Varo Bank: Savings Account & Rates
Mission: Banksparency aims to make Varo Bank's savings account 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 | |
Looking for Simplicity?
Don't want a checking bundle? We track many high-yield banks that offer competitive rates without checking requirements.
Bank Overview
- HQ LocationDraper, Utah
- Founded2015
- AffiliationVaro Money, Inc.
- Ratings & Trust
- Zelle® SupportAvailableRequires history of qualifying direct deposits.
- Deposit InsuranceFDIC Insured(Cert: 59190)
Our Take on Varo Bank
The Good
- High 5.00% APY on balances up to $5,000
- No minimum deposit or balance requirements
- No monthly maintenance fees
- Highly rated mobile apps (iOS: 4.9, Android: 4.6)
Considerations
- APY drastically decreases for balances over $5,000
- Requires opening a checking account (bundled)
- Advertised rate requires direct deposit setup
- No physical branch access (online only)
Varo Bank offers a High-Yield Savings Account with an attractive 5.00% APY on balances up to $5,000 and 2.50% APY on amounts exceeding that limit. To qualify for the highest rate, customers must set up direct deposit of at least $1,000 per month and open a Varo checking account, as the savings account is bundled with it. There are no minimum deposit or balance requirements, and no monthly maintenance fees. However, the account is exclusively online, with no physical branches available.
Top Market Contenders
Savings Account: In-Depth View
Savings Account Offered by Varo Bank
| Feature | High-Yield Savings Account |
|---|---|
APY | 5.00%Range: 2.50% - 5.00%Verified: 1/7/2026 |
APY Trend | Very StableNo rate changes in last 90 days |
Min. Deposit | $0 |
Min. Balance | $0.01 |
Monthly Fee | $0 |
Direct Deposit | RequiredMin. $1,000/month |
Checking Bundle | Yes |
Branch Access | None |
Compounding | Daily |
FDIC Insured | Yes |
Eligibility | United States |
Important | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. A Varo bank account & direct deposit required. |
| Next Steps | - |
Calculate Savings for Varo Bank
Savings Breakdown
- Interest Earned+$1,561.30(10.0%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected 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
Last 12 Months| 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 | 365 |
High (-12m) | 5.00% |
Low (-12m) | 5.00% |
Draw-down | 0.0% |
Volatility (CV) | 0.000 |
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 365-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 | 2.50% - 5.00%Verified: 1/7/2026 | - |
APY Trend | Very StableNo rate changes in last 90 days | - |
| Min. Deposit | $0 | - |
| Monthly Fee | $0 | - |
Direct Deposit | RequiredMin. $1,000/month | - |
Checking Bundle | Yes | - |
| Branch Access | None | - |
| Eligibility | United States | - |
Compounding | Daily | - |
FDIC Insured | Yes | - |
| Note | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. A Varo bank account & direct deposit required. | - |
| Next Steps | - | - |
Bank-to-Bank Comparisons
Compare Varo Bank's APY of 5.00% with other banks
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