EverBank vs. Varo Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | EverBankPerformance Savings Jan 21, 2026 | Varo BankHigh-Yield Savings Account Jan 21, 2026 |
|---|---|---|
| APY | 3.90% | 2.50% - 5.00% |
Est. Earnings | $5,000+$195 $10,000+$390 $25,000+$975 | $5,000+$250 $10,000+$375 $25,000+$750 |
Min Deposit | $0 | $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 AppZelle® Supported | 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 EverBank offers an APY of 3.90% for its Performance 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.
EverBank pays $15 more than Varo Bank on a $10,000 balance after one year. EverBank pays $390, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for EverBank.
Why EverBank?
- ✓No checking account or direct deposit required
- ✓Physical branch access (11 locations in Florida and California)
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 3.90%) on balances up to $5,000 (requires checking bundle & direct deposit)
— Key Feature Differences —
Better Returns at $10,000
EverBankEverBank's Performance Savings earns more on smaller deposits (approx. $390 vs $375/yr).
Better Returns at $25,000
EverBankEverBank's Performance Savings pulls ahead with larger amounts (approx. $975 vs $750/yr).
Best for Simplicity
EverBankEverBank's Performance Savings offers 3.90% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, EverBank's Performance Savings pays $15 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 5.00% APY on deposits up to $5,000, making it the highest-yielding option compared to EverBank's Performance Savings at 3.90% APY. However, Varo requires a bank account and a minimum direct deposit of $1,000 per month, which may limit accessibility for some customers. EverBank's account, while yielding less, has no direct deposit requirement, no maintenance fees, and is designed for simplicity. Both banks provide online-only services and have no minimum balance requirements.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
Non-sponsored link to official site
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EverBank vs. Varo Bank Savings Calculator
You earn $15 more with EverBank 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.
EverBank
Performance Savings
Savings Breakdown
- Interest Earned+$390.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,390.00
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 | EverBank | Varo Bank |
|---|---|---|
| APY | 3.90% Verified: 1/21/2026 ↘︎ 0.15%90d Change | 5.00% Range: 2.50% - 5.00% Verified: 1/21/2026 Stable (90d) |
| Product Name | Performance Savings | 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 | iOS4.7 Android4.8 | iOS4.9 Android4.6 |
| Zelle® Support | Available Native integration verified. | 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 EverBank 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 | EverBank | Varo Bank |
|---|---|---|
| Performance Savings | High-Yield Savings Account | |
Current APY | 3.90% | 5.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.5 | 0.0 |
Days Since Change | 33 | 365 |
12-Month High | 4.30% | 5.00% |
12-Month Low | 3.90% | 5.00% |
Adjustments / Mo | 0.16 | 0.00 |
Volatility Score | 0.036 | 0.000 |
How to read these metrics(Click to expand)
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