Colorado Federal Savings Bank vs. Varo Bank
Comparing Colorado Federal Savings Bank and Varo Bank for high-yield savings: Colorado Federal Savings Bank's Premier Savings pays 4.05% 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 $375 more than Colorado Federal Savings Bank annually ($375 vs $0).
Choose Colorado Federal Savings Bank if you want a no-strings-attached account. Choose Varo Bank if getting the best rate matters most, you're an Android user (no Android app for Colorado Federal Savings Bank), 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 $8,065, Colorado Federal Savings Bank earns more due to Varo Bank's APY cap.
Varo Bank requires a checking account to unlock its top savings rate, while Colorado Federal Savings Bank offers its savings account standalone.
| Metric | Colorado Federal Savings BankPremier Savings Feb 21, 2026 | Varo BankHigh-Yield Savings Account Feb 21, 2026 |
|---|---|---|
| APY | 4.05% | 2.50% - 5.00% |
Est. Earnings | $5,000+$0 $10,000+$0 $25,000+$0 | $5,000+$250 $10,000+$375 $25,000+$750 |
Min Deposit | $50,000 | $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 InsuredHigh MinimumGreat iOS AppDaily CompoundingStable Rate | 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 Colorado Federal Savings Bank vs. Varo Bank
Executive Summary
Varo Bank offers a High-Yield Savings Account with a competitive APY of 5.00%, significantly higher than Colorado Federal Savings Bank's Premier Savings, which provides a 4.05% APY. However, Varo's account requires a direct deposit of at least $1,000 per month and is capped at the higher rate for balances up to $5,000, with a lower rate of 2.50% for amounts exceeding that. In contrast, Colorado Federal's Premier Savings has no direct deposit requirement and is simpler to manage, appealing to those seeking straightforward savings options. Both banks operate online only and do not charge maintenance fees.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Colorado Federal Savings Bank?
- ✓No checking account or direct deposit required
- ✓Offers 2 different high-yield savings options
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 4.00%-4.05%) on all balances
- ✓Higher rated iOS app (4.9 vs 4.4)
- ✓Higher rated Android app (4.6 vs 0.0)
- ✓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 $0/yr).
Better Returns at $25,000
Varo BankVaro Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $750 vs $0/yr).
Best for Simplicity
Colorado Federal Savings BankColorado Federal Savings Bank's Premier Savings offers 4.05% 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.
Best Mobile App Experience
Varo BankVaro Bank offers an iOS app rated 4.9 (vs. 4.4) and Android app rated 4.6 (vs. 0.0)
Shared Benefits
Over a 1-year period, Colorado Federal Savings Bank's Premier Savings pays $30 more interest on a $10,000 balance than Varo Bank's High-Yield Savings Account.
*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
Colorado Federal Savings Bank vs. Varo Bank Savings Calculator
You earn $650 more with Colorado Federal Savings Bank than Varo Bank on a $50,000 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.
Colorado Federal Savings Bank
Premier Savings
Savings Breakdown
- Interest Earned+$2,025.00(3.9%)
- Total Contributions$0
- Initial Deposit$50,000
Projected Balance
$52,025.00
Varo Bank
High-Yield Savings Account
5.00% on first $5,000 and 2.50% thereafter.
Savings Breakdown
- Interest Earned+$1,375.00(2.7%)
- Total Contributions$0
- Initial Deposit$50,000
Projected Balance
$51,375.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Colorado Federal Savings Bank | Varo Bank |
|---|---|---|
| APY | 4.05% Verified: 2/21/2026 Stable (90d) | 5.00% Range: 2.50% - 5.00% Verified: 2/21/2026 Stable (90d) |
| Product Name | Premier Savings | High-Yield Savings Account |
| Minimum Deposit | $50,000 | $0 |
| Min. Balance for APY | $50,000 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | None |
| Direct Deposit Req. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS4.4 Android- | |
| 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 Colorado Federal Savings 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 | Colorado Federal Savings Bank | Varo Bank | |
|---|---|---|---|
| Premier Savings | High Yield Savings | High-Yield Savings Account | |
Current APY | 4.05% | 4.00% | 5.00% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -2.4 | -2.4 | 0.0 |
Days Since Change | 134 | 134 | 365 |
12-Month High | 4.25% | 4.25% | 5.00% |
12-Month Low | 4.05% | 4.00% | 5.00% |
Adjustments / Mo | 0.16 | 0.33 | 0.00 |
Volatility Score | 0.022 | 0.023 | 0.000 |
How to read these metrics(Click to expand)
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