Ivy Bank vs. Varo Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Ivy BankHigh-Yield Savings Account Jan 7, 2026 | Varo BankHigh-Yield Savings Account Jan 7, 2026 |
|---|---|---|
| APY | 0.05% - 4.10% | 2.50% - 5.00% |
Est. Earnings | $5,000+$205 $10,000+$410 $25,000+$1,025 | $5,000+$250 $10,000+$375 $25,000+$750 |
Min Deposit | $2,500 | $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 InsuredMod. MinimumGreat iOS App | 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.
As of Ivy Bank offers an APY of 4.10% 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 pays $35 more than Varo Bank on a $10,000 balance after one year. Ivy Bank pays $410, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Ivy Bank.
Why Ivy Bank?
- ✓No checking account or direct deposit required
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 4.10%) on balances up to $5,000 (requires checking bundle & direct deposit)
- ✓Higher rated Android app (4.6 vs 3.5)
- ✓Fast transfers via Zelle®
- ✓Available Nationwide
— Key Feature Differences —
Better Returns at $10,000
Ivy BankIvy Bank's High-Yield Savings Account earns more on smaller deposits (approx. $410 vs $375/yr).
Better Returns at $25,000
Ivy BankIvy Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $1025 vs $750/yr).
Best Mobile App Experience
Varo BankVaro Bank offers an iOS app rated 4.9 (vs. 4.7) and Android app rated 4.6 (vs. 3.5)
Shared Benefits
Over a 1-year period, Ivy Bank's High-Yield Savings Account pays $35 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 APY of 5.00% on deposits up to $5,000, while Ivy Bank's High-Yield Savings Account provides an APY of 4.10%. Varo's account requires a minimum direct deposit of $1,000 per month and a Varo bank account, whereas Ivy Bank does not require direct deposit but has a minimum deposit and balance of $2,500. Both accounts are online-only and have no maintenance fees. For those looking for higher yields, Varo Bank is the clear choice, while Ivy Bank serves as a secondary option.
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
Non-sponsored link to official site
Top Market Contenders
Ivy Bank vs. Varo Bank Savings Calculator
You earn $35 more with Ivy 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.
Ivy Bank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$410.00(3.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,410.00
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 | Ivy Bank | Varo Bank |
|---|---|---|
| APY | 4.10% Range: 0.05% - 4.10% Verified: 1/7/2026 - | 5.00% Range: 2.50% - 5.00% Verified: 1/7/2026 Stable (90d) |
| Product Name | High-Yield Savings Account | High-Yield Savings Account |
| Minimum Deposit | $2,500 | $0 |
| Min. Balance for APY | $2,500 | $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 | iOS4.7 Android3.5 | iOS4.9 Android4.6 |
| Zelle® Support | Not Supported | 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 Ivy 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 | Ivy Bank | Varo Bank |
|---|---|---|
| High-Yield Savings Account | High-Yield Savings Account | |
Current APY | 4.10% | 5.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -11.9 | 0.0 |
Days Since Change | 22 | 54 |
2-Month High | 4.25% | 5.00% |
2-Month Low | 4.10% | 5.00% |
Adjustments / Mo | 0.55 | 0.00 |
Volatility Score | 0.018 | 0.000 |
How to read these metrics(Click to expand)
Compare Similar Alternatives
Compare Ivy Bank vs...
Comparing against Standard Savings
Compare Varo Bank vs...
Comparing against other Bundled Accounts