Barclays vs Varo Money
High-Yield Savings Accounts Comparison
Last Updated: August 1, 2025
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Summary of Barclays vs. Varo Bank
As of August 1, 2025 Barclays offers an APY of 4.10% for its Tiered Savings account, compared to Varo Bank's 5.00% APY for its High-Yield Savings Account account.
Barclays yields $15 more than Varo Bank on a $10,000 balance after one year. Barclays pays $390 (with an effective APY of 3.9%), while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Barclays.
In addition, Barclays also offers 3.70% APY for the Online Savings account.
Barclays
Strengths
- Barclays offers a Tiered Savings account with a 4.10% APY for balances over $250,000.
- Barclays has an A+ BBB rating, indicating strong trustworthiness.
- Barclays has no maintenance fees for any savings accounts.
Potential Drawbacks
- Barclays requires a minimum balance of $250,000 to earn the highest APY.
- Barclays does not offer a direct deposit option for its accounts.
- Barclays' App Store rating is lower than Varo Bank's.
Varo Bank
Strengths
- Varo Bank offers a competitive 5.00% APY on savings up to $5,000.
- Varo Bank has a higher App Store rating of 4.9 compared to Barclays.
- Varo Bank has no maintenance fees and a low minimum balance requirement.
Potential Drawbacks
- Varo Bank requires direct deposit of at least $1,000/month to earn the listed APY.
- Varo Bank's BBB rating is A-, lower than Barclays' A+.
- Varo Bank's lower APY of 2.50% applies to balances over $5,000.
Summary: Barclays provides a strong Tiered Savings account with a 4.10% APY for high balances but lacks direct deposit options. In contrast, Varo Bank offers a higher 5.00% APY on savings up to $5,000, requiring direct deposit. Barclays has a superior A+ BBB rating, while Varo's is A-. Both banks have no maintenance fees, but Barclays requires a much higher minimum balance for its top APY.
Compare Barclays' vs Varo Bank's Savings Accounts
| Barclays | Varo Bank | |||
|---|---|---|---|---|
| Product | Tiered Savings | Online Savings | vs | High-Yield Savings Account |
| APY | 3.90% - 4.10% (as of 8/1/2025) | 3.70% (as of 8/1/2025) | 2.50% - 5.00% (as of 8/1/2025) | |
| Bundled Account | No | 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 | $250,000 | Enough to earn $0.01 in interest | $0.01 | |
| Maintenance Fee | $0 | $0 | $0 | |
| Direct Deposit Required | No | No | Yes. Min. $1,000/month | |
| Note | The 4.10% APY is only available for balances over $250,000. For lower balances, the APY is 3.90%. | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. | ||
| App Store Rating | 4.8/5 | 4.9/5 | ||
| Google Play Rating | 4.7/5 | 4.7/5 | ||
| BBB Rating | A+ | A- | ||
Comparative Historical APY Insights (Last 6 Months)
| Barclays | Varo Bank | |||
|---|---|---|---|---|
| Product | Online Savings | Tiered Savings | vs | High-Yield Savings Account |
| Latest APY | 3.70 % | 4.10 % | 5.00 % | |
| Trend | Sideways | Falling | Sideways | |
| Slope (bps/mo) | -4.3 | -7.3 | 0.0 | |
| Rate Changes / Mo | 0.78 | 0.93 | 0.00 | |
| Days Since Last Change | 54 | 46 | 193 | |
| High (-6 m) | 4.00 % | 4.50 % | 5.00 % | |
| Low (-6 m) | 3.70 % | 4.10 % | 5.00 % | |
| Draw-down from High | -7.5 % | -8.9 % | 0.0 % | |
| Volatility (CV) | 0.022 | 0.033 | 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 193 days.
- Low (-6 m)
- Lowest APY in the last 193 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 Barclays vs Varo Bank
All calculations are based on APY.
Barclays
APY: 4.10%
⚠️The higher APY only applies once your balance reaches $250,000.
Total savings breakdown:
- Interest earned: $2,370.2 (11.64%)
- Total contributions: $13,000 (63.82%)
- Initial deposit: $5,000 (24.55%)
Your total balance
$20,370.20
Effective APY: 3.90% (based on your deposit and contributions)
Total balance: $20,370.2
Earnings: $2,370.2
Bank OverviewVaro Bank
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, Barclays's total earnings would be $158.8 higher than Varo Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
More Comparisons
Compare Barclays' APY of 4.10% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Barclays vs Ally Bank | 3.50% | $0 |
| Barclays vs American Express | 3.50% | $0 |
| Barclays vs Axos Bank | 4.46% | $0 |
| Barclays vs Bank of America | 0.01% | $100 |
| Barclays vs Capital One | 3.50% | $0 |
| Barclays vs Chase Bank | 0.01% | $0 |
| Barclays vs Chime | 3.75% | $0 |
| Barclays vs CIT Bank | 4.00% | $100 |
| Barclays vs Discover Bank | 3.50% | $0 |
| Barclays vs Fitness Bank | 4.85% | $100 |
| Barclays vs Marcus by Goldman Sachs | 3.65% | $0 |
| Barclays vs Presidential Bank | 4.50% | $5,000 |
| Barclays vs SoFi Bank | 3.80% | $0 |
| Barclays vs Synchrony Bank | 3.80% | $0 |
| Barclays vs UFB Direct | 4.21% | $5000 |
| Barclays vs Wells Fargo | 2.51% | $25 |
Compare Varo Bank's APY of 5.00% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Varo Bank vs Ally Bank | 3.50% | $0 |
| Varo Bank vs American Express | 3.50% | $0 |
| Varo Bank vs Axos Bank | 4.46% | $0 |
| Varo Bank vs Bank of America | 0.01% | $100 |
| Varo Bank vs Capital One | 3.50% | $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 | 3.50% | $0 |
| Varo Bank vs Fitness Bank | 4.85% | $100 |
| Varo Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Varo Bank vs Presidential Bank | 4.50% | $5,000 |
| Varo Bank vs SoFi Bank | 3.80% | $0 |
| Varo Bank vs Synchrony Bank | 3.80% | $0 |
| Varo Bank vs UFB Direct | 4.21% | $5000 |
| Varo Bank vs Wells Fargo | 2.51% | $25 |