Charles Schwab Bank vs. Varo Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
Charles Schwab Bank
Schwab Bank Investor Savings™
0.15%APYDec 10, 2025FDIC InsuredNo MinimumsGreat iOS AppIn-Person AccessShow Fine Print & Trends Hide Details
Charles Schwab Bank
Schwab Bank Investor Savings™
Varo Bank
High-Yield Savings Account
Up to5.00%APYDec 10, 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
Charles Schwab Bank vs. Varo Bank Savings Calculator
Varo Bank earns $2,125.3 more than Charles Schwab Bank.
Charles Schwab Bank
Schwab Bank Investor Savings™
Savings Breakdown
- Interest Earned+$86.10(0.5%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,086.10
Varo Bank
High-Yield Savings Account
5.00% on first $5,000 and 2.50% thereafter.
Savings Breakdown
- Interest Earned+$2,211.40(10.9%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,211.40
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Comparison Analysis
Comparing Charles Schwab Bank vs. Varo Bank
Why Charles Schwab Bank?
- ✓No checking account or direct deposit required
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 0.15%) on all balances
- ✓Higher rated Android app (4.6 vs 2.9)
— Key Feature Differences —
Better Returns at $10,000
Varo BankVaro Bank's High-Yield Savings Account earns more on smaller deposits (approx. $375 vs $15/yr).
Better Returns at $25,000
Varo BankVaro Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $750 vs $38/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 $360 more interest on a $10,000 balance than Charles Schwab Bank's Schwab Bank Investor 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 an impressive APY of 5.00%, significantly higher than Charles Schwab Bank's Schwab Bank Investor Savings™, which yields 0.15%. Varo's account requires a minimum direct deposit of $1,000 per month and is online-only, necessitating a Varo bank account for eligibility. In contrast, Schwab's savings account has no direct deposit requirement or maintenance fees, making it accessible with a minimum balance of just $0.01. However, for those seeking higher returns, Varo Bank's offering is clearly the better choice.
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.
| Feature | Charles Schwab Bank | Varo Bank |
|---|---|---|
| APY | 0.15% Verified: 12/10/2025 Stable (90d) | 5.00% Range: 2.50% - 5.00% Verified: 12/10/2025 Stable (90d) |
| Product Name | Schwab Bank Investor Savings™ | High-Yield Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0.01 | $0.01 |
| Monthly Fee | $0 | $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 Android2.9 | iOS4.9 Android4.6 |
| 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 |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Charles Schwab Bank | Varo Bank |
|---|---|---|
| Schwab Bank Investor Savings™ | High-Yield Savings Account | |
Current APY | 0.15% | 5.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.0 | 0.0 |
Days Since Change | 314 | 314 |
10-Month High | 0.15% | 5.00% |
10-Month Low | 0.15% | 5.00% |
Adjustments / Mo | 0.00 | 0.00 |
Volatility Score | 0.000 | 0.000 |
How to read these metrics(Click to expand)
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