Axos Bank vs. Varo Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
Axos Bank
Axos ONE
4.31%APYDec 17, 2025FDIC InsuredChecking BundleNo MinimumsGreat iOS AppGreat Android AppShow Fine Print & Trends Hide Details
Axos Bank
Axos ONE
Varo Bank
High-Yield Savings Account
Up to5.00%APYDec 16, 2025FDIC InsuredDirect Deposit ReqChecking BundleNo MinimumsGreat iOS AppGreat Android AppRange: 2.50% – 5.00%Show Fine Print & Trends Hide Details
Varo Bank
High-Yield Savings Account
Comparison Analysis
Comparing Axos Bank vs. Varo Bank
As of Axos Bank offers an APY of 4.31% 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 pays $56 more than Varo Bank on a $10,000 balance after one year. Axos Bank pays $431, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Axos Bank.
In addition, Axos Bank also offers 3.75% APY for the Summit Savings account, with a minimum balance of $0.
Why Axos Bank?
- ✓Earn 0.51% APY on checking account
- ✓Access to 95,000 fee-free ATMs
- ✓Offers 2 different high-yield savings options
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 3.75%-4.31%) on balances up to $5,000 (requires checking bundle & direct deposit)
— Key Feature Differences —
Better Returns at $10,000
Axos BankAxos Bank's Axos ONE earns more on smaller deposits (approx. $431 vs $375/yr).
Better Returns at $25,000
Axos BankAxos Bank's Axos ONE pulls ahead with larger amounts (approx. $1078 vs $750/yr).
Best for Simplicity
Axos BankAxos Bank's Summit Savings offers 3.75% APY with no bundling, direct deposit requirement or caps.
Requires Banking Relationship
Both banks require a checking account bundle and qualifying requirements to access their highest rates.
Shared Benefits
Over a 1-year period, Axos Bank's Axos ONE pays $56 more interest on a $10,000 balance than Varo Bank's High-Yield Savings Account.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary
Axos Bank offers a competitive savings option with its Axos ONE account, providing a 4.31% APY when bundled with a checking account, which earns 0.51% APY. To qualify for the higher rate, customers must set up a direct deposit of $1,500 or maintain an average balance of $5,000. Alternatively, the Summit Savings account yields 3.75% APY without any direct deposit or bundling requirements. In contrast, Varo Bank's High-Yield Savings Account offers a higher 5.00% APY on balances up to $5,000, but requires a Varo bank account and a minimum direct deposit of $1,000 per month. Overall, Varo Bank's account stands out with the highest APY, albeit with more stringent eligibility conditions.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
Looking for Simplicity?
Don't want a checking bundle? We track many high-yield banks that offer competitive rates without checking requirements.
Axos Bank vs. Varo Bank Savings Calculator
You earn $56 more with Axos Bank than Varo Bank on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Axos Bank
Axos ONE
Savings Breakdown
- Interest Earned+$431.00(4.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,431.00
Sponsored Link
Varo Bank
High-Yield Savings Account
5.00% on first $5,000 and 2.50% thereafter.
Savings Breakdown
- Interest Earned+$375.00(3.6%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,375.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Axos Bank | Varo Bank |
|---|---|---|
| APY | 4.31% Verified: 12/17/2025 ↘︎ 0.15%90d Change | 5.00% Range: 2.50% - 5.00% Verified: 12/16/2025 Stable (90d) |
| Product Name | Axos ONE | High-Yield Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $0 | $0 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Direct Deposit Req. | Not required, but is the easiest way to earn the highest APY. | RequiredMin. $1,000/month |
| Checking Bundle | Yes | Yes |
| Mobile Apps | iOS4.7 Android4.5 | iOS4.9 Android4.6 |
| BBB Rating | A+ | A |
| Important Notes | The 4.31% APY is available with the Axos ONE savings and checking bundle. The checking account earns 0.51% APY. 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. |
| Next Steps | SponsoredOpen Account |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Axos Bank | Varo Bank | ||
|---|---|---|---|---|
| High Yield Savings | Summit Savings | Axos ONE | High-Yield Savings Account | |
Current APY | 0.61% | 3.75% | 4.31% | 5.00% |
Trend | Stable | Stable | Stable | Stable |
Velocity (bps/mo) | 0.0 | -1.1 | -4.3 | 0.0 |
Days Since Change | 343 | 6 | 15 | 363 |
12-Month High | 0.61% | 4.00% | 4.86% | 5.00% |
12-Month Low | 0.61% | 3.75% | 4.31% | 5.00% |
Adjustments / Mo | 0.00 | 0.08 | 0.33 | 0.00 |
Volatility Score | 0.000 | 0.014 | 0.035 | 0.000 |
How to read these metrics(Click to expand)
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