American Express vs. Varo Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
American Express
High Yield Savings Account
3.40%APYDec 17, 2025FDIC InsuredNo MinimumsGreat iOS AppShow Fine Print & Trends Hide Details
American Express
High Yield Savings Account
Varo Bank
High-Yield Savings Account
Up to5.00%APYDec 16, 2025FDIC InsuredDirect Deposit ReqChecking BundleNo MinimumsGreat iOS AppGreat Android AppRange: 2.50% – 5.00%Show Fine Print & Trends Hide Details
Varo Bank
High-Yield Savings Account
Comparison Analysis
Comparing American Express vs. Varo Bank
As of American Express offers an APY of 3.40% for its High Yield Savings Account, with a minimum balance of $0, compared to Varo Bank's 5.00% APY for its High-Yield Savings Account, with a minimum balance of $0.01.
Varo Bank pays $35 more than American Express on a $10,000 balance after one year. American Express pays $340, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Varo Bank.
Why American Express?
- ✓No checking account or direct deposit required
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 3.40%) on balances up to $5,000 (requires checking bundle & direct deposit)
- ✓Higher rated Android app (4.6 vs 3.6)
— Key Feature Differences —
Better Returns at $10,000
Varo BankVaro Bank's High-Yield Savings Account earns more on smaller deposits (approx. $375 vs $340/yr).
Better Returns at $25,000
American ExpressAmerican Express's High Yield Savings Account pulls ahead with larger amounts (approx. $850 vs $750/yr).
Best for Simplicity
American ExpressAmerican Express's High Yield Savings Account offers 3.40% 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 $35 more interest on a $10,000 balance than American Express's High Yield Savings Account.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary
Varo Bank offers a High-Yield Savings Account with a standout APY of 5.00%, significantly higher than American Express's 3.40% APY for its High Yield Savings Account. However, Varo's account requires a checking account and a minimum direct deposit of $1,000 per month to earn the top rate, with a cap of 5.00% on the first $5,000. In contrast, American Express provides a simpler option with no direct deposit requirement or caps, making it a good alternative for those seeking straightforward savings. Both accounts are online-only and have no maintenance fees.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
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.
American Express vs. Varo Bank Savings Calculator
You earn $35 more with Varo Bank than American Express 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.
American Express
High Yield Savings Account
Savings Breakdown
- Interest Earned+$340.00(3.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,340.00
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.
| Feature | American Express | Varo Bank |
|---|---|---|
| APY | 3.40% Verified: 12/17/2025 ↘︎ 0.10%90d Change | 5.00% Range: 2.50% - 5.00% Verified: 12/16/2025 Stable (90d) |
| Product Name | High Yield Savings Account | High-Yield Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $0 | $0 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Direct Deposit Req. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS4.9 Android3.6 | iOS4.9 Android4.6 |
| BBB Rating | F | A |
| Important Notes | - | 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 |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | American Express | Varo Bank |
|---|---|---|
| High Yield Savings Account | High-Yield Savings Account | |
Current APY | 3.40% | 5.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.3 | 0.0 |
Days Since Change | 22 | 329 |
11-Month High | 3.80% | 5.00% |
11-Month Low | 3.40% | 5.00% |
Adjustments / Mo | 0.36 | 0.00 |
Volatility Score | 0.032 | 0.000 |
How to read these metrics(Click to expand)
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