Citibank vs. Varo Money
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 12, 2025
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Summary of Citibank vs. Varo Bank
Key Metrics at a Glance
| Feature | Citibank | Varo Bank |
|---|---|---|
| Top Savings APY | 3.35% Citi Accelerate Savings | 5.00% High-Yield Savings Account |
| Minimum to Open | $0 | $0 |
| Minimum Balance for Top APY | $0.01 | $0.01 |
| Note | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. |
Citibank
Strengths
- Citi Accelerate Savings offers a competitive APY of 3.35%, up from 3.40% last month.
- Citibank has a higher App Store rating of 4.9 compared to Varo's 4.9.
- Citibank has physical branches in major metropolitan areas.
Potential Drawbacks
- Citibank's BBB rating is D- and it is not BBB Accredited.
- Citi Accelerate Savings charges a maintenance fee of $4.50 unless balance requirements are met.
- Citibank's APY is significantly lower than Varo's 5.00%.
Varo Bank
Strengths
- Varo Bank's High-Yield Savings Account offers a high APY of 5.00% on balances up to $5,000.
- Varo Bank has a strong BBB rating of A and is BBB Accredited.
- Varo Bank has no maintenance fees for its savings account.
Potential Drawbacks
- Varo's High-Yield Savings Account requires a minimum direct deposit of $1,000/month.
- Varo Bank has no physical branches, operating exclusively online.
- Varo's Google Play rating is lower at 4.6 compared to Citibank's 4.8.
→ As of November 12, 2025 Citibank offers an APY of 3.35% for its Citi Accelerate Savings account, with a minimum balance of $0.01, compared to Varo Bank's 5.00% APY for its High-Yield Savings Account, with a minimum balance of $0.01.
→ Varo Bank yields $40 more than Citibank on a $10,000 balance after one year. Citibank pays $335, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Varo Bank.
→ In addition, Citibank also offers 0.03% APY for the Citi® Savings Account account.
Calculate Savings Growth for Citibank vs Varo Bank
Citibank - Citi Accelerate Savings
Total savings breakdown:
- Interest earned: $2,018.8 (10.08%)
- Total contributions: $13,000 (64.94%)
- Initial deposit: $5,000 (24.98%)
Your total balance
$20,018.80
Total balance: $20,018.8
Earnings: $2,018.8
Bank OverviewVaro Bank - High-Yield Savings Account
ℹ️You earn 5.00% on the first $5,000 and 2.50% on the rest.
Total savings breakdown:
- Interest earned: $2,211.4 (10.94%)
- Total contributions: $13,000 (64.32%)
- Initial deposit: $5,000 (24.74%)
Your total balance
$20,211.40
Total balance: $20,211.4
Earnings: $2,211.4
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Citibank's total earnings would be $192.6 lower than Varo Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Citibank's vs Varo Bank's Savings Accounts
| Citibank | Varo Bank | |||
|---|---|---|---|---|
| Product | Citi Accelerate Savings | Citi® Savings Account | vs | High-Yield Savings Account |
| APY | 3.35% (as of 11/12/2025) | 0.03% (as of 11/12/2025) | 2.50% - 5.00% (as of 11/12/2025) | |
| Bundled Account | No | No | No | |
| FDIC-insured | Yes | Yes | Yes | |
| Online Only | Yes | No | Yes | |
| Compound Frequency | Daily | Daily | Daily | |
| Minimum Deposit | $0 | $0 | $0 | |
| Minimum Balance for APY | $0.01 | $0.01 | $0.01 | |
| Maintenance Fee | $4.50. Waived for average monthly balances > $500 | $4.50. Waived for average monthly balances > $500 | $0 | |
| Direct Deposit Required | No | No | Yes. Min. $1,000/month | |
| Eligibility | Alaska, Alabama, Arkansas, Arizona, Colorado, Delaware, Florida (select parts), Georgia, Hawaii, Iowa, Idaho, Illinois (select parts), Indiana, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia (partial), Washington (partial), Wisconsin, West Virginia, Wyoming. | California, Connecticut, Maryland, Nevada, New Jersey, New York, Virginia (partial), Washington D.C., and select parts of Florida and Illinois. In addition, promotional rates may be available if requirements are met. | United States | |
| Note | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. | |||
| App Store Rating | 4.9/5 | 4.9/5 | ||
| Google Play Rating | 4.8/5 | 4.6/5 | ||
| BBB Rating | D- | A | ||
Comparative Historical APY Insights (Last 9 Months)
| Citibank | Varo Bank | |||
|---|---|---|---|---|
| Product | Citi® Savings Account | Citi Accelerate Savings | vs | High-Yield Savings Account |
| Latest APY | 0.03 % | 3.35 % | 5.00 % | |
| Trend | Sideways | Sideways | Sideways | |
| Slope (bps/mo) | 0.0 | -4.8 | 0.0 | |
| Rate Changes / Mo | 0.00 | 0.52 | 0.00 | |
| Days Since Last Change | 289 | 9 | 289 | |
| High (-9 m) | 0.03 % | 3.80 % | 5.00 % | |
| Low (-9 m) | 0.03 % | 3.35 % | 5.00 % | |
| Draw-down from High | 0.0 % | -11.8 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.039 | 0.000 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 9 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 (-9 m)
- Highest APY in the last 289 days.
- Low (-9 m)
- Lowest APY in the last 289 days.
- Draw-down from High
- How far today sits below the 9-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.