High-Yield Savings Account Comparison

EverBank vs. Varo Bank

Compare rates, requirements, and features side-by-side to find the best option for you.

Analysis by Aviel Fahl
Updated December 6, 2025
Advertising Disclosure: We may earn a commission from partner links.

EverBank

Performance Savings

4.05%
APY
Dec 6, 2025
FDIC InsuredNo Minimums
Show Fine Print & Trends
Min. Deposit$0
Min. Balance$0
Maintenance Fee$0
Compound FreqDaily
Direct DepositNot required
Deposit InsuranceFDIC Insured(Cert: 34775)
EligibilityUnited States
Mobile Ratings
iOS:2.3Android:1.4
BBB Rating
A+(Not BBB Accredited)

Rate Stability

Rate Adjusted
-0.25%
Since 90 days ago
Read Bank Overview

Varo Bank

High-Yield Savings Account

Up to
5.00%
APY
Dec 5, 2025
FDIC InsuredDirect Deposit ReqChecking BundleNo MinimumsGreat iOS AppGreat Android App
Range: 2.50% – 5.00%
Show Fine Print & Trends
Min. Deposit$0
Min. Balance$0.01
Maintenance Fee$0
Compound FreqDaily
Direct DepositRequired (Min. $1,000/month)
Deposit InsuranceFDIC Insured(Cert: 59190)
EligibilityUnited States
Mobile Ratings
iOS:4.9Android:4.6
BBB Rating
A(BBB Accredited)

Important Note

Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. A Varo bank account & direct deposit required.

Rate Stability

Very StableNo rate changes in last 90 days
Read Bank Overview

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.

Find Branch Access

Comparison Analysis

Comparing EverBank vs. Varo Bank

Updated: Dec 6, 2025

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 4.05%) on balances up to $5,000 (requires checking bundle & direct deposit)
  • ✓Higher rated iOS app (4.9 vs 2.3)
  • ✓Higher rated Android app (4.6 vs 1.4)

— Key Feature Differences —

Better Returns at $10,000
EverBank

EverBank's Performance Savings earns more on smaller deposits (approx. $405 vs $375/yr).

Better Returns at $25,000
EverBank

EverBank's Performance Savings pulls ahead with larger amounts (approx. $1013 vs $750/yr).

Best for Simplicity
EverBank

EverBank's Performance Savings offers 4.05% APY with no bundling, direct deposit requirement or caps.

Best Mobile App Experience
Varo Bank

Varo Bank offers an iOS app rated 4.9 (vs. 2.3) and Android app rated 4.6 (vs. 1.4)

Shared Benefits

Both offer monthly maintenance-free account options Both banks have options with $0 opening deposit Available Nationwide Available to New & Existing Customers
The Bottom Line

Over a 1-year period, EverBank's Performance Savings pays $30 more interest on a $10,000 balance than Varo Bank's High-Yield Savings Account.

Varo BankEverBank
Automated Data Audit

Executive Summary

EverBank offers a competitive Performance Savings account with an APY of 4.05%, featuring no minimum deposit, no maintenance fees, and no direct deposit requirement, making it a straightforward choice for savers. In contrast, Varo Bank's High-Yield Savings Account provides a higher APY of 5.00% on balances up to $5,000, but requires a Varo bank account and a minimum direct deposit of $1,000 per month. For amounts exceeding $5,000, the APY drops to 2.50%. Both accounts are online-only and FDIC insured, but EverBank's account may appeal more to those seeking simplicity without eligibility restrictions.

Analysis generated based on current Banksparency database records

* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.

ExploreEverBankExploreVaro Bank
FeatureEverBankVaro Bank
APY
4.05%
Verified: 12/6/2025
↘︎ 0.25%90d Change
5.00%
Range: 2.50% - 5.00%
Verified: 12/5/2025
Stable (90d)
Product NamePerformance SavingsHigh-Yield Savings Account
Minimum Deposit$0$0
Min. Balance for APY$0$0.01
Monthly Fee$0$0
Branch AccessNoneNone
Account Type
Online Only
Online Only
Direct Deposit Req.None
RequiredMin. $1,000/month
Checking BundleNo Yes
Mobile Apps
iOS2.3
Android1.4
iOS4.9
Android4.6
BBB RatingA+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
- View Details
- View Details

Savings Comparison

Calculations based on current APY.
$
$

EverBank earns $255.6 more than Varo Bank.

EverBank

Performance Savings

4.05% APY

Savings Breakdown

  • Interest Earned
    +$2,467.00(12.1%)
  • Total Contributions
    $13,000
  • Initial Deposit
    $5,000

Projected Balance

$20,467.00

Effective APY
4.05%
View Details

Varo Bank

High-Yield Savings Account

5.00% APY

5.00% on first $5,000 and 2.50% thereafter.

Savings Breakdown

  • Interest Earned
    +$2,211.40(10.9%)
  • Total Contributions
    $13,000
  • Initial Deposit
    $5,000

Projected Balance

$20,211.40

Effective APY
3.65%
View Details

The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.

📈 Compare Savings Rates Over Time

Historical Performance

Last 12 Months Analysis
MetricEverBankVaro Bank
Performance SavingsHigh-Yield Savings Account
Current APY
4.05%5.00%
Trend
 Stable Stable
Velocity (bps/mo)
-2.80.0
Days Since Change
78352
12-Month High
4.75%5.00%
12-Month Low
4.05%5.00%
Adjustments / Mo
0.250.00
Volatility Score
0.0280.000
How to read these metrics(Click to expand)

Trends & Velocity

  • Trend: The general direction of the rate over the analyzed period. Useful for spotting if a bank is currently aggressive or pulling back.
  • Velocity (bps/mo): Speed of change. A high positive number means they raise rates quickly. 10 bps = 0.10%.
  • Adjustments/Mo: "Twitchiness." High frequency means the rate changes constantly; low frequency means it's stable.

