Ivy Bank vs. Varo Money
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 12, 2025
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Summary of Ivy Bank vs. Varo Bank
Key Metrics at a Glance
| Feature | Ivy Bank | Varo Bank |
|---|---|---|
| Top Savings APY | 4.25% High-Yield Savings Account | 5.00% High-Yield Savings Account |
| Minimum to Open | $2,500 | $0 |
| Minimum Balance for Top APY | $2,500 | $0.01 |
| Note | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. |
Ivy Bank
Strengths
- Ivy Bank offers a competitive APY of 4.25%.
- No maintenance fees for Ivy Bank's High-Yield Savings Account.
- Ivy Bank has an App Store rating of 4.7.
Potential Drawbacks
- Ivy Bank has no direct deposit option for its savings account.
- Ivy Bank's BBB rating is A-, but not accredited.
- Ivy Bank requires a minimum deposit of $2,500.
Varo Bank
Strengths
- Varo Bank's High-Yield Savings Account offers a higher APY of 5.00%.
- Varo Bank is BBB accredited with an A rating.
- Varo Bank has a low minimum deposit requirement of $0.
Potential Drawbacks
- Varo Bank requires a minimum direct deposit of $1,000/month.
- Varo Bank's APY has not changed in the last 30 days.
- Varo Bank's App Store rating is slightly lower at 4.9.
→ As of November 12, 2025 Ivy Bank offers an APY of 4.25% for its High-Yield Savings Account, with a minimum balance of $2,500, compared to Varo Bank's 5.00% APY for its High-Yield Savings Account, with a minimum balance of $0.01.
→ Ivy Bank yields $50 more than Varo Bank on a $10,000 balance after one year. Ivy Bank pays $425, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Ivy Bank.
Calculate Savings Growth for Ivy Bank vs Varo Bank
Ivy Bank - High-Yield Savings Account
Total savings breakdown:
- Interest earned: $2,596.8 (12.61%)
- Total contributions: $13,000 (63.12%)
- Initial deposit: $5,000 (24.28%)
Your total balance
$20,596.80
Total balance: $20,596.8
Earnings: $2,596.8
Bank OverviewVaro Bank - High-Yield Savings Account
ℹ️You earn 5.00% on the first $5,000 and 2.50% on the rest.
Total savings breakdown:
- Interest earned: $2,211.4 (10.94%)
- Total contributions: $13,000 (64.32%)
- Initial deposit: $5,000 (24.74%)
Your total balance
$20,211.40
Total balance: $20,211.4
Earnings: $2,211.4
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Ivy Bank's total earnings would be $385.4 higher than Varo Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Ivy Bank's vs Varo Bank's Savings Accounts
| Ivy Bank | Varo Bank | ||
|---|---|---|---|
| Product | High-Yield Savings Account | vs | High-Yield Savings Account |
| APY | 0.05% - 4.25% (as of 11/12/2025) | 2.50% - 5.00% (as of 11/12/2025) | |
| Bundled Account | No | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $2,500 | $0 | |
| Minimum Balance for APY | $2,500 | $0.01 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | No | Yes. Min. $1,000/month | |
| Eligibility | Residents of California and U.S. Territories (except District of Columbia) are ineligible to apply. | United States | |
| Note | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. | ||
| App Store Rating | 4.7/5 | 4.9/5 | |
| Google Play Rating | 3.5/5 | 4.6/5 | |
| BBB Rating | A- | A |
No historical data available.