Chase Bank vs Varo Money
High-Yield Savings Accounts Comparison
Last Updated: June 16, 2025
Summary of Chase Bank vs. Varo Bank
As of June 16, 2025 Chase Bank offers an APY of 0.01% for its Chase Savings℠ account, compared to Varo Bank's 5.00% APY for its High-Yield Savings Account account.
Varo Bank yields $374 more than Chase Bank on a $10,000 balance after one year. Chase Bank pays $1, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Varo Bank.
Chase Bank
Strengths
- Chase Bank has a higher App Store rating at 4.8 compared to Varo Bank's 4.9.
- No maintenance fee if account balance maintained or automatic transfers set up.
Potential Drawbacks
- Chase Savings℠ offers a low APY of 0.01%, unchanged from 30 days ago.
- A $5 maintenance fee applies unless conditions are met.
Varo Bank
Strengths
- Varo Bank offers a high APY of 5.00%, unchanged from 30 days ago.
- No maintenance fees for the High-Yield Savings Account.
Potential Drawbacks
- Requires direct deposit of at least $1,000/month to earn the highest APY.
- No physical branches available.
Summary: Chase Bank's savings account has a low APY of 0.01% and a potential maintenance fee, while Varo Bank offers a significantly higher APY of 5.00% with no fees but requires a direct deposit. Both banks share an A- BBB rating, but Varo Bank is BBB Accredited. Chase Bank has a slightly lower App Store rating compared to Varo Bank.
Compare Chase Bank's vs Varo Bank's Savings Accounts
| Chase Bank | Varo Bank | ||
|---|---|---|---|
| Product | Chase Savings℠ | vs | High-Yield Savings Account |
| APY | 0.01% (as of 6/16/2025) | 2.50% - 5.00% (as of 6/16/2025) | |
| Bundled Account | No | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | No | Yes | |
| Compound Frequency | Monthly | Daily | |
| Minimum Deposit | $0 | $0 | |
| Minimum Balance for APY | $0 | $0.01 | |
| Maintenance Fee | $5 | $0 | |
| Direct Deposit Required | No | Yes. Min. $1,000/month | |
| Note | 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. Direct deposit required. | |
| Visit Bank | Chase Savings℠ | High-Yield Savings Account | |
| App Store Rating | 4.8/5 | 4.9/5 | |
| Google Play Rating | 4.5/5 | 4.7/5 | |
| BBB Rating | A- | A- |
Comparative Historical APY Insights (Last 5 Months)
| Chase Bank | Varo Bank | ||
|---|---|---|---|
| Product | Chase Savings℠ | vs | High-Yield Savings Account |
| Latest APY | 0.01 % | 5.00 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | 0.0 | 0.0 | |
| Rate Changes / Mo | 0.00 | 0.00 | |
| Days Since Last Change | 138 | 138 | |
| High (-5 m) | 0.01 % | 5.00 % | |
| Low (-5 m) | 0.01 % | 5.00 % | |
| Draw-down from High | 0.0 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 5 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-5 m)
- Highest APY in the last 139 days.
- Low (-5 m)
- Lowest APY in the last 139 days.
- Draw-down from High
- How far today sits below the 5-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.
Calculate Savings Growth for Chase Bank vs Varo Bank
All calculations are based on APY.
Chase Bank
APY: 0.01%
Total savings breakdown:
- Interest earned: $0.1 (0.01%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (99.99%)
Your total balance
$1,000.10
Effective APY: 0.01% (based on your deposit and contributions)
Total balance: $1,000.1
Earnings: $0.1
Bank DetailsVaro Bank
APY: 5.00%
Total savings breakdown:
- Interest earned: $50 (4.76%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (95.24%)
Your total balance
$1,050.00
Effective APY: 5.00% (based on your deposit and contributions)
Total balance: $1,050
Earnings: $50
Bank DetailsAfter 1 year Chase Bank would earn you $49.9 less than Varo Bank.
More Comparisons
Compare Chase Bank's APY of 0.01% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Chase Bank vs Ally Bank | 3.60% | $0 |
| Chase Bank vs American Express | 3.60% | $0 |
| Chase Bank vs Axos Bank | 4.66% | $0 |
| Chase Bank vs Bank of America | 0.01% | $100 |
| Chase Bank vs Barclays | 4.20% | $0 |
| Chase Bank vs Capital One | 3.60% | $0 |
| Chase Bank vs Chime | 3.75% | $0 |
| Chase Bank vs CIT Bank | 4.00% | $100 |
| Chase Bank vs Discover Bank | 3.60% | $0 |
| Chase Bank vs Fitness Bank | 5.00% | $100 |
| Chase Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Chase Bank vs SoFi Bank | 3.80% | $0 |
| Chase Bank vs Synchrony Bank | 3.80% | $0 |
Compare Varo Bank's APY of 5.00% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Varo Bank vs Ally Bank | 3.60% | $0 |
| Varo Bank vs American Express | 3.60% | $0 |
| Varo Bank vs Axos Bank | 4.66% | $0 |
| Varo Bank vs Bank of America | 0.01% | $100 |
| Varo Bank vs Barclays | 4.20% | $0 |
| Varo Bank vs Capital One | 3.60% | $0 |
| Varo Bank vs Chime | 3.75% | $0 |
| Varo Bank vs CIT Bank | 4.00% | $100 |
| Varo Bank vs Discover Bank | 3.60% | $0 |
| Varo Bank vs Fitness Bank | 5.00% | $100 |
| Varo Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Varo Bank vs SoFi Bank | 3.80% | $0 |
| Varo Bank vs Synchrony Bank | 3.80% | $0 |