Forbright Bank vs. Varo Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Forbright BankGrowth Savings Jan 7, 2026 | Varo BankHigh-Yield Savings Account Jan 7, 2026 |
|---|---|---|
| APY | 4.00% | 2.50% - 5.00% |
Est. Earnings | $5,000+$200 $10,000+$400 $25,000+$1,000 | $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.
Comparison Analysis
Comparing Forbright Bank vs. Varo Bank
As of Forbright Bank offers an APY of 4.00% for its Growth 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.
Forbright Bank pays $25 more than Varo Bank on a $10,000 balance after one year. Forbright Bank pays $400, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Forbright Bank.
In addition, Forbright Bank also offers 3.65% APY for the Bright Savings account, with a minimum balance of $250,000.
Why Forbright Bank?
- ✓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?
- ✓Higher potential APY (5.00% vs 3.65%-4.00%) on balances up to $5,000 (requires checking bundle & direct deposit)
— Key Feature Differences —
Better Returns at $10,000
Forbright BankForbright Bank's Growth Savings earns more on smaller deposits (approx. $400 vs $375/yr).
Better Returns at $25,000
Forbright BankForbright Bank's Growth Savings pulls ahead with larger amounts (approx. $1000 vs $750/yr).
Best for Simplicity
Forbright BankForbright Bank's Growth Savings offers 4.00% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Forbright Bank's Growth Savings pays $25 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 balances up to $5,000, making it the clear winner in this comparison. However, it requires a Varo bank account and a minimum direct deposit of $1,000 per month to earn this rate. In contrast, Forbright Bank's Growth Savings account provides a solid 4.00% APY with no direct deposit requirement or account bundling, making it a simpler option for savers. Both accounts have no maintenance fees and are online-only, catering to different preferences in terms of eligibility and account management.
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
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Forbright Bank vs. Varo Bank Savings Calculator
You earn $25 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+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
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 | Forbright Bank | Varo Bank |
|---|---|---|
| APY | 4.00% Verified: 1/7/2026 Stable (90d) | 5.00% Range: 2.50% - 5.00% Verified: 1/7/2026 Stable (90d) |
| Product Name | Growth 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 | iOS4.8 Android4.5 | iOS4.9 Android4.6 |
| 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 | - | 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 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 | 3.65% | 3.65% | 4.00% | 5.00% |
Trend | Stable | Stable | Stable | Stable |
Velocity (bps/mo) | -3.3 | -3.3 | -2.7 | 0.0 |
Days Since Change | 98 | 98 | 90 | 365 |
12-Month High | 3.90% | 3.90% | 4.60% | 5.00% |
12-Month Low | 3.65% | 3.65% | 4.00% | 5.00% |
Adjustments / Mo | 0.08 | 0.08 | 0.16 | 0.00 |
Volatility Score | 0.032 | 0.032 | 0.029 | 0.000 |
How to read these metrics(Click to expand)
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