Varo Bank: Savings Accounts & Rates
Mission: Banksparency aims to make Varo Bank's savings accounts transparent and comparable to the market.
Savings Overview
High-Yield Savings Account
| Min. Deposit | $0 |
| Min. Balance | $0.01 |
| Maintenance Fee | $0 |
| * Requires Direct Deposit | |
Bank Overview
- HQ LocationDraper, Utah
- Founded2015
- Ratings & Trust
- Deposit InsuranceFDIC Insured(Cert: 59190)
Our Take on Varo Bank
Highlights
- Earn 5.00% APY on up to $5,000
- No maintenance fees or minimum deposit required
- High App Store rating of 4.9
- BBB Accredited with an A rating
Considerations
- Direct deposit of $1,000/month required for full APY
- No physical branches available
- APY has not changed in the last 30 days
- Lower APY of 2.50% applies on amounts over $5,000
Savings Account: In-Depth View
Savings Account Offered by Varo Bank
| Feature | High-Yield Savings Account |
|---|---|
| APY | 2.50% - 5.00% (as of 11/21/2025) |
| APY Trend | Stable for the last quarter |
| Minimum Deposit | $0 |
| Minimum Balance for APY | $0.01 |
| FDIC-insured | Yes |
| Online Only | Yes |
| Bundled Account | Yes |
| 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. A Varo bank account & direct deposit required. |
| Sponsored Link | |
No deposit agreement summary available for this bank. | |
Calculate Savings for Varo Bank
High-Yield Savings Account (APY: 2.50% ⎼ 5.00%)
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
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 | 337 |
| High (-11 m) | 5.00 % |
| Low (-11 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 11 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 (-11 m)
- Highest APY in the last 339 days.
- Low (-11 m)
- Lowest APY in the last 339 days.
- Draw-down from High
- How far today sits below the 11-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
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- TAB Bank - 3.80% APY
- TD Bank - 0.05-2.75% APY
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| Feature | Varo Bank | Select a bank... |
|---|---|---|
| Product | High-Yield Savings Account | N/A |
| APY | 2.50% - 5.00% (as of 11/21/2025) | N/A |
| Bundled Account | Yes | 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. A Varo bank account & direct deposit required. | N/A |
Bank-to-Bank Comparisons
Compare Varo Bank's APY of 5.00% with other banks
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