Elevault vs. Varo Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | ElevaultHigh Yield Savings Account Jan 21, 2026 | Varo BankHigh-Yield Savings Account Jan 21, 2026 |
|---|---|---|
| APY | 3.82% | 2.50% - 5.00% |
Est. Earnings | $5,000+$191 $10,000+$382 $25,000+$955 | $5,000+$250 $10,000+$375 $25,000+$750 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | The 3.82% 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. A Varo bank account & direct deposit required. |
| Features | FDIC InsuredNo Minimums | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking Bundle |
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.
As of Elevault offers an APY of 3.82% 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 pays $7 more than Varo Bank on a $10,000 balance after one year. Elevault pays $382, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Elevault.
Why Elevault?
- ✓No checking account or direct deposit required
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 3.82%) on balances up to $5,000 (requires checking bundle & direct deposit)
- ✓Higher rated iOS app (4.9 vs 3.7)
- ✓Higher rated Android app (4.6 vs 3.9)
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $25,000
ElevaultElevault's High Yield Savings Account pulls ahead with larger amounts (approx. $955 vs $750/yr).
Best Mobile App Experience
Varo BankVaro Bank offers an iOS app rated 4.9 (vs. 3.7) and Android app rated 4.6 (vs. 3.9)
Shared Benefits
Over a 1-year period, Elevault's High Yield Savings Account pays $7 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.
Executive Summary as of
Varo Bank offers a High-Yield Savings Account with a competitive APY of 5.00% on balances up to $5,000, making it the clear winner in this comparison. To access this rate, customers must have a Varo bank account and set up direct deposit of at least $1,000 per month. In contrast, Elevault provides a High Yield Savings Account with an APY of 3.82% on balances up to $250,000, with no direct deposit requirement. Both accounts are online-only and have no maintenance fees, but Varo's higher yield on a lower balance cap makes it more advantageous for those who meet the eligibility criteria.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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Elevault vs. Varo Bank Savings Calculator
You earn $7 more with Elevault than Varo Bank 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.
Elevault
High Yield Savings Account
3.82% on first $250,000 and 0.00% thereafter.
Savings Breakdown
- Interest Earned+$382.00(3.7%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,382.00
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.
| Feature | Elevault | Varo Bank |
|---|---|---|
| APY | 3.82% Verified: 1/21/2026 ↘︎ 0.52%90d Change | 5.00% Range: 2.50% - 5.00% Verified: 1/21/2026 Stable (90d) |
| Product Name | High Yield Savings Account | High-Yield Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $0 | $0 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Direct Deposit Req. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS3.7 Android3.9 | iOS4.9 Android4.6 |
| Zelle® Support | Not Supported | Available Requires history of qualifying direct deposits. |
| BBB Rating | A | A |
| Important Notes | The 3.82% 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. A Varo bank account & direct deposit required. |
| Next Steps | Visit SiteVerify at Elevault 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 | Elevault | Varo Bank |
|---|---|---|
| High Yield Savings Account | High-Yield Savings Account | |
Current APY | 3.82% | 5.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -17.3 | 0.0 |
Days Since Change | 36 | 167 |
6-Month High | 4.60% | 5.00% |
6-Month Low | 3.82% | 5.00% |
Adjustments / Mo | 0.54 | 0.00 |
Volatility Score | 0.068 | 0.000 |
How to read these metrics(Click to expand)
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