$0
Eligibility	United States
Note	Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required.
Sponsored Link
No deposit agreement summary available for this bank.

Calculate Savings for Varo Bank

All calculations are based on APY.

Savings Product:

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

Initial Deposit:

Recurring Deposit Amount:

Deposit Frequency:

Duration:

ℹ️You earn 5.00% on the first $5,000 and 2.50% on the rest.

Total savings breakdown:

Interest earned: $1,561.3 (10.03%)
Total contributions: $13,000 (83.54%)
Initial deposit: $1,000 (6.43%)

Your total balance

$15,561.30

Effective APY: 3.98% (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

Metric	High-Yield Savings Account
Latest APY	5.00 %
Trend	Sideways
Slope (bps/mo)	0.0
Rate Changes / Mo	0.00
Days Since Last Change	247
High (-8 m)	5.00 %
Low (-8 m)	5.00 %
Draw-down from High	0.0 %
Volatility (CV)	0.000

APY Insights Glossary

Latest APY: Most recent advertised annual-percentage yield.
Trend: Direction over the last 8 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 (-8 m): Highest APY in the last 249 days.
Low (-8 m): Lowest APY in the last 249 days.
Draw-down from High: How far today sits below the 8-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 - 3.50% APY
Ameriprise Bank - 3.15-3.15% APY
Axos Bank - 4.46% 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 - 3.50% APY
Bread Savings - 4.25% APY
BrioDirect - 4.30% APY
Capital One - 3.50% 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 - 4.02% APY
CIT Bank - 0.25-4.00% APY
Citibank - 3.50% APY
Citizens Access™ - 3.50% APY
Colorado Federal Savings Bank - 4.15% APY
ConnectOne Bank - 4.00% APY
Customers Bank - 4.23% APY
Discover Bank - 3.50% APY
Elevault - 4.60% 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 - 4.85% APY
Flagstar Bank - 4.00% APY
FNBO Direct - 3.25% APY
Forbright Bank - 4.25% APY
FVCbank - 4.35% APY
GO2bank - 4.50% APY
High Plains Bank - 0.23-3.82% APY
Jenius Bank - 4.20% APY
LendingClub - 3.20-4.20% 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 - 4.20% APY
Peak Bank - 4.35% 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 - 4.20% APY
Quontic Bank - 3.75% APY
RBMAX - 4.15% APY
Rising Bank - 4.30% APY
ROGER - 4.12% APY
Salem Five Direct - 4.01% APY
Sallie Mae Bank - 3.90% APY
Santander Bank - 0.03% APY
SoFi Bank - 3.80-3.80% APY
Synchrony Bank - 3.80% APY
TAB Bank - 4.15% APY
TD Bank - 0.05-3.00% APY
The State Exchange Bank - 3.05% APY
TIMBR - 4.40% APY
UFB Direct - 4.01-4.21% APY
Upgrade - 4.02% APY
Valley Direct - 4.30% APY
Wells Fargo - 0.05-2.51% APY
Western Alliance Bank - 4.30% APY
Zynlo Bank - 4.35% APY

Feature	Varo Bank	Select a bank...
Product	High-Yield Savings Account	N/A
APY	2.50% - 5.00% (as of 8/22/2025)	N/A
Bundled Account	No	N/A
FDIC-insured	Yes	N/A
Online Only	Yes	N/A
Compound Frequency	Daily	N/A
Minimum Deposit	$0	N/A
Minimum Balance for APY	$0.01	N/A
Maintenance Fee	$0	N/A
Direct Deposit Required	Yes. Min. $1,000/month	N/A
Note	Earn 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

Bank Pair	Best APY	Min Deposit
Varo Bank vs Ally Bank	3.50%	$0
Varo Bank vs American Express	3.50%	$0
Varo Bank vs Axos Bank	4.46%	$0
Varo Bank vs Bank of America	0.01%	$100
Varo Bank vs Barclays	4.10%	$0
Varo Bank vs Capital One	3.50%	$0
Varo Bank vs Chase Bank	0.01%	$0
Varo Bank vs Chime	3.75%	$0
Varo Bank vs CIT Bank	4.00%	$100
Varo Bank vs Discover Bank	3.50%	$0
Varo Bank vs Fitness Bank	4.85%	$100
Varo Bank vs Marcus by Goldman Sachs	3.65%	$0
Varo Bank vs Presidential Bank	4.50%	$5,000
Varo Bank vs SoFi Bank	3.80%	$0
Varo Bank vs Synchrony Bank	3.80%	$0
Varo Bank vs UFB Direct	4.21%	$5000
Varo Bank vs Wells Fargo	2.51%	$25