Varo Bank: Savings Account & Rates
Mission: Banksparency aims to make Varo Bank's savings account transparent and comparable to the market.
Analysis of Varo Bank
Our verdict
Varo Bank offers a high-yield savings account paying 5.00% APY with no minimum deposit.
At 5.00% APY, Varo Bank pays 13x the national average (0.39%). Ranks in the top tier of 98+ accounts tracked.
Ideal User Profile
- Best for: growing a smaller balance under $5,000, keeping checking and savings at one bank, and banking without needing a branch.
Important Considerations
Key Differentiators
- Stands out with top-rated iOS app (4.9), highly-rated Android app (4.5), A BBB rating, Zelle for instant transfers.
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)
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: 4/6/2026 |
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 | 364 |
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: 4/6/2026 | - |
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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