Axos Bank vs Varo Money
High-Yield Savings Accounts Comparison
Last Updated: July 7, 2025
Summary of Axos Bank vs. Varo Bank
As of July 7, 2025 Axos Bank offers an APY of 4.66% for its Axos ONE account, compared to Varo Bank's 5.00% APY for its High-Yield Savings Account account.
Axos Bank yields $91 more than Varo Bank on a $10,000 balance after one year. Axos Bank pays $466, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Axos Bank.
In addition, Axos Bank also offers 4.00% APY for the Summit Savings account.
Axos Bank
Strengths
- Axos Bank offers a high APY of 4.66% with the ONE savings and checking bundle.
- Axos Bank has an A+ BBB rating and is BBB Accredited.
- No maintenance fees or minimum balance requirements with Axos Bank.
Potential Drawbacks
- The 4.66% APY requires either direct deposit or qualifying deposits.
- Axos Bank's App Store rating is 4.7, lower than Varo Bank's 4.9.
- Axos Bank has a lower overall APY compared to Varo Bank.
Varo Bank
Strengths
- Varo Bank offers a higher APY of 5.00% on its High-Yield Savings Account.
- Varo Bank has a 4.9 App Store rating, higher than Axos Bank's 4.7.
- Varo Bank is also BBB Accredited with an A- rating.
Potential Drawbacks
- Varo Bank requires a minimum direct deposit of $1,000/month to earn the 5.00% APY.
- The 2.50% APY applies to amounts over $5,000, limiting higher earnings.
- Varo Bank has no physical branches, similar to Axos Bank.
Summary: Axos Bank offers a competitive APY of 4.66% without a direct deposit requirement, while Varo Bank provides a higher 5.00% APY but mandates a $1,000 monthly direct deposit. Both banks are online-only with no maintenance fees. Axos Bank has an A+ BBB rating, while Varo Bank has an A- rating. Varo Bank also outperforms Axos Bank in app ratings, indicating potentially better customer satisfaction.
Compare Axos Bank's vs Varo Bank's Savings Accounts
| Axos Bank | Varo Bank | ||||
|---|---|---|---|---|---|
| Product | Axos ONE | Summit Savings | High Yield Savings | vs | High-Yield Savings Account |
| APY | 4.66% (as of 7/7/2025) | 4.00% (as of 7/7/2025) | 0.61% (as of 7/7/2025) | 2.50% - 5.00% (as of 7/7/2025) | |
| Bundled Account | Yes | No | No | No | |
| FDIC-insured | Yes | Yes | Yes | Yes | |
| Online Only | Yes | Yes | Yes | Yes | |
| Compound Frequency | Daily | Daily | Daily | Daily | |
| Minimum Deposit | $0 | $0 | $0 | $0 | |
| Minimum Balance for APY | $0 | $0 | $0 | $0.01 | |
| Maintenance Fee | $0 | $0 | $0 | $0 | |
| Direct Deposit Required | No. Not required, but is the easiest way to earn the highest APY. | No | No | Yes. Min. $1,000/month | |
| Note | This APY is only available with the Axos ONE savings and checking bundle. To qualify, you must either set up a direct deposit of $1,500 and maintain an average daily balance of more than $1,500 in your ONE Checking account, or receive at least $5,000 in total monthly qualifying deposits and maintain an average daily balance of more than $5,000. | N/A | N/A | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. | |
| Visit Bank | Axos ONE | Summit Savings | High Yield Savings | High-Yield Savings Account | |
| App Store Rating | 4.7/5 | 4.9/5 | |||
| Google Play Rating | 4.5/5 | 4.7/5 | |||
| BBB Rating | A+ | A- | |||
Comparative Historical APY Insights (Last 7 Months)
| Axos Bank | Varo Bank | ||||
|---|---|---|---|---|---|
| Product | High Yield Savings | Summit Savings | Axos ONE | vs | High-Yield Savings Account |
| Latest APY | 0.61 % | 4.00 % | 4.66 % | 5.00 % | |
| Trend | Sideways | Sideways | Sideways | Sideways | |
| Slope (bps/mo) | -0.0 | 0.0 | -4.8 | 0.0 | |
| Rate Changes / Mo | 0.00 | 0.00 | 0.15 | 0.00 | |
| Days Since Last Change | 180 | 7 | 97 | 200 | |
| High (-7 m) | 0.61 % | 4.00 % | 4.86 % | 5.00 % | |
| Low (-7 m) | 0.61 % | 4.00 % | 4.66 % | 5.00 % | |
| Draw-down from High | 0.0 % | 0.0 % | -4.1 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.000 | 0.021 | 0.000 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 7 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 (-7 m)
- Highest APY in the last 202 days.
- Low (-7 m)
- Lowest APY in the last 202 days.
- Draw-down from High
- How far today sits below the 7-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 Axos Bank vs Varo Bank
All calculations are based on APY.
Axos Bank
APY: 4.66%
Total savings breakdown:
- Interest earned: $46.6 (4.45%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (95.55%)
Your total balance
$1,046.60
Effective APY: 4.66% (based on your deposit and contributions)
Total balance: $1,046.6
Earnings: $46.6
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 Axos Bank would earn you $3.4 less than Varo Bank.
More Comparisons
Compare Axos Bank's APY of 4.66% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Axos Bank vs Ally Bank | 3.50% | $0 |
| Axos Bank vs American Express | 3.60% | $0 |
| Axos Bank vs Bank of America | 0.01% | $100 |
| Axos Bank vs Barclays | 4.10% | $0 |
| Axos Bank vs Capital One | 3.50% | $0 |
| Axos Bank vs Chase Bank | 0.01% | $0 |
| Axos Bank vs Chime | 3.75% | $0 |
| Axos Bank vs CIT Bank | 4.00% | $100 |
| Axos Bank vs Discover Bank | 3.50% | $0 |
| Axos Bank vs Fitness Bank | 5.00% | $100 |
| Axos Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Axos Bank vs SoFi Bank | 3.80% | $0 |
| Axos Bank 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 | 3.50% | $0 |
| Varo Bank vs American Express | 3.60% | $0 |
| Varo Bank vs Bank of America | 0.01% | $100 |
| Varo Bank vs Barclays | 4.10% | $0 |
| Varo Bank vs Capital One | 3.50% | $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 | 3.50% | $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 |