EverBank vs. Varo Bank
Comparing EverBank and Varo Bank for high-yield savings: EverBank's Performance Savings pays 3.90% 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? EverBank pays $15 more than Varo Bank annually ($390 vs $375).
Choose EverBank if getting the best rate matters most, or you want a no-strings-attached account.
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 $8,929, EverBank earns more due to Varo Bank's APY cap.
Varo Bank requires a checking account to unlock its top savings rate, while EverBank offers its savings account standalone.
| Metric | EverBankPerformance Savings Mar 7, 2026 | Varo BankHigh-Yield Savings Account Mar 7, 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® SupportedDaily CompoundingRate Changes Often | 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.
Executive Summary
Varo Bank offers a High-Yield Savings Account with a competitive 5.00% APY on deposits up to $5,000, while any amount above that earns 2.50%. However, to access this rate, customers must have a Varo bank account and set up a direct deposit of at least $1,000 per month. In comparison, EverBank's Performance Savings provides a straightforward 3.90% APY with no direct deposit or bundling requirements, making it a simpler option for savers. Both banks operate online and have no maintenance fees, but Varo Bank's higher APY on limited deposits makes it the winner based on the provided data.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
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.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $374 per year in interest.
Both EverBank and Varo Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | EverBank | Varo Bank |
|---|---|---|
| APY | 3.90% Verified: 3/7/2026 ↘︎ 0.15%90d Change | 5.00% Range: 2.50% - 5.00% Verified: 3/7/2026 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 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | 11 locations in Florida and California | None |
| Direct Deposit Req. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| 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) | -4.4 | 0.0 |
Days Since Change | 78 | 365 |
12-Month High | 4.30% | 5.00% |
12-Month Low | 3.90% | 5.00% |
Adjustments / Mo | 0.16 | 0.00 |
Volatility Score | 0.041 | 0.000 |
How to read these metrics(Click to expand)
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