MutualOne Bank vs. Varo Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | MutualOne BankMo Premium Savings Jan 7, 2026 | Varo BankHigh-Yield Savings Account Jan 7, 2026 |
|---|---|---|
| APY | 4.07% | 2.50% - 5.00% |
Est. Earnings | $5,000+$0 $10,000+$0 $25,000+$1,018 | $5,000+$250 $10,000+$375 $25,000+$750 |
Min Deposit | $20,000 | $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 InsuredHigh MinimumGreat iOS AppGreat Android AppIn-Person AccessZelle® Supported | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking Bundle |
Comparison Analysis
Comparing MutualOne Bank vs. Varo Bank
As of MutualOne Bank offers an APY of 4.07% for its Mo Premium Savