Carver Bank vs. Varo Bank
Comparing Carver Bank and Varo Bank for high-yield savings: Carver Bank's High Yield Savings pays 4.00% 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? Carver Bank pays $25 more than Varo Bank annually ($400 vs $375).
Choose Carver Bank if getting the best rate matters most, or you want a no-strings-attached account.
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 $8,333, Carver Bank earns more due to Varo Bank's APY cap.
Varo Bank requires a checking account to unlock its top savings rate, while Carver Bank offers its savings account standalone.
| Metric | Carver BankHigh Yield Savings Feb 21, 2026 | Varo BankHigh-Yield Savings Account Feb 21, 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® SupportedDaily CompoundingStable Rate | 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.
Comparison Analysis
Comparing Carver Bank vs. Varo Bank
Executive Summary
Varo Bank offers a High-Yield Savings Account with a competitive APY of 5.00% on balances up to $5,000, while Carver Bank provides a High Yield Savings account with a 4.00% APY. Varo's account requires a Varo bank account and a minimum direct deposit of $1,000 per month, whereas Carver's account has no direct deposit requirement and is accessible with a minimum deposit of $5,000. Both accounts are online-only and have no maintenance fees. For those who can meet Varo's requirements, it provides a higher yield; otherwise, Carver Bank's offering is a solid alternative.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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.
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.
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 Carver Bank and Varo Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Carver Bank | Varo Bank |
|---|---|---|
| APY | 4.00% Verified: 2/21/2026 Stable (90d) | 5.00% Range: 2.50% - 5.00% Verified: 2/21/2026 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 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | N/A | None |
| Direct Deposit Req. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| 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) | -0.3 | 0.0 |
Days Since Change | 354 | 365 |
12-Month High | 4.25% | 5.00% |
12-Month Low | 4.00% | 5.00% |
Adjustments / Mo | 0.08 | 0.00 |
Volatility Score | 0.010 | 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
More Comparisons
Compare Carver Bank's APY of 4.00% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Carver Bank vs Ally Bank | 3.20% | $0 |
| Carver Bank vs American Express | 3.30% | $0 |
| Carver Bank vs Axos Bank | 4.21% | $0 |
| Carver Bank vs Bank of America | 0.01% | $100 |
| Carver Bank vs Barclays | 3.85% | $0 |
| Carver Bank vs Capital One | 3.30% | $0 |
| Carver Bank vs Chase Bank | 0.01% | $0 |
| Carver Bank vs Chime | 3.00% | $0 |
| Carver Bank vs CIT Bank | 3.75% | $100 |
| Carver Bank vs Citibank | 3.20% | $0 |
| Carver Bank vs Discover Bank | 3.30% | $0 |
| Carver Bank vs EverBank | 3.90% | $0 |
| Carver Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Carver Bank vs Newtek Bank | 4.20% | $0.01 |
| Carver Bank vs Openbank | 4.09% | $500 |
| Carver Bank vs Pibank | 4.60% | $0 |
| Carver Bank vs SoFi Bank | 4.00% | $0 |
| Carver Bank vs Synchrony Bank | 3.50% | $0 |
| Carver Bank vs Wealthfront | 3.95% | $0 |
| Carver Bank vs Wells Fargo | 0.05% | $25 |