Risk & Range

  • High/Low: The absolute ceiling and floor of the rate during the 354-day window.
  • Volatility Score: Lower is better for predictability. It indicates how wildly the rate swings relative to its average.
  • Days Since Change: If this number is high (e.g., >90), the rate is very sticky. If low, it changed recently.

Compare Similar Alternatives

Compare EverBank vs...

Comparing against Standard Savings

vs EverBank
PibankNo Bundle Req
4.60%
APY
vs EverBank
Neighbors BankNo Bundle Req
4.50%
APY
vs EverBank
TIMBRNo Bundle Req
4.40%
APY

Compare Varo Bank vs...

Comparing against other Bundled Accounts

vs Varo Bank
Axos BankChecking Bundle
4.31%
APY
vs Varo Bank
SoFi BankChecking Bundle
4.30%
APY
vs Varo Bank
Presidential BankChecking Bundle
4.00%
APY

More Comparisons

Compare EverBank's APY of 4.05% with other banks
Bank PairCompetitor APYMin Deposit
EverBank vs Ally Bank3.30%$0
EverBank vs American Express3.40%$0
EverBank vs Axos Bank4.31%$0
EverBank vs Bank of America0.01%$100
EverBank vs Barclays4.00%$0
EverBank vs Bask Bank3.90%$0
EverBank vs BMO Alto3.25%$0
EverBank vs BrioDirect4.00%$5,000
EverBank vs Capital One3.40%$0
EverBank vs Chase Bank0.01%$0
EverBank vs Chime3.50%$0
EverBank vs CIT Bank3.75%$100
EverBank vs Citibank3.30%$0
EverBank vs Citizens Access™3.35%$0.01
EverBank vs Climate First Bank4.21%$50
EverBank vs Discover Bank3.40%$0
EverBank vs Elevault4.08%$0
EverBank vs Fitness Bank4.75%$100
EverBank vs FNBO Direct3.00%$1
EverBank vs Forbright Bank4.00%$0
EverBank vs FVCbank3.85%$500
EverBank vs GO2bank4.50%$0
EverBank vs Ivy Bank4.25%$2,500
EverBank vs LendingClub4.20%$0
EverBank vs Marcus by Goldman Sachs3.65%$0
EverBank vs Neighbors Bank4.50%$0
EverBank vs Newtek Bank4.35%$0.01
EverBank vs Openbank4.20%$500
EverBank vs Peak Bank4.20%$100
EverBank vs Pibank4.60%$0
EverBank vs PNC3.53%$0
EverBank vs Presidential Bank4.00%$5,000
EverBank vs Quontic Bank3.75%$100
EverBank vs Salem Five Direct3.71%$10
EverBank vs Santander Bank0.01%$25
EverBank vs SoFi Bank4.30%$0
EverBank vs Synchrony Bank3.65%$0
EverBank vs TIMBR4.40%$1,000
EverBank vs UFB Direct3.71%$5000
EverBank vs Valley Direct4.10%$1,000
EverBank vs Vio Bank4.16%$100
EverBank vs Wealthfront4.15%$0
EverBank vs Wells Fargo0.05%$25
EverBank vs Zynlo Bank4.05%$10
Compare Varo Bank's APY of 5.00% with other banks
Bank PairCompetitor APYMin Deposit
Varo Bank vs Ally Bank3.30%$0
Varo Bank vs American Express3.40%$0
Varo Bank vs Axos Bank4.31%$0
Varo Bank vs Bank of America0.01%$100
Varo Bank vs Barclays4.00%$0
Varo Bank vs Bask Bank3.90%$0
Varo Bank vs BMO Alto3.25%$0
Varo Bank vs BrioDirect4.00%$5,000
Varo Bank vs Capital One3.40%$0
Varo Bank vs Chase Bank0.01%$0
Varo Bank vs Chime3.50%$0
Varo Bank vs CIT Bank3.75%$100
Varo Bank vs Citibank3.30%$0
Varo Bank vs Citizens Access™3.35%$0.01
Varo Bank vs Climate First Bank4.21%$50
Varo Bank vs Discover Bank3.40%$0
Varo Bank vs Elevault4.08%$0
Varo Bank vs Fitness Bank4.75%$100
Varo Bank vs FNBO Direct3.00%$1
Varo Bank vs Forbright Bank4.00%$0
Varo Bank vs FVCbank3.85%$500
Varo Bank vs GO2bank4.50%$0
Varo Bank vs Ivy Bank4.25%$2,500
Varo Bank vs LendingClub4.20%$0
Varo Bank vs Marcus by Goldman Sachs3.65%$0
Varo Bank vs Neighbors Bank4.50%$0
Varo Bank vs Newtek Bank4.35%$0.01
Varo Bank vs Openbank4.20%$500
Varo Bank vs Peak Bank4.20%$100
Varo Bank vs Pibank4.60%$0
Varo Bank vs PNC3.53%$0
Varo Bank vs Presidential Bank4.00%$5,000
Varo Bank vs Quontic Bank3.75%$100
Varo Bank vs Salem Five Direct3.71%$10
Varo Bank vs Santander Bank0.01%$25
Varo Bank vs SoFi Bank4.30%$0
Varo Bank vs Synchrony Bank3.65%$0
Varo Bank vs TIMBR4.40%$1,000
Varo Bank vs UFB Direct3.71%$5000
Varo Bank vs Valley Direct4.10%$1,000
Varo Bank vs Vio Bank4.16%$100
Varo Bank vs Wealthfront4.15%$0
Varo Bank vs Wells Fargo0.05%$25
Varo Bank vs Zynlo Bank4.05%$10