Affirm vs. Varo Bank
Comparing Affirm and Varo Bank for high-yield savings: Affirm's Affirm Money Account pays 3.20% APY while Varo Bank's High-Yield Savings Account pays 5.00% APY.
Note: Varo Bank caps its top rate at $5,000 and requires a checking account.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Varo Bank pays $55 more than Affirm annually ($375 vs $320).
Choose Affirm if you want a no-strings-attached account. Choose Varo Bank if getting the best rate matters most, or you want Zelle for quick transfers.
Important Considerations
Watch out: Varo Bank's 5.00% APY only applies to the first $5,000. With a $10,000 balance, your effective rate drops to 3.75% APY ($375 annually).
At balances above $17,857, Affirm earns more due to Varo Bank's APY cap.
Varo Bank requires a checking account to unlock its top savings rate, while Affirm offers its savings account standalone.
| Metric | AffirmAffirm Money Account Mar 18, 2026 | Varo BankHigh-Yield Savings Account Mar 24, 2026 |
|---|---|---|
| APY | 3.20% | 2.50% - 5.00% |
Est. Earnings | $5,000+$160 $10,000+$320 $25,000+$800 | $5,000+$250 $10,000+$375 $25,000+$750 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | While Affirm is not a bank, it is FDIC-insured through partner Cross River Bank. | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. A Varo bank account & direct deposit required. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingStable Rate |
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
Executive Summary
Varo Bank's High-Yield Savings Account offers a competitive 5.00% APY on deposits up to $5,000, significantly higher than Affirm's Affirm Money Account at 3.20% APY. However, Varo requires a checking account and a minimum direct deposit of $1,000 per month to qualify for this rate, while Affirm has no such requirements, making it a simpler option. For larger deposits, Affirm's account may yield better returns, but for those meeting Varo's conditions, the higher APY could lead to greater earnings.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Affirm?
- ✓No checking account or direct deposit required
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 3.20%) on balances up to $5,000 (requires checking bundle & direct deposit)
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
Varo BankVaro Bank's High-Yield Savings Account earns more on smaller deposits (approx. $375 vs $320/yr).
Better Returns at $25,000
AffirmAffirm's Affirm Money Account pulls ahead with larger amounts (approx. $800 vs $750/yr).
Best for Simplicity
AffirmAffirm's Affirm Money Account offers 3.20% APY with no bundling, direct deposit requirement or caps.
Best for All-in-One Banking
Varo BankVaro Bank's High-Yield Savings Account pays a superior APY for customers who also open a checking account.
Shared Benefits
Over a 1-year period, Varo Bank's High-Yield Savings Account pays $55 more interest on a $10,000 balance than Affirm's Affirm Money Account.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Affirm vs. Varo Bank Savings Calculator
You earn $55 more with Varo Bank than Affirm on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Affirm
Affirm Money Account
Savings Breakdown
- Interest Earned+$320.00(3.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,320.00
Varo Bank
High-Yield Savings Account
5.00% on first $5,000 and 2.50% thereafter.
Savings Breakdown
- Interest Earned+$375.00(3.6%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,375.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $319 per year in interest.
Both Affirm and Varo Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Affirm | Varo Bank |
|---|---|---|
| APY | 3.20% Verified: 3/18/2026 ↘︎ 0.40%90d Change | 5.00% Range: 2.50% - 5.00% Verified: 3/24/2026 Stable (90d) |
| Product Name | Affirm Money Account | High-Yield Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | None |
| Direct Deposit Req. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Requires history of qualifying direct deposits. |
| BBB Rating | A+ | A |
| Important Notes | While Affirm is not a bank, it is FDIC-insured through partner Cross River Bank. | 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 | Visit SiteVerify at Affirm Non-sponsored link to official site | Visit SiteVerify at Varo Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Affirm | Varo Bank |
|---|---|---|
| Affirm Money Account | High-Yield Savings Account | |
Current APY | 3.20% | 5.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -6.1 | 0.0 |
Days Since Change | 71 | 365 |
12-Month High | 3.85% | 5.00% |
12-Month Low | 3.20% | 5.00% |
Adjustments / Mo | 0.33 | 0.00 |
Volatility Score | 0.073 | 0.000 |
How to read these metrics(Click to expand)
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Compare Affirm's APY of 3.20% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Affirm vs Ally Bank | 3.20% | $0 |
| Affirm vs American Express | 3.20% | $0 |
| Affirm vs Axos Bank | 4.21% | $0 |
| Affirm vs Barclays | 3.85% | $0 |
| Affirm vs Capital One | 3.20% | $0 |
| Affirm vs Chime | 3.00% | $0 |
| Affirm vs CIT Bank | 3.75% | $100 |
| Affirm vs Discover Bank | 3.30% | $0 |
| Affirm vs EverBank | 3.90% | $0 |
| Affirm vs Marcus by Goldman Sachs | 3.65% | $0 |
| Affirm vs Newtek Bank | 4.20% | $0.01 |
| Affirm vs Openbank | 4.09% | $500 |
| Affirm vs Pibank | 4.60% | $0 |
| Affirm vs SoFi Bank | 4.00% | $0 |
| Affirm vs Synchrony Bank | 3.50% | $0 |
| Affirm vs Wealthfront | 4.20% | $0 |