Bank of America vs. Varo Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
Bank of America
Advantage Savings
0.01%APYDec 17, 2025FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Bank of America
Advantage Savings
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 Bank of America vs. Varo Bank
As of Bank of America offers an APY of 0.01% for its Advantage Savings account, with a minimum balance of , compared to Varo Bank's 5.00% APY for its High-Yield Savings Account, with a minimum balance of $0.01.
Varo Bank pays $374 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Varo Bank.
Why Bank of America?
- ✓No checking account or direct deposit required
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 0.01%) on all balances
— Key Feature Differences —
Better Returns at $10,000
Varo BankVaro Bank's High-Yield Savings Account earns more on smaller deposits (approx. $375 vs $1/yr).
Better Returns at $25,000
Varo BankVaro Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $750 vs $3/yr).
Best for All-in-One Banking
Varo BankVaro Bank's High-Yield Savings Account pays a superior APY for customers who also open a checking account.
Shared Benefits
Over a 1-year period, Varo Bank's High-Yield Savings Account pays $374 more interest on a $10,000 balance than Bank of America's Advantage Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary
Varo Bank offers a High-Yield Savings Account with a significantly higher APY of 5.00%, allowing customers to earn this rate on up to $5,000, with a lower rate of 2.50% on amounts above that. In contrast, Bank of America's Advantage Savings account provides a minimal APY of 0.01%. Varo's account requires a direct deposit of at least $1,000 per month and a Varo bank account, making it an online-only option. Bank of America, while having a lower APY, has a more accessible structure with no direct deposit requirement and a lower minimum deposit of $100.
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.
Bank of America vs. Varo Bank Savings Calculator
You earn $374 more with Varo Bank than Bank of America 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.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$1.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,001.00
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.
| Feature | Bank of America | Varo Bank |
|---|---|---|
| APY | 0.01% Verified: 12/17/2025 Stable (90d) | 5.00% Range: 2.50% - 5.00% Verified: 12/16/2025 Stable (90d) |
| Product Name | Advantage Savings | High-Yield Savings Account |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | N/A | $0.01 |
| Monthly Fee | $8 | $0 |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Direct Deposit Req. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS4.8 Android4.6 | iOS4.9 Android4.6 |
| BBB Rating | A+ | A |
| Important Notes | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. | 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 |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Varo Bank |
|---|---|---|
| Advantage Savings | High-Yield Savings Account | |
Current APY | 0.01% | 5.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | 0.0 |
Days Since Change | 2 | 322 |
11-Month High | 0.03% | 5.00% |
11-Month Low | 0.01% | 5.00% |
Adjustments / Mo | 0.19 | 0.00 |
Volatility Score | 0.128 | 0.000 |
How to read these metrics(Click to expand)
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