Elevault vs. Varo Money
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: October 21, 2025
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Summary of Elevault vs. Varo Bank
Key Metrics at a Glance
| Feature | Elevault | Varo Bank |
|---|---|---|
| Top Savings APY | 4.34% High Yield Savings Account | 5.00% High-Yield Savings Account |
| Minimum to Open | $0 | $0 |
| Minimum Balance for Top APY | $0 | $0.01 |
| Note | The 4.34% APY is up to $250,000. Balances above that earn no interest. Daily deposit limit is $2,500. | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. |
Elevault
Strengths
- Elevault offers a competitive APY of 4.34%, though it decreased from 4.60% in the last 30 days.
- Elevault has no minimum balance requirement for its High Yield Savings Account.
- Elevault has no maintenance fees for its High Yield Savings Account.
Potential Drawbacks
- Elevault is not BBB accredited, despite having an A+ rating.
- Elevault's APY is lower than Varo Bank's 5.00% APY.
- Elevault does not offer a direct deposit option.
Varo Bank
Strengths
- Varo Bank offers a higher APY of 5.00% on balances up to $5,000.
- Varo Bank is BBB accredited with an A- rating.
- Varo Bank has a high App Store rating of 4.9.
Potential Drawbacks
- Varo Bank requires a direct deposit of at least $1,000/month to earn the highest APY.
- Varo Bank's APY on balances above $5,000 drops to 2.50%.
- Varo Bank has a minimum balance requirement of $0.01.
→ As of October 21, 2025 Elevault offers an APY of 4.34% for its High Yield Savings Account, with a minimum balance of $0, compared to Varo Bank's 5.00% APY for its High-Yield Savings Account, with a minimum balance of $0.01.
→ Elevault yields $59 more than Varo Bank on a $10,000 balance after one year. Elevault pays $434, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Elevault.
Calculate Savings Growth for Elevault vs Varo Bank
Elevault - High Yield Savings Account
Total savings breakdown:
- Interest earned: $2,655.5 (12.86%)
- Total contributions: $13,000 (62.94%)
- Initial deposit: $5,000 (24.21%)
Your total balance
$20,655.50
Total balance: $20,655.5
Earnings: $2,655.5
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, Elevault's total earnings would be $444.1 higher than Varo Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Elevault's vs Varo Bank's Savings Accounts
| Elevault | Varo Bank | ||
|---|---|---|---|
| Product | High Yield Savings Account | vs | High-Yield Savings Account |
| APY | 4.34% (as of 10/21/2025) | 2.50% - 5.00% (as of 10/21/2025) | |
| Bundled Account | No | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $0 | |
| Minimum Balance for APY | $0 | $0.01 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | No | Yes. Min. $1,000/month | |
| Note | The 4.34% APY is up to $250,000. Balances above that earn no interest. Daily deposit limit is $2,500. | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. | |
| App Store Rating | 3.8/5 | 4.9/5 | |
| Google Play Rating | 3.9/5 | 4.6/5 | |
| BBB Rating | A+ | A- |
Comparative Historical APY Insights (Last 2 Months)
| Elevault | Varo Bank | ||
|---|---|---|---|
| Product | High Yield Savings Account | vs | High-Yield Savings Account |
| Latest APY | 4.34 % | 5.00 % | |
| Trend | Falling | Sideways | |
| Slope (bps/mo) | -14.7 | 0.0 | |
| Rate Changes / Mo | 0.39 | 0.00 | |
| Days Since Last Change | 29 | 75 | |
| High (-2 m) | 4.60 % | 5.00 % | |
| Low (-2 m) | 4.34 % | 5.00 % | |
| Draw-down from High | -5.7 % | 0.0 % | |
| Volatility (CV) | 0.028 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 2 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 (-2 m)
- Highest APY in the last 76 days.
- Low (-2 m)
- Lowest APY in the last 76 days.
- Draw-down from High
- How far today sits below the 2-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.