Axos Bank vs Varo Money
High-Yield Savings Accounts Comparison
Last Updated: September 18, 2025
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Summary of Axos Bank vs. Varo Bank
As of September 18, 2025 Axos Bank offers an APY of 4.46% for its Axos ONE 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.
Axos Bank yields $71 more than Varo Bank on a $10,000 balance after one year. Axos Bank pays $446, 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 4.46% with the Axos ONE bundle.
- Axos Bank has an A+ BBB rating, indicating strong trustworthiness.
- No maintenance fees or minimum balance requirements for all accounts.
Potential Drawbacks
- Direct deposit is not required but limits access to the highest APY.
- Lower APY of 4.00% available in the Summit Savings account.
- Axos Bank has no physical branches.
Varo Bank
Strengths
- Varo Bank provides a higher APY of 5.00% on its High-Yield Savings Account.
- Varo Bank has a 4.9 App Store rating, indicating strong customer satisfaction.
- No maintenance fees or minimum deposit required to open an account.
Potential Drawbacks
- Requires a minimum direct deposit of $1,000/month to earn the listed APY.
- Lower APY of 2.50% applies to balances over $5,000.
- Varo Bank has no physical branches.
Summary: Varo Bank offers a superior APY of 5.00% on its High-Yield Savings Account, compared to Axos Bank's 4.46%. However, Varo requires a minimum direct deposit, while Axos does not. Axos Bank has a higher BBB rating of A+, compared to Varo's A-. Both banks are online-only with no maintenance fees, but Axos provides more account options with competitive rates.
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 | 4.46% (as of 9/18/2025) | 4.00% (as of 9/18/2025) | 0.61% (as of 9/18/2025) | 2.50% - 5.00% (as of 9/18/2025) | |
| 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. | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. | |||
| Sponsored Link | LEARN MORE at Axos Bank, Member FDIC | ||||
| App Store Rating | 4.7/5 | 4.9/5 | |||
| Google Play Rating | 4.5/5 | 4.6/5 | |||
| BBB Rating | A+ | A- | |||
Comparative Historical APY Insights (Last 9 Months)
| Axos Bank | Varo Bank | ||||
|---|---|---|---|---|---|
| Product | High Yield Savings | Summit Savings | Axos ONE | vs | High-Yield Savings Account |
| Latest APY | 0.61 % | 4.00 % | 4.46 % | 5.00 % | |
| Trend | Sideways | Sideways | Falling | Sideways | |
| Slope (bps/mo) | -0.0 | 0.0 | -5.2 | 0.0 | |
| Rate Changes / Mo | 0.00 | 0.00 | 0.22 | 0.00 | |
| Days Since Last Change | 253 | 80 | 48 | 273 | |
| High (-9 m) | 0.61 % | 4.00 % | 4.86 % | 5.00 % | |
| Low (-9 m) | 0.61 % | 4.00 % | 4.46 % | 5.00 % | |
| Draw-down from High | 0.0 % | 0.0 % | -8.2 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.000 | 0.030 | 0.000 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 9 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 (-9 m)
- Highest APY in the last 275 days.
- Low (-9 m)
- Lowest APY in the last 275 days.
- Draw-down from High
- How far today sits below the 9-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: 4.46%
Total savings breakdown:
- Interest earned: $2,733.9 (13.19%)
- Total contributions: $13,000 (62.70%)
- Initial deposit: $5,000 (24.12%)
Your total balance
$20,733.90
Effective APY: 4.46% (based on your deposit and contributions)
Total balance: $20,733.9
Earnings: $2,733.9
Varo Bank
APY: 5.00%
ℹ️You earn 5.00% on the first $5,000 and 2.50% on the rest.
Total savings breakdown:
- Interest earned: $2,211.4 (10.94%)
- Total contributions: $13,000 (64.32%)
- Initial deposit: $5,000 (24.74%)
Your total balance
$20,211.40
Effective APY: 3.65% (based on your deposit and contributions)
Total balance: $20,211.4
Earnings: $2,211.4
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Axos Bank's total earnings would be $522.5 higher than Varo Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
More Comparisons
Compare Axos Bank's APY of 4.46% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Axos Bank vs Ally Bank | 3.50% | $0 |
| Axos Bank vs American Express | 3.50% | $0 |
| Axos Bank vs Bank of America | 0.01% | $100 |
| Axos Bank vs Barclays | 4.10% | $0 |
| Axos Bank vs BrioDirect | 4.30% | $5,000 |
| 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 Elevault | 4.60% | $0 |
| Axos Bank vs EverBank | 4.30% | $0 |
| Axos Bank vs Fitness Bank | 4.75% | $100 |
| Axos Bank vs FVCbank | 4.35% | $500 |
| Axos Bank vs GO2bank | 4.50% | $0 |
| Axos Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Axos Bank vs Neighbors Bank | 4.60% | $0 |
| Axos Bank vs Newtek Bank | 4.35% | $0 |
| Axos Bank vs Peak Bank | 4.35% | $100 |
| Axos Bank vs Pibank | 4.60% | $0 |
| Axos Bank vs Presidential Bank | 4.50% | $5,000 |
| Axos Bank vs Santander Bank | 0.03% | $25 |
| Axos Bank vs SoFi Bank | 4.50% | $0 |
| Axos Bank vs Synchrony Bank | 3.80% | $0 |
| Axos Bank vs TIMBR | 4.40% | $1,000 |
| Axos Bank vs Wells Fargo | 2.51% | $25 |
| Axos Bank vs Zynlo Bank | 4.35% | $10 |
Compare Varo Bank's APY of 5.00% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Varo Bank vs Ally Bank | 3.50% | $0 |
| Varo Bank vs American Express | 3.50% | $0 |
| Varo Bank vs Bank of America | 0.01% | $100 |
| Varo Bank vs Barclays | 4.10% | $0 |
| Varo Bank vs BrioDirect | 4.30% | $5,000 |
| 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 Elevault | 4.60% | $0 |
| Varo Bank vs EverBank | 4.30% | $0 |
| Varo Bank vs Fitness Bank | 4.75% | $100 |
| Varo Bank vs FVCbank | 4.35% | $500 |
| Varo Bank vs GO2bank | 4.50% | $0 |
| Varo Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Varo Bank vs Neighbors Bank | 4.60% | $0 |
| Varo Bank vs Newtek Bank | 4.35% | $0 |
| Varo Bank vs Peak Bank | 4.35% | $100 |
| Varo Bank vs Pibank | 4.60% | $0 |
| Varo Bank vs Presidential Bank | 4.50% | $5,000 |
| Varo Bank vs Santander Bank | 0.03% | $25 |
| Varo Bank vs SoFi Bank | 4.50% | $0 |
| Varo Bank vs Synchrony Bank | 3.80% | $0 |
| Varo Bank vs TIMBR | 4.40% | $1,000 |
| Varo Bank vs UFB Direct | 4.10% | $5000 |
| Varo Bank vs Wells Fargo | 2.51% | $25 |
| Varo Bank vs Zynlo Bank | 4.35% | $10 |