Forbright Bank vs. Varo Bank
Comparing Forbright Bank and Varo Bank for high-yield savings: Forbright Bank's Growth Savings pays 4.15% APY while Varo Bank's High-Yield Savings Account pays 3.75% 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? Forbright Bank pays $178 more than Varo Bank annually ($415 vs $238).
Choose Forbright Bank if getting the best rate matters most, or you want a no-strings-attached account.
Important Considerations
Watch out: Varo Bank's 3.75% APY only applies to the first $5,000. With a $10,000 balance, your effective rate drops to 2.38% APY ($238 annually).
Varo Bank requires a checking account to unlock its top savings rate, while Forbright Bank offers its savings account standalone.
| Metric | Forbright BankGrowth Savings Aug 21, 2026 | Varo BankHigh-Yield Savings Account Aug 21, 2026 |
|---|---|---|
| APY | 3.85% - 4.15% | 1.00% - 3.75% |
Est. Earnings | $5,000+$208 $10,000+$415 $25,000+$1,038 | $5,000+$188 $10,000+$238 $25,000+$388 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | The standard APY is 3.85%. The advertised 4.15% APY includes a 0.30% promotional boost that is only for new customers, that is, persons who never had a Forbright Bank Growth Savings or Growth CD account. The boost starts the business day after a one-time balance of $1,000 is reached by 08/31/2026, and it stops on 12/31/2026. After that date the standard 3.85% APY applies. | Earn 3.75% APY on up to $5,000 and 1.00% 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 CompoundingRate Changes Often |
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.
Comparison Analysis
Comparing Forbright Bank vs. Varo Bank
Executive Summary
Forbright Bank offers a competitive Growth Savings account with an APY of 4.15%, which includes a promotional boost for new customers who maintain a balance of $1,000 until the end of 2026; otherwise, the standard APY is 3.85%. This account is online-only and has no minimum deposit or maintenance fees. In contrast, Varo Bank's High-Yield Savings Account provides a lower APY of 3.75% on balances up to $5,000, with a requirement for direct deposit of at least $1,000 per month. While both accounts are attractive, Forbright Bank's Growth Savings clearly stands out as the better option based on the highest APY.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Forbright Bank?
- ✓Higher potential APY (3.46%-4.15% vs 3.75%) on all balances
- ✓No checking account or direct deposit required
- ✓Physical branch access (Locations in the Washington D.C. area (Maryland and Virginia))
- ✓Offers 3 different high-yield savings options
Why Varo Bank?
No distinct advantages found vs Forbright Bank.
— Key Feature Differences —
Better Returns at $10,000
Forbright BankForbright Bank's Growth Savings earns more on smaller deposits (approx. $415 vs $238/yr).
Better Returns at $25,000
Forbright BankForbright Bank's Growth Savings pulls ahead with larger amounts (approx. $1038 vs $388/yr).
Shared Benefits
Over a 1-year period, Forbright Bank's Growth Savings pays $178 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
Forbright Bank vs. Varo Bank Savings Calculator
You earn $177.5 more with Forbright Bank 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.
Forbright Bank
Growth Savings
Savings Breakdown
- Interest Earned+$415.00(4.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,415.00
Varo Bank
High-Yield Savings Account
3.75% on first $5,000 and 1.00% thereafter.
Savings Breakdown
- Interest Earned+$237.50(2.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,237.50
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 $237 per year in interest.
Both Forbright Bank and Varo Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Forbright Bank | Varo Bank |
|---|---|---|
| APY | 4.15% Range: 3.85% - 4.15% Verified: 8/21/2026 ↗︎ 0.30%90d Change | 3.75% Range: 1.00% - 3.75% Verified: 8/21/2026 ↘︎ 1.25%90d Change |
| Product Name | Growth 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 | Locations in the Washington D.C. area (Maryland and Virginia) | None |
| Direct Deposit Req. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Branch accounts only; Growth Savings online does NOT support. | Available Requires history of qualifying direct deposits. |
| BBB Rating | A+ | A |
| Important Notes | The standard APY is 3.85%. The advertised 4.15% APY includes a 0.30% promotional boost that is only for new customers, that is, persons who never had a Forbright Bank Growth Savings or Growth CD account. The boost starts the business day after a one-time balance of $1,000 is reached by 08/31/2026, and it stops on 12/31/2026. After that date the standard 3.85% APY applies. | Earn 3.75% APY on up to $5,000 and 1.00% APY on the rest. A Varo bank account & direct deposit required. |
| Next Steps | Visit SiteVerify at Forbright Bank 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 | Forbright Bank | Varo Bank | ||
|---|---|---|---|---|
| Sprout Savings | Bright Savings | Growth Savings | High-Yield Savings Account | |
Current APY | 3.46% | 3.46% | 4.15% | 3.75% |
Trend | Stable | Stable | Stable | Stable |
Velocity (bps/mo) | -3.0 | -3.0 | -0.1 | -5.4 |
Days Since Change | 127 | 127 | 67 | 23 |
11-Month High | 3.90% | 3.90% | 4.25% | 5.00% |
11-Month Low | 3.45% | 3.45% | 3.85% | 3.75% |
Adjustments / Mo | 0.26 | 0.26 | 0.26 | 0.09 |
Volatility Score | 0.035 | 0.035 | 0.034 | 0.067 |
How to read these metrics(Click to expand)
Compare Similar Alternatives
Compare Forbright Bank vs...
Comparing against Standard Savings
Compare Varo Bank vs...
Comparing against other Bundled Accounts
More Comparisons
Compare Forbright Bank's APY of 4.15% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Forbright Bank vs Ally Bank | 3.00% | $0 |
| Forbright Bank vs American Express | 3.00% | $0 |
| Forbright Bank vs Axos Bank | 4.21% | $0 |
| Forbright Bank vs Barclays | 3.65% | $0 |
| Forbright Bank vs Capital One | 3.00% | $0 |
| Forbright Bank vs Chime | 3.75% | $0 |
| Forbright Bank vs CIT Bank | 3.75% | $100 |
| Forbright Bank vs Discover Bank | 3.30% | $0 |
| Forbright Bank vs EverBank | 3.90% | $0 |
| Forbright Bank vs Marcus by Goldman Sachs | 3.40% | $0 |
| Forbright Bank vs Newtek Bank | 4.20% | $0.01 |
| Forbright Bank vs Openbank | 3.80% | $500 |
| Forbright Bank vs Pibank | 4.10% | $0 |
| Forbright Bank vs SoFi Bank | 3.80% | $0 |
| Forbright Bank vs Synchrony Bank | 3.30% | $0 |
| Forbright Bank vs Wealthfront | 4.20% | $0 |