Axos Bank vs. Varo Bank
Comparing Axos Bank and Varo Bank for high-yield savings: Axos Bank's Axos ONE pays 4.21% APY while Varo Bank's High-Yield Savings Account pays 5.00% APY.
Note: Varo Bank caps its top rate at $5,000.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Axos Bank pays $46 more than Varo Bank annually ($421 vs $375).
Choose Axos Bank if getting the best rate matters most. Choose Varo Bank if you want Zelle for quick transfers.
Important Considerations
Watch out: Varo Bank's 5.00% APY only applies to the first $5,000. With a $10,000 balance, your effective rate drops to 3.75% APY ($375 annually).
At balances above $7,310, Axos Bank earns more due to Varo Bank's APY cap.
Both banks require a checking account to access their highest savings rates.
| Metric | Axos BankAxos ONE Feb 7, 2026 | Varo BankHigh-Yield Savings Account Feb 7, 2026 |
|---|---|---|
| APY | 4.21% | 2.50% - 5.00% |
Est. Earnings | $5,000+$211 $10,000+$421 $25,000+$1,053 | $5,000+$250 $10,000+$375 $25,000+$750 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | The 4.21% 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. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppChecking BundleDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingStable Rate |
Looking for Simplicity?
Don't want a checking bundle? We track many high-yield banks that offer competitive rates without checking requirements.
Executive Summary
Varo Bank offers a High-Yield Savings Account with a competitive APY of 5.00% on balances up to $5,000, while Axos Bank's Axos ONE savings account provides a lower APY of 4.21% when bundled with a checking account. The Axos ONE requires either a direct deposit of $1,500 or qualifying deposits of at least $5,000 to achieve the highest rate. In contrast, Varo requires a Varo bank account and a minimum monthly direct deposit of $1,000 to earn the top APY. For those seeking simplicity without direct deposit requirements, Axos Bank's Summit Savings offers a straightforward 3.75% APY.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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%-4.21%) on balances up to $5,000 (requires checking bundle & direct deposit)
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
Axos BankAxos Bank's Axos ONE earns more on smaller deposits (approx. $421 vs $375/yr).
Better Returns at $25,000
Axos BankAxos Bank's Axos ONE pulls ahead with larger amounts (approx. $1053 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 $46 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.
* Secure link to our partner
Non-sponsored link to official site
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Axos Bank vs. Varo Bank Savings Calculator
You earn $46 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+$421.00(4.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,421.00
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.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $374 per year in interest.
Both Axos Bank and Varo Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Axos Bank | Varo Bank |
|---|---|---|
| APY | 4.21% Verified: 2/7/2026 ↘︎ 0.30%90d Change | 5.00% Range: 2.50% - 5.00% Verified: 2/7/2026 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 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | None |
| 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 | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Requires history of qualifying direct deposits. |
| BBB Rating | A+ | A |
| Important Notes | The 4.21% 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 | Visit SiteGo to Axos Bank * Secure link to our partner | Visit SiteVerify at Varo Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Axos Bank | Varo Bank | ||
|---|---|---|---|---|
| Summit Savings | Axos ONE | High Yield Savings | High-Yield Savings Account | |
Current APY | 3.75% | 4.21% | 0.61% | 5.00% |
Trend | Stable | Stable | Stable | Stable |
Velocity (bps/mo) | -4.2 | -4.7 | 0.0 | 0.0 |
Days Since Change | 58 | 7 | 365 | 365 |
12-Month High | 4.00% | 4.86% | 0.61% | 5.00% |
12-Month Low | 3.75% | 4.21% | 0.61% | 5.00% |
Adjustments / Mo | 0.08 | 0.41 | 0.00 | 0.00 |
Volatility Score | 0.030 | 0.040 | 0.000 | 0.000 |
How to read these metrics(Click to expand)
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