Axos Bank vs. Varo Money
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 16, 2025
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Summary of Axos Bank vs. Varo Bank
Key Metrics at a Glance
| Feature | Axos Bank | Varo Bank |
|---|---|---|
| Top Savings APY | 4.51% Axos ONE | 5.00% High-Yield Savings Account |
| Minimum to Open | $0 | $0 |
| Minimum Balance for Top APY | $0 | $0.01 |
| 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. A Varo bank account & direct deposit required. |
Axos Bank
Strengths
- Axos Bank offers a competitive APY of 4.51% with the ONE savings and checking bundle.
- Axos Bank has an A+ BBB rating and is BBB Accredited.
- No maintenance fees on any accounts at Axos Bank.
Potential Drawbacks
- The highest APY at Axos Bank requires a direct deposit or qualifying deposits.
- Axos Bank's App Store rating is lower at 4.7 compared to Varo's 4.9.
- Only one account offers a higher APY, while the others are significantly lower.
Varo Bank
Strengths
- Varo Bank provides a high APY of 5.00% on savings up to $5,000.
- Varo Bank has a higher Google Play rating of 4.6 compared to Axos Bank.
- No maintenance fees are charged on Varo Bank accounts.
Potential Drawbacks
- Varo Bank requires a direct deposit of at least $1,000/month to earn the highest APY.
- Varo Bank has a lower BBB rating of A compared to Axos Bank's A+.
- Savings above $5,000 earn a lower APY of 2.50%.
Summary: Axos Bank offers a 4.51% APY with a direct deposit requirement for higher rates, while Varo Bank provides a 5.00% APY on balances up to $5,000 but mandates a $1,000 monthly direct deposit. Axos holds an A+ BBB rating, surpassing Varo's A rating. Varo also boasts higher App Store and Google Play ratings, making it a more appealing choice for mobile users despite its direct deposit requirement.
→ As of November 16, 2025 Axos Bank offers an APY of 4.51% 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 $76 more than Varo Bank on a $10,000 balance after one year. Axos Bank pays $451, 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.
Calculate Savings Growth for Axos Bank vs Varo Bank
All calculations are based on APY.
Axos Bank - Axos ONE
Top APY: 4.51%
Total savings breakdown:
- Interest earned: $2,766.7 (13.32%)
- Total contributions: $13,000 (62.60%)
- Initial deposit: $5,000 (24.08%)
Your total balance
$20,766.70
Effective APY: 4.51% (based on your deposit and contributions)
Total balance: $20,766.7
Earnings: $2,766.7
Varo Bank - High-Yield Savings Account
Top 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 $555.3 higher than Varo Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Axos Bank's vs Varo Bank's Savings Accounts
| Axos Bank | Varo Bank | ||||
|---|---|---|---|---|---|
| Product | Axos ONE | High Yield Savings | Summit Savings | vs | High-Yield Savings Account |
| APY | 4.51% (as of 11/16/2025) | 0.15% - 0.61% (as of 11/16/2025) | 4.00% (as of 11/16/2025) | 2.50% - 5.00% (as of 11/16/2025) | |
| Bundled Account | Yes | No | No | Yes | |
| 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. | This is a tiered savings account where rates vary based on the balance. The top APY may be earned on a balance up to $9,999.99, while balances above that receive an increasingly lower APY. | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. A Varo bank account & 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 11 Months)
| Axos Bank | Varo Bank | ||||
|---|---|---|---|---|---|
| Product | High Yield Savings | Summit Savings | Axos ONE | vs | High-Yield Savings Account |
| Latest APY | 0.61 % | 4.00 % | 4.51 % | 5.00 % | |
| Trend | Sideways | Sideways | Sideways | Sideways | |
| Slope (bps/mo) | -0.0 | 0.0 | -4.3 | 0.0 | |
| Rate Changes / Mo | 0.00 | 0.00 | 0.27 | 0.00 | |
| Days Since Last Change | 312 | 139 | 44 | 332 | |
| High (-11 m) | 0.61 % | 4.00 % | 4.86 % | 5.00 % | |
| Low (-11 m) | 0.61 % | 4.00 % | 4.46 % | 5.00 % | |
| Draw-down from High | 0.0 % | 0.0 % | -7.2 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.000 | 0.032 | 0.000 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 11 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 (-11 m)
- Highest APY in the last 334 days.
- Low (-11 m)
- Lowest APY in the last 334 days.
- Draw-down from High
- How far today sits below the 11-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.