American Express vs Varo Money
High-Yield Savings Accounts Comparison
Last Updated: June 16, 2025
Summary of American Express vs. Varo Bank
As of June 16, 2025 American Express offers an APY of 3.60% for its High Yield Savings Account account, compared to Varo Bank's 5.00% APY for its High-Yield Savings Account account.
Varo Bank yields $15 more than American Express on a $10,000 balance after one year. American Express pays $360, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Varo Bank.
American Express
Strengths
- American Express offers a competitive APY of 3.60% with no direct deposit requirement.
- No maintenance fees for the High Yield Savings Account.
- American Express has a high App Store rating of 4.9.
Potential Drawbacks
- American Express has a BBB rating of F and is not BBB Accredited.
- Only one account option with a lower APY compared to competitors.
- Google Play rating is lower at 3.8.
Varo Bank
Strengths
- Varo Bank offers a higher APY of 5.00% on savings up to $5,000.
- Varo Bank has an A- BBB rating and is BBB Accredited.
- Varo Bank's Google Play rating is significantly higher at 4.7.
Potential Drawbacks
- Varo Bank requires a direct deposit of at least $1,000/month for the highest APY.
- Lower APY of 2.50% applies to amounts over $5,000.
- No branch locations available for in-person banking.
Summary: American Express offers a 3.60% APY with no direct deposit requirement, but has an F BBB rating. In contrast, Varo Bank provides a higher 5.00% APY, requires a direct deposit, and boasts an A- BBB rating. Both banks have no maintenance fees, but Varo excels in Google Play ratings. Overall, Varo Bank stands out for its higher APY and better trust rating.
Compare American Express' vs Varo Bank's Savings Accounts
| American Express | Varo Bank | ||
|---|---|---|---|
| Product | High Yield Savings Account | vs | High-Yield Savings Account |
| APY | 3.60% (as of 6/16/2025) | 2.50% - 5.00% (as of 6/16/2025) | |
| Bundled Account | No | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $0 | |
| Minimum Balance for APY | $0 | $0.01 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | No | Yes. Min. $1,000/month | |
| Note | N/A | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. | |
| Visit Bank | High Yield Savings Account | High-Yield Savings Account | |
| App Store Rating | 4.9/5 | 4.9/5 | |
| Google Play Rating | 3.8/5 | 4.7/5 | |
| BBB Rating | F | A- |
Comparative Historical APY Insights (Last 5 Months)
| American Express | Varo Bank | ||
|---|---|---|---|
| Product | High Yield Savings Account | vs | High-Yield Savings Account |
| Latest APY | 3.60 % | 5.00 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -4.4 | 0.0 | |
| Rate Changes / Mo | 0.41 | 0.00 | |
| Days Since Last Change | 39 | 145 | |
| High (-5 m) | 3.80 % | 5.00 % | |
| Low (-5 m) | 3.60 % | 5.00 % | |
| Draw-down from High | -5.3 % | 0.0 % | |
| Volatility (CV) | 0.018 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 5 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 (-5 m)
- Highest APY in the last 145 days.
- Low (-5 m)
- Lowest APY in the last 145 days.
- Draw-down from High
- How far today sits below the 5-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.
Calculate Savings Growth for American Express vs Varo Bank
All calculations are based on APY.
American Express
APY: 3.60%
Total savings breakdown:
- Interest earned: $36 (3.47%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.53%)
Your total balance
$1,036.00
Effective APY: 3.60% (based on your deposit and contributions)
Total balance: $1,036
Earnings: $36
Bank DetailsVaro Bank
APY: 5.00%
Total savings breakdown:
- Interest earned: $50 (4.76%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (95.24%)
Your total balance
$1,050.00
Effective APY: 5.00% (based on your deposit and contributions)
Total balance: $1,050
Earnings: $50
Bank DetailsAfter 1 year American Express would earn you $14 less than Varo Bank.
More Comparisons
Compare American Express' APY of 3.60% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| American Express vs Ally Bank | 3.60% | $0 |
| American Express vs Axos Bank | 4.66% | $0 |
| American Express vs Bank of America | 0.01% | $100 |
| American Express vs Barclays | 4.20% | $0 |
| American Express vs Capital One | 3.60% | $0 |
| American Express vs Chase Bank | 0.01% | $0 |
| American Express vs Chime | 3.75% | $0 |
| American Express vs CIT Bank | 4.00% | $100 |
| American Express vs Discover Bank | 3.60% | $0 |
| American Express vs Fitness Bank | 5.00% | $100 |
| American Express vs Marcus by Goldman Sachs | 3.65% | $0 |
| American Express vs SoFi Bank | 3.80% | $0 |
| American Express vs Synchrony Bank | 3.80% | $0 |
Compare Varo Bank's APY of 5.00% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Varo Bank vs Ally Bank | 3.60% | $0 |
| Varo Bank vs Axos Bank | 4.66% | $0 |
| Varo Bank vs Bank of America | 0.01% | $100 |
| Varo Bank vs Barclays | 4.20% | $0 |
| Varo Bank vs Capital One | 3.60% | $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 | 3.60% | $0 |
| Varo Bank vs Fitness Bank | 5.00% | $100 |
| Varo Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Varo Bank vs SoFi Bank | 3.80% | $0 |
| Varo Bank vs Synchrony Bank | 3.80% | $0 |