Varo Bank
Last Updated: 7/1/2025
Note: Interest rates below are reported as APY, or Annual Percentage YieldQuick Views
High-Yield Savings Account: 2.50% - 5.00% APY(Rank 2 out of 76 tracked HYSAs)
Minimum Deposit: $0 | Online Only | Direct Deposit: Min. $1,000/month
National Savings Interest Rate: 0.38% (as of 6/16/2025)
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
- Earn 5.00% APY on up to $5,000 with direct deposit.
- No maintenance fees and no minimum balance required.
- High App Store rating of 4.9 and Google Play rating of 4.7.
- BBB Accredited with an A- rating.
Considerations
- Direct deposit of $1,000/month required for the highest APY.
- No physical branches available for in-person banking.
- APY has not changed from 30 days ago.
- Limited to online-only banking services.
Summary: Varo Bank offers a competitive high-yield savings account with a 5.00% APY on up to $5,000, but requires a $1,000 monthly direct deposit. The account has no maintenance fees and no minimum balance, making it accessible. However, Varo operates online only, with no physical branches, which may limit some users. The bank has strong customer ratings, with a 4.9 on the App Store and a 4.7 on Google Play.
Savings Account
Savings Account Offered by Varo Bank
| Feature | High-Yield Savings Account |
|---|---|
| APY | 2.50% - 5.00% (as of 7/1/2025) |
| APY Trend | Stable for the last month |
| 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.
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
| 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 | 194 |
| High (-6 m) | 5.00 % |
| Low (-6 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 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 196 days.
- Low (-6 m)
- Lowest APY in the last 196 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 - 3.50% 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 - 4.11% 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 - 3.50% 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 - 3.75% 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 - 4.15% 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
| Feature | Varo Bank | Select a bank... |
|---|---|---|
| Product | High-Yield Savings Account | N/A |
| APY | 2.50% - 5.00% (as of 7/1/2025) | 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 |
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 | 3.60% | $0 |
| Varo Bank vs Axos Bank | 4.66% | $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 | 5.00% | $100 |
| Varo Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Varo Bank vs SoFi Bank | 3.80% | $0 |
| Varo Bank vs Synchrony Bank | 3.80% | $0 |