Ivy Bank vs. Varo Bank
Ivy Bank's High-Yield Savings Account pays 3.85% APY while Varo Bank's High-Yield Savings Account pays 3.75% APY.
Note: Varo Bank's High-Yield Savings Account also needs 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? Ivy Bank pays $10 more than Varo Bank annually ($385 vs $375).
Choose Ivy Bank if getting the best rate matters most, or you want a no-strings-attached account. Choose Varo Bank if you're an Android user, or you want Zelle for quick transfers.
Important Considerations
Varo Bank's High-Yield Savings Account pays its top rate only if you also open a checking account with Varo Bank, while Ivy Bank's High-Yield Savings Account stands alone.
| Metric | Ivy BankHigh-Yield Savings Account Aug 21, 2026 | Varo BankHigh-Yield Savings Account Aug 19, 2026 |
|---|---|---|
| APY | 3.85% | 3.75% |
Est. Earnings | $5,000+$193 $10,000+$385 $25,000+$963 | $5,000+$187 $10,000+$375 $25,000+$937 |
Min Deposit | $2,500 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | - | Earn the stated APY on up to $5,000 and a lower APY on the rest. A Varo bank account & direct deposit required. |
| Features | FDIC InsuredMod. MinimumGreat iOS AppDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often |
Market Reality Check
Both of these institutions offer rates below the top 10 savings and money market accounts we track. Those institutions all pay at least 4.01% APY.
Executive Summary
Ivy Bank offers a High-Yield Savings Account with a competitive APY of 3.85%, appealing for those with a minimum deposit of $2,500 and no maintenance fees. However, eligibility is restricted to residents of California and U.S. Territories (excluding the District of Columbia). In comparison, Varo Bank's High-Yield Savings Account provides an APY of 3.75% on the first $5,000 and 1.00% on amounts above that, but requires a Varo bank account and a minimum direct deposit of $1,000 per month. Both accounts are online-only, but Ivy Bank stands out with a slightly higher 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 Ivy Bank?
- ✓No checking account or direct deposit required
Why Varo Bank?
- ✓Higher rated Android app (4.6 vs 3.5)
- ✓Fast transfers via Zelle®
Key Feature Differences
Better Returns at $10,000
Ivy BankIvy Bank's High-Yield Savings Account earns more on smaller deposits (approx. $385 vs $375/yr).
Better Returns at $25,000
Ivy BankIvy Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $963 vs $937/yr).
Best for Simplicity
Ivy BankIvy Bank's High-Yield Savings Account offers 3.85% APY with no bundling, direct deposit requirement or caps.
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 $10 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
Ivy Bank vs. Varo Bank Savings Calculator
You earn $10 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+$385.00(3.7%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,385.00
Varo Bank
High-Yield Savings Account
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 Ivy Bank and Varo Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Ivy Bank | Varo Bank |
|---|---|---|
| APY | 3.85% Verified: 8/21/2026 Stable (90d) | 3.75% Verified: 8/19/2026 ↘︎ 1.25%90d Change |
| 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 |
| Compound Frequency | Daily | Daily |
| In-Branch Access | No | No |
| Account Type | Online Only | Online Only |
| Physical Branches | Not reported | 1 (UT) |
| Direct Deposit Req. | None | Required |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Requires history of qualifying direct deposits. |
| BBB Rating | A- | A |
| Important Notes | - | Earn the stated APY on up to $5,000 and a lower 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 | 3.85% | 3.75% |
Trend | Stable | Stable |
Velocity (bps/mo) | -6.8 | -11.3 |
Days Since Change | 184 | 23 |
9-Month High | 4.25% | 5.00% |
9-Month Low | 3.85% | 3.75% |
Adjustments / Mo | 0.32 | 0.11 |
Volatility Score | 0.024 | 0.050 |
How to read these metrics(Click to expand)
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Compare Ivy Bank's APY of 3.85% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Ivy Bank vs Ally Bank | 3.00% | $0 |
| Ivy Bank vs American Express | 3.00% | $0 |
| Ivy Bank vs Axos Bank | 4.21% | $0 |
| Ivy Bank vs Barclays | 3.65% | $0 |
| Ivy Bank vs Capital One | 3.50% | $0 |
| Ivy Bank vs Chime | 3.75% | $0 |
| Ivy Bank vs CIT Bank | 3.75% | $100 |
| Ivy Bank vs EverBank | 3.90% | $0 |
| Ivy Bank vs Marcus by Goldman Sachs | 3.40% | $0 |
| Ivy Bank vs Newtek Bank | 4.20% | $100 |
| Ivy Bank vs Openbank | 3.80% | $500 |
| Ivy Bank vs Pibank | 4.10% | $0 |
| Ivy Bank vs SoFi Bank | 3.80% | $0 |
| Ivy Bank vs Synchrony Bank | 3.30% | $0 |
| Ivy Bank vs Wealthfront | 3.95% | $0 |