Chase Bank vs. Varo Bank
Comparing Chase Bank and Varo Bank for savings: Chase Bank's Chase Savings℠ pays 0.01% 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 $374 more than Chase Bank annually ($375 vs $1).
Choose Chase Bank if you want a no-strings-attached account, or you value in-person banking. Choose Varo Bank if getting the best rate matters most.
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 Chase Bank offers its savings account standalone.
| Metric | Chase BankChase Savings℠ Mar 24, 2026 | Varo BankHigh-Yield Savings Account Mar 24, 2026 |
|---|---|---|
| APY | 0.01% | 2.50% - 5.00% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$250 $10,000+$375 $25,000+$750 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | APY may vary by market. The maintenance fee may be waived under some circumstances, such as if the account balance is maintained with at least $300 each day, or you set up automatic transfers from a linked Chase account, etc. | 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 AppIn-Person AccessZelle® SupportedStable Rate | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingStable Rate |
Comparison Analysis
Comparing Chase Bank vs. Varo Bank
Executive Summary
Varo Bank offers a High-Yield Savings Account with an impressive APY of 5.00%, significantly higher than Chase Bank's Chase Savings℠, which has a minimal APY of 0.01%. To benefit from Varo's high rate, customers must maintain a direct deposit of at least $1,000 per month and open a Varo bank account, while also noting that the higher APY applies only to balances up to $5,000, with 2.50% on amounts exceeding that. In contrast, Chase Bank's savings account has no direct deposit requirement but incurs a $5 maintenance fee unless certain conditions are met. Overall, Varo Bank stands out for those seeking higher returns on their savings.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Chase Bank?
- ✓No checking account or direct deposit required
- ✓Physical branch access (Chase has more than 5,000 branches in nearly all of the United States, but not in Alaska and Hawaii.)
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 0.01%) 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 $1/yr).
Better Returns at $25,000
Varo BankVaro Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $750 vs $3/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 $374 more interest on a $10,000 balance than Chase Bank's Chase Savings℠.
*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
Chase Bank vs. Varo Bank Savings Calculator
You earn $374 more with Varo Bank than Chase 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.
Chase Bank
Chase Savings℠
Savings Breakdown
- Interest Earned+$1.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,001.00
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 | Chase Bank | Varo Bank |
|---|---|---|
| APY | 0.01% Verified: 3/24/2026 Stable (90d) | 5.00% Range: 2.50% - 5.00% Verified: 3/24/2026 Stable (90d) |
| Product Name | Chase Savings℠ | High-Yield Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $5 | $0 |
| Compound Frequency | Monthly | Daily |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Physical Branches | Chase has more than 5,000 branches in nearly all of the United States, but not in Alaska and Hawaii. | None |
| Direct Deposit Req. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Limit: $2,000/dayBranded as Chase QuickPay; dynamic limits up to $10k. | Available Requires history of qualifying direct deposits. |
| BBB Rating | A- | A |
| Important Notes | APY may vary by market. The maintenance fee may be waived under some circumstances, such as if the account balance is maintained with at least $300 each day, or you set up automatic transfers from a linked Chase account, etc. | 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 Chase 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 | Chase Bank | Varo Bank |
|---|---|---|
| Chase Savings℠ | High-Yield Savings Account | |
Current APY | 0.01% | 5.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | 0.0 |
Days Since Change | 365 | 365 |
12-Month High | 0.01% | 5.00% |
12-Month Low | 0.01% | 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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|---|---|---|
| Chase Bank vs Ally Bank | 3.20% | $0 |
| Chase Bank vs American Express | 3.20% | $0 |
| Chase Bank vs Axos Bank | 4.21% | $0 |
| Chase Bank vs Barclays | 3.85% | $0 |
| Chase Bank vs Capital One | 3.20% | $0 |
| Chase Bank vs Chime | 3.00% | $0 |
| Chase Bank vs CIT Bank | 3.75% | $100 |
| Chase Bank vs Discover Bank | 3.30% | $0 |
| Chase Bank vs EverBank | 3.90% | $0 |
| Chase Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Chase Bank vs Newtek Bank | 4.20% | $0.01 |
| Chase Bank vs Openbank | 4.09% | $500 |
| Chase Bank vs Pibank | 4.60% | $0 |
| Chase Bank vs SoFi Bank | 4.00% | $0 |
| Chase Bank vs Synchrony Bank | 3.50% | $0 |
| Chase Bank vs Wealthfront | 4.20% | $0 |