Axos Bank vs Varo Money
High-Yield Savings Accounts Comparison
Last Updated: June 16, 2025
Summary of Axos Bank vs. Varo Bank
As of June 16, 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 0.61% APY for the High Yield Savings account.
Axos Bank
Strengths
- Axos Bank offers a competitive APY of 4.66%, unchanged from 30 days ago.
- Axos Bank has no maintenance fees or minimum balance requirements.
- Axos Bank's App Store rating is 4.7.
Potential Drawbacks
- Axos Bank requires a minimum of $1,500 in ONE Checking for the high APY.
- Axos Bank's BBB rating is A+, which is lower than Varo Bank's rating.
- Axos Bank has no branch locations.
Varo Bank
Strengths
- Varo Bank provides a high APY of 5.00%, consistent over the past 30 days.
- Varo Bank's App Store rating is higher at 4.9.
- Varo Bank has a slightly better BBB rating of A-.
Potential Drawbacks
- Varo Bank requires a minimum direct deposit of $1,000 to earn the high APY.
- Varo Bank's lower APY on balances above $5,000 is 2.50%.
- Varo Bank has no branch locations.
Summary: Axos Bank offers a 4.66% APY on its high-yield savings, requiring $1,500 in checking for the rate. Varo Bank, however, provides a higher 5.00% APY but mandates a $1,000 direct deposit. Both banks have no fees or branches, but Varo's higher App Store rating and better BBB rating may appeal to users. Overall, Varo Bank may be more attractive for those who can meet the direct deposit requirement.
Compare Axos Bank's vs Varo Bank's Savings Accounts
| Axos Bank | Varo Bank | |||
|---|---|---|---|---|
| Product | Axos ONE | High Yield Savings | vs | High-Yield Savings Account |
| APY | 4.66% (as of 6/16/2025) | 0.61% (as of 6/16/2025) | 2.50% - 5.00% (as of 6/16/2025) | |
| Bundled Account | Yes | No | No | |
| FDIC-insured | Yes | Yes | Yes | |
| Online Only | Yes | Yes | Yes | |
| Compound Frequency | Daily | Daily | Daily | |
| Minimum Deposit | $0 | $0 | $0 | |
| Minimum Balance for APY | $0 | $0 | $0.01 | |
| Maintenance Fee | $0 | $0 | $0 | |
| Direct Deposit Required | Yes. Min. $1,500/month to ONE Checking. | No | Yes. Min. $1,000/month | |
| Note | This APY is only available in the Axos ONE savings and checking bundle. Must maintain $1,500 on avg. daily balance in ONE Checking for APY. | 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 | High Yield Savings | High-Yield Savings Account | |
| App Store Rating | 4.7/5 | 4.9/5 | ||
| Google Play Rating | 4.4/5 | 4.7/5 | ||
| BBB Rating | A+ | A- | ||
Comparative Historical APY Insights (Last 6 Months)
| Axos Bank | Varo Bank | |||
|---|---|---|---|---|
| Product | High Yield Savings | Axos ONE | vs | High-Yield Savings Account |
| Latest APY | 0.61 % | 4.66 % | 5.00 % | |
| Trend | Sideways | Falling | Sideways | |
| Slope (bps/mo) | -0.0 | -5.3 | 0.0 | |
| Rate Changes / Mo | 0.00 | 0.17 | 0.00 | |
| Days Since Last Change | 159 | 76 | 179 | |
| High (-6 m) | 0.61 % | 4.86 % | 5.00 % | |
| Low (-6 m) | 0.61 % | 4.66 % | 5.00 % | |
| Draw-down from High | 0.0 % | -4.1 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.021 | 0.000 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 6 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 (-6 m)
- Highest APY in the last 181 days.
- Low (-6 m)
- Lowest APY in the last 181 days.
- Draw-down from High
- How far today sits below the 6-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 | 3.60% | $0 |
| Axos Bank vs American Express | 3.60% | $0 |
| Axos Bank vs Bank of America | 0.01% | $100 |
| Axos Bank vs Barclays | 4.20% | $0 |
| Axos Bank vs Capital One | 3.60% | $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 | 3.60% | $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 | 3.60% | $0 |
| Varo Bank vs American Express | 3.60% | $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 |