Varo Bank: Savings Accounts & Rates
Savings rates updated: 8/15/2025
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 YieldWe 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)
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
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 minimum deposit or balance requirements.
- No maintenance fees.
- High app rating of 4.9.
Considerations
- Direct deposit of $1,000/month required for highest APY.
- No physical branches available.
- Lower APY of 2.50% on amounts over $5,000.
- Limited to online banking only.
Savings Account: In-Depth View
Savings Account Offered by Varo Bank
Feature | High-Yield Savings Account |
---|---|
APY | 2.50% - 5.00% (as of 8/15/2025) |
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
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 | 241 |
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 243 days.
- Low (-8 m)
- Lowest APY in the last 243 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% 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 8/15/2025) | 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 |
Alternatives to Varo Bank
Banks with Higher/Similar Savings APY
For a top list of the highest savings rates, see all HYSA top rates
Axos Bank
Axos ONE: 4.46% APY
Bundled Savings & Checking Account
Minimum Deposit: $0
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Summit Savings: 4.00% APY
Minimum Deposit: $0
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Zynlo Bank
Tomorrow Savings Account: 4.35% APY
Minimum Deposit: $10
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Presidential Bank
Advantage Savings: 4.50% APY
Bundled Savings & Checking Account
Minimum Deposit: $5,000
Direct Deposit: To earn the higher APY you need a monthly direct deposit into an Advantage Checking Account of $500.
Elevault
High Yield Savings Account: 4.60% APY
Minimum Deposit: $0
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FVCbank
Advantage Direct Savings: 4.35% APY
Minimum Deposit: $500
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Neighbors Bank
Neighbors Savings Account: 4.60% APY
Minimum Deposit: $0
Eligible States: Limited (see details)
TIMBR
Premium Savings Account: 4.40% APY
Minimum Deposit: $1,000
Online Only
Newtek Bank
Personal High Yield Savings: 4.35% APY
Minimum Deposit: $0
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GO2bank
High Yield Savings: 4.50% APY
Minimum Deposit: $0
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Fitness Bank
Fitness Savings Account: 4.50% APY
Minimum Deposit: $100
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Fitness Elite Checking & Fitness Savings Combo: 4.85% APY
Bundled Savings & Checking Account
Minimum Deposit: $100
Online Only
Peak Bank
Envision High Yield Savings: 4.35% APY
Minimum Deposit: $100
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Pibank
Pibank Savings: 4.60% APY
Minimum Deposit: $0
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