Carver Bank vs. Varo Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Carver BankHigh Yield Savings Jan 7, 2026 | Varo BankHigh-Yield Savings Account Jan 7, 2026 |
|---|---|---|
| APY | 4.00% | 2.50% - 5.00% |
Est. Earnings | $5,000+$200 $10,000+$400 $25,000+$1,000 | $5,000+$250 $10,000+$375 $25,000+$750 |
Min Deposit | $5,000 | $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 InsuredMod. MinimumGreat iOS AppGreat Android AppZelle® Supported | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking Bundle |
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.
Comparison Analysis
Comparing Carver Bank vs. Varo Bank
As of Carver Bank offers an APY of 4.00% for its High Yield Savings account, with a minimum balance of $5,000, compared to Varo Bank's 5.00% APY for its High-Yield Savings Account, with a minimum balance of $0.01.
Carver Bank pays $25 more than Varo Bank on a $10,000 balance after one year. Carver Bank pays $400, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Carver Bank.
Why Carver Bank?
- ✓No checking account or direct deposit required
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 4.00%) on balances up to $5,000 (requires checking bundle & direct deposit)
— Key Feature Differences —
Better Returns at $10,000
Carver BankCarver Bank's High Yield Savings earns more on smaller deposits (approx. $400 vs $375/yr).
Better Returns at $25,000
Carver BankCarver Bank's High Yield Savings pulls ahead with larger amounts (approx. $1000 vs $750/yr).
Best for Simplicity
Carver BankCarver Bank's High Yield Savings offers 4.00% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Varo BankVaro Bank offers an iOS app rated 4.9 (vs. 4.7) and Android app rated 4.6 (vs. 4.5)
Shared Benefits
Over a 1-year period, Carver Bank's High Yield Savings pays $25 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 as of
Varo Bank offers a High-Yield Savings Account with a competitive 5.00% APY on deposits up to $5,000, while amounts above that earn 2.50%. However, eligibility requires a Varo bank account and a minimum direct deposit of $1,000 per month. In contrast, Carver Bank's High Yield Savings account provides a straightforward 4.00% APY with no direct deposit requirements or caps, making it a solid option for those with a minimum deposit of $5,000. Both accounts are online-only and have no maintenance fees, but Varo Bank's higher APY positions it as the winner based solely on the provided data.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Carver Bank vs. Varo Bank Savings Calculator
You earn $25 more with Carver 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.
Carver Bank
High Yield Savings
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
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 | Carver Bank | Varo Bank |
|---|---|---|
| APY | 4.00% Verified: 1/7/2026 Stable (90d) | 5.00% Range: 2.50% - 5.00% Verified: 1/7/2026 Stable (90d) |
| Product Name | High Yield Savings | High-Yield Savings Account |
| Minimum Deposit | $5,000 | $0 |
| Min. Balance for APY | $5,000 | $0.01 |
| Monthly Fee | $0, of minimum balance requirement met. Otherwise $6. | $0 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Direct Deposit Req. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS4.7 Android4.5 | iOS4.9 Android4.6 |
| Zelle® Support | Available Full native integration in digital banking. | Available Requires history of qualifying direct deposits. |
| BBB Rating | A+ | 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 Carver 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 | Carver Bank | Varo Bank |
|---|---|---|
| High Yield Savings | High-Yield Savings Account | |
Current APY | 4.00% | 5.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -1.0 | 0.0 |
Days Since Change | 309 | 342 |
11-Month High | 4.25% | 5.00% |
11-Month Low | 4.00% | 5.00% |
Adjustments / Mo | 0.09 | 0.00 |
Volatility Score | 0.017 | 0.000 |
How to read these metrics(Click to expand)
Compare Similar Alternatives
Compare Carver Bank vs...
Comparing against Standard Savings
Compare Varo Bank vs...
Comparing against other Bundled Accounts