Varo Bank: Savings Account & Rates
Mission: Banksparency aims to make Varo Bank's deposit accounts transparent and comparable to the market.
Analysis of Varo Bank
Our verdict
Varo Bank offers a high-yield savings account paying 3.75% APY with no minimum deposit.
At 3.75% APY, Varo Bank pays 10x the national savings average of 0.38%.
Ideal User Profile
- Best for: keeping checking and savings at one bank, banking without needing a branch, and pairing a direct deposit with a higher yield.
Important Considerations
Key Differentiators
- Stands out with top-rated iOS app (4.9), highly-rated Android app (4.6), A BBB rating, Zelle for instant transfers.
Savings Overview
High-Yield Savings Account
| Min. Deposit | $0 |
| Min. Balance | $0.01 |
| Maintenance Fee | $0 |
| * Requires Direct Deposit | |
Market Reality Check
This institution offers rates below the top 10 savings and money market accounts we track. Those institutions all pay at least 4.01% APY.
Bank Overview
- HQ LocationDraper, UT
- AffiliationVaro Money, Inc.
- Ratings & Trust
- Zelle® SupportAvailableRequires history of qualifying direct deposits.
- Deposit InsuranceFDIC Insured(Cert: 59190)
Top Market Contenders
Savings Account: In-Depth View
Savings Account Offered by Varo Bank
| Feature | High-Yield Savings Account |
|---|---|
APY | 3.75%Verified: 8/19/2026 |
APY Trend | N/A |
Min. Deposit | $0 |
Min. Balance | $0.01 |
Monthly Fee | $0 |
Direct Deposit | RequiredSee terms |
Checking Bundle | Yes |
In-Branch Access | No |
Compounding | Daily |
FDIC Insured | Yes |
Eligibility | United States |
Important | Earn the stated APY on up to $5,000 and a lower APY on the rest. A Varo bank account & direct deposit required. |
| Next Steps | - |
Interactive Tool
Calculate Savings for Varo Bank
All calculations are based on APY.
Savings Breakdown
- Interest Earned+$1,465.40(9.5%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$15,465.40
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
Last 12 Months| Metric | High-Yield Savings Account |
|---|---|
Latest APY | 3.75% |
Trend | Falling |
Slope (bps/mo) | -5.8 |
Rate Changes / Mo | 0.08 |
Days Since Last Change | 21 |
High (-12m) | 5.00% |
Low (-12m) | 3.75% |
Draw-down | -25.0% |
Volatility (CV) | 0.037 |
How to read these metrics▼
Trends & Velocity
- Trend
- The general direction of the rate over the analyzed period. Useful for spotting if a bank is currently aggressive or pulling back.
- Slope (bps/mo)
- Speed of change. A high positive number means they raise rates quickly. 10 bps = 0.10%.
- Rate Changes / Mo
- "Twitchiness." High frequency means the rate changes constantly; low frequency means it's stable.
Risk & Range
- High/Low
- The absolute ceiling and floor of the rate during the 361-day window.
- Volatility Score
- Lower is better for predictability. It indicates how wildly the rate swings relative to its average.
- Days Since Change
- If this number is high (e.g., >90), the rate is very sticky. If low, it changed recently.
Why track this? Understanding volatility helps you avoid "bait-and-switch" rates. A steady, rising slope is ideal; high volatility often signals a temporary teaser rate.
Compare with Varo Bank
| Feature | Current View Varo Bank | Empty Slot |
|---|---|---|
| Product | High-Yield Savings Account | - |
APY | 3.75% - 3.75%Verified: 8/19/2026 | - |
APY Trend | N/A | - |
| Min. Deposit | $0 | N/A |
| Monthly Fee | $0 | - |
Direct Deposit | Required | - |
Checking Bundle | Yes | - |
| In-Branch Access | No | - |
| Eligibility | United States | - |
Compounding | Daily | - |
FDIC or NCUA Insured | Yes | - |
| Note | Earn the stated APY on up to $5,000 and a lower APY on the rest. A Varo bank account & direct deposit required. | - |
| Next Steps | - | - |
Bank-to-Bank Comparisons
Compare Varo Bank's APY of 3.75% with other banks
Alternatives to Varo Bank
Banks with Higher/Similar Savings APY
For a top list of the highest savings rates, see all HYSA top rates
High Plains Bank
High Yield Savings Account: 3.82% APY
Minimum Deposit: $25
FVCbank
Advantage Direct Savings: 4.01% APY
Minimum Deposit: $500
Online Only
First Bank
Icon High-Yield Savings: 2.75% APY
Minimum Deposit: $100
Thrive Credit Savings: 0.01% APY
Minimum Deposit: $100
Health Savings Account: 0.03% APY
Minimum Deposit: $100
Kids Cash Savings: 4.00% APY
Minimum Deposit: $5
Performance Money Market: 0.02% APY
Minimum Deposit: $100
Statement Savings: 0.01% APY
Minimum Deposit: $100
Newtek Bank
Business Money Market Account: 3.50% APY
Minimum Deposit: $0
Online Only
Personal High Yield Savings: 4.20% APY
Minimum Deposit: $100
Online Only
Bank5 Connect
Money Market Account: 4.00% APY
Minimum Deposit: $100
Online Only
Jumbo Savings: 3.65% APY
Minimum Deposit: $25,000
Online Only
Connect Savings: 1.50% APY
Minimum Deposit: $10
Online Only
Barclays
Online Savings: 3.30% APY
Minimum Deposit: $0
Online Only
Tiered Savings: 3.65% APY
Minimum Deposit: $0
Online Only
Peak Bank
Envision High Yield Savings: 4.01% APY
Minimum Deposit: $100
Online Only
Western Alliance Bank
High-Yield Savings Premier: 3.80% APY
Minimum Deposit: $500
Online Only
Bask Bank
Interest Savings Account: 3.75% APY
Minimum Deposit: $0
Online Only
Bread Savings
High-Yield Savings Account: 3.95% APY
Minimum Deposit: $100
Online Only
Live Oak Bank
Personal Savings: 3.90% APY
Minimum Deposit: $0
Online Only
Business Savings: 2.75% APY
Minimum Deposit: $0
Online Only
Happen Bank
LevelUp Savings: 4.00% APY
Minimum Deposit: $0
Online Only