Bask Bank vs. Varo Bank
Comparing Bask Bank and Varo Bank for savings: Bask Bank's Interest Savings Account pays 0.25% APY while Varo Bank's High-Yield Savings Account pays 5.00% APY.
Note: Varo Bank caps its top rate at $5,000 and requires a checking account.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Varo Bank pays $350 more than Bask Bank annually ($375 vs $25).
Choose Bask Bank if you want a no-strings-attached account. Choose Varo Bank if getting the best rate matters most, or BBB rating matters to you.
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).
Varo Bank requires a checking account to unlock its top savings rate, while Bask Bank offers its savings account standalone.
| Metric | Bask BankInterest Savings Account Mar 7, 2026 | Varo BankHigh-Yield Savings Account Mar 7, 2026 |
|---|---|---|
| APY | 0.25% | 2.50% - 5.00% |
Est. Earnings | $5,000+$13 $10,000+$25 $25,000+$63 | $5,000+$250 $10,000+$375 $25,000+$750 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | - | 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 AppZelle® SupportedDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingStable Rate |
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
Executive Summary
Bask Bank offers an Interest Savings Account with a competitive APY of 0.25%, which is a straightforward online-only option with no minimum deposit or maintenance fees. In contrast, Varo Bank's High-Yield Savings Account provides a significantly higher APY of 5.00% on balances up to $5,000, with a lower rate of 2.50% on amounts exceeding that limit. However, to qualify for the higher rate, customers must set up direct deposit of at least $1,000 per month and also maintain a Varo bank account. Overall, Varo Bank's offering stands out for its superior returns, especially for those who meet the eligibility requirements.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Bask Bank?
- ✓No checking account or direct deposit required
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 0.25%) 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 $25/yr).
Better Returns at $25,000
Varo BankVaro Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $750 vs $63/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 $350 more interest on a $10,000 balance than Bask Bank's Interest Savings Account.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Non-sponsored link to official site
Non-sponsored link to official site
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Bask Bank vs. Varo Bank Savings Calculator
You earn $350 more with Varo Bank than Bask 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.
Bask Bank
Interest Savings Account
Savings Breakdown
- Interest Earned+$25.00(0.2%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,025.00
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 | Bask Bank | Varo Bank |
|---|---|---|
| APY | 0.25% Verified: 3/7/2026 ↘︎ 3.65%90d Change | 5.00% Range: 2.50% - 5.00% Verified: 3/7/2026 Stable (90d) |
| Product Name | Interest Savings Account | 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. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Available for Interest Checking; not for standalone savings. | Available Requires history of qualifying direct deposits. |
| BBB Rating | B | A |
| Important Notes | - | 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 SiteVerify at Bask Bank Non-sponsored link to official site | Visit SiteVerify at Varo Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bask Bank | Varo Bank |
|---|---|---|
| Interest Savings Account | High-Yield Savings Account | |
Current APY | 0.25% | 5.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -21.0 | 0.0 |
Days Since Change | 32 | 365 |
12-Month High | 4.35% | 5.00% |
12-Month Low | 0.25% | 5.00% |
Adjustments / Mo | 0.49 | 0.00 |
Volatility Score | 0.334 | 0.000 |
How to read these metrics(Click to expand)
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Compare Bask Bank's APY of 0.25% with other banks
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|---|---|---|
| Bask Bank vs Ally Bank | 3.20% | $0 |
| Bask Bank vs American Express | 3.30% | $0 |
| Bask Bank vs Axos Bank | 4.21% | $0 |
| Bask Bank vs Bank of America | 0.01% | $100 |
| Bask Bank vs Barclays | 3.85% | $0 |
| Bask Bank vs Capital One | 3.30% | $0 |
| Bask Bank vs Chase Bank | 0.01% | $0 |
| Bask Bank vs Chime | 3.00% | $0 |
| Bask Bank vs CIT Bank | 3.75% | $100 |
| Bask Bank vs Citibank | 3.20% | $0 |
| Bask Bank vs Discover Bank | 3.30% | $0 |
| Bask Bank vs EverBank | 3.90% | $0 |
| Bask Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Bask Bank vs Newtek Bank | 4.20% | $0.01 |
| Bask Bank vs Openbank | 4.09% | $500 |
| Bask Bank vs Pibank | 4.60% | $0 |
| Bask Bank vs SoFi Bank | 4.00% | $0 |
| Bask Bank vs Synchrony Bank | 3.50% | $0 |
| Bask Bank vs Wealthfront | 4.20% | $0 |
| Bask Bank vs Wells Fargo | 0.05% | $25 |