Varo Bank

Last Updated: 4/1/2025

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

Quick Views

High-Yield Savings Account: 2.50% - 5.00% APY(Rank 3 out of 75 HYSAs)

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

National Savings Interest Rate: 0.41% (as of 3/17/2025)

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

Savings Account

Savings Accounts Offered by Varo Bank

Feature	High-Yield Savings Account
APY	2.50% - 5.00% (as of 4/1/2025)
APY Trend	Stable
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.
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:

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

Metric	High-Yield Savings Account
Highest APY	5.00%
Lowest APY	5.00%
Latest APY	5.00%
Trend	Stable
Volatility	0.00%

Compare Varo Bank's Savings Account

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Feature	Varo Bank	Select a bank...
Product	High-Yield Savings Account	N/A
APY	2.50% - 5.00% (as of 4/1/2025)	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

Varo Bank vs. Major Banks: Savings Accounts

Click on the items below to view the comparisons

Varo Bank vs. Bank of America

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Feature	Varo Bank	Bank of America
Feature	High-Yield Savings Account	Advantage Savings
APY	2.50% - 5.00% APY) (as of 4/1/2025)	0.01% APY (as of 4/1/2025)
Bundled Account	No	No
FDIC-insured	Yes	Yes
Online Only	Yes	No
Compound Frequency	Daily	Monthly
Minimum Deposit	$0	$100
Minimum Balance for APY	$0.01	N/A
Maintenance Fee	$0	$8
Direct Deposit Required	Yes. Min. $1,000/month	No
Eligibility	United States	United States
Note	Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required.	APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc.

Varo Bank vs. Citibank

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Feature	Varo Bank	Citibank
Feature	High-Yield Savings Account	Citi® Savings Account	Citi Accelerate Savings
APY	2.50% - 5.00% APY) (as of 4/1/2025)	0.03% APY (as of 4/1/2025)	3.70% APY
Bundled Account	No	No	No
FDIC-insured	Yes	Yes	Yes
Online Only	Yes	No	Yes
Compound Frequency	Daily	Daily	Daily
Minimum Deposit	$0	$0	$0
Minimum Balance for APY	$0.01	$0.01	$0.01
Maintenance Fee	$0	$4.50. Waived for average monthly balances > $500	$4.50. Waived for average monthly balances > $500
Direct Deposit Required	Yes. Min. $1,000/month	No	No
Eligibility	United States	California, Connecticut, Maryland, Nevada, New Jersey, New York, Virginia (partial), Washington D.C., and select parts of Florida and Illinois. In addition, promotional rates may be available if requirements are met.	Alaska, Alabama, Arkansas, Arizona, Colorado, Delaware, Florida (select parts), Georgia, Hawaii, Iowa, Idaho, Illinois (select parts), Indiana, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia (partial), Washington (partial), Wisconsin, West Virginia, Wyoming.
Note	Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required.	N/A	N/A

Varo Bank vs. Chase Bank

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Feature	Varo Bank	Chase Bank
Feature	High-Yield Savings Account	Chase Savings℠
APY	2.50% - 5.00% APY) (as of 4/1/2025)	0.01% APY (as of 4/1/2025)
Bundled Account	No	No
FDIC-insured	Yes	Yes
Online Only	Yes	No
Compound Frequency	Daily	Monthly
Minimum Deposit	$0	$0
Minimum Balance for APY	$0.01	$0
Maintenance Fee	$0	$5
Direct Deposit Required	Yes. Min. $1,000/month	No
Eligibility	United States	United States
Note	Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required.	APY may vary by market. The maintenance fee may be waived under some circumstances, such as if the account balance is maintained with at least $300 each day, or you set up automatic transfers from a linked Chase account, etc.

Varo Bank vs. Capital One

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Feature	Varo Bank	Capital One
Feature	High-Yield Savings Account	360 Performance Savings
APY	2.50% - 5.00% APY) (as of 4/1/2025)	3.70% APY (as of 4/1/2025)
Bundled Account	No	No
FDIC-insured	Yes	Yes
Online Only	Yes	No
Compound Frequency	Daily	Daily
Minimum Deposit	$0	$0
Minimum Balance for APY	$0.01	$0
Maintenance Fee	$0	$0
Direct Deposit Required	Yes. Min. $1,000/month	No
Eligibility	United States	United States
Note	Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required.	N/A