Citizens Access™ vs. Varo Bank
Comparing Citizens Access™ and Varo Bank for high-yield savings: Citizens Access™'s Citizens Access® Savings pays 3.15% 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 $60 more than Citizens Access™ annually ($375 vs $315).
Choose Citizens Access™ if you want a no-strings-attached account. Choose Varo Bank if getting the best rate matters most, or you want Zelle for quick transfers.
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 $19,231, Citizens Access™ earns more due to Varo Bank's APY cap.
Varo Bank requires a checking account to unlock its top savings rate, while Citizens Access™ offers its savings account standalone.
| Metric | Citizens Access™Citizens Access® Savings Apr 6, 2026 | Varo BankHigh-Yield Savings Account Apr 21, 2026 |
|---|---|---|
| APY | 3.15% | 2.50% - 5.00% |
Est. Earnings | $5,000+$158 $10,000+$315 $25,000+$788 | $5,000+$250 $10,000+$375 $25,000+$750 |
Min Deposit | $0.01 | $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 InsuredNo MinimumsGreat iOS AppGreat Android AppDaily CompoundingRate Changes Often | 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 Citizens Access™ vs. Varo Bank
Executive Summary
Varo Bank offers a High-Yield Savings Account with a competitive 5.00% APY on deposits up to $5,000, while Citizens Access™ provides a Citizens Access® Savings account with a 3.15% APY. Varo's account requires a checking account and a minimum direct deposit of $1,000 per month, which may limit eligibility for some customers. In contrast, Citizens Access™ has no direct deposit requirements and is accessible with a minimal deposit of just $0.01, making it a simpler option for savers. Overall, Varo Bank's higher APY positions it as the winner in this comparison.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Citizens Access™?
- ✓No checking account or direct deposit required
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 3.15%) on balances up to $5,000 (requires checking bundle & direct deposit)
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
Varo BankVaro Bank's High-Yield Savings Account earns more on smaller deposits (approx. $375 vs $315/yr).
Better Returns at $25,000
Citizens Access™Citizens Access™'s Citizens Access® Savings pulls ahead with larger amounts (approx. $788 vs $750/yr).
Best for Simplicity
Citizens Access™Citizens Access™'s Citizens Access® Savings offers 3.15% APY with no bundling, direct deposit requirement or caps.
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 $60 more interest on a $10,000 balance than Citizens Access™'s Citizens Access® 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
Citizens Access™ vs. Varo Bank Savings Calculator
You earn $60 more with Varo Bank than Citizens Access™ 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.
Citizens Access™
Citizens Access® Savings
Savings Breakdown
- Interest Earned+$315.00(3.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,315.00
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 $314 per year in interest.
Both Citizens Access™ and Varo Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Citizens Access™ | Varo Bank |
|---|---|---|
| APY | 3.15% Verified: 4/6/2026 Stable (90d) | 5.00% Range: 2.50% - 5.00% Verified: 4/21/2026 Stable (90d) |
| Product Name | Citizens Access® Savings | High-Yield Savings Account |
| Minimum Deposit | $0.01 | $0 |
| Min. Balance for APY | $0.01 | $0.01 |
| Monthly Fee | $0 | $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 | Not Supported | 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 Citizens Access™ 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 | Citizens Access™ | Varo Bank |
|---|---|---|
| Citizens Access® Savings | High-Yield Savings Account | |
Current APY | 3.15% | 5.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -6.4 | 0.0 |
Days Since Change | 117 | 364 |
12-Month High | 3.70% | 5.00% |
12-Month Low | 3.15% | 5.00% |
Adjustments / Mo | 0.25 | 0.00 |
Volatility Score | 0.062 | 0.000 |
How to read these metrics(Click to expand)
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Compare Citizens Access™'s APY of 3.15% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Citizens Access™ vs Ally Bank | 3.10% | $0 |
| Citizens Access™ vs American Express | 3.20% | $0 |
| Citizens Access™ vs Axos Bank | 4.21% | $0 |
| Citizens Access™ vs Barclays | 3.75% | $0 |
| Citizens Access™ vs Capital One | 3.20% | $0 |
| Citizens Access™ vs Chime | 3.00% | $0 |
| Citizens Access™ vs CIT Bank | 3.75% | $100 |
| Citizens Access™ vs Discover Bank | 3.30% | $0 |
| Citizens Access™ vs EverBank | 3.90% | $0 |
| Citizens Access™ vs Marcus by Goldman Sachs | 3.50% | $0 |
| Citizens Access™ vs Newtek Bank | 4.20% | $0.01 |
| Citizens Access™ vs Openbank | 4.00% | $500 |
| Citizens Access™ vs Pibank | 4.40% | $0 |
| Citizens Access™ vs SoFi Bank | 4.00% | $0 |
| Citizens Access™ vs Synchrony Bank | 3.40% | $0 |
| Citizens Access™ vs Wealthfront | 4.20% | $0 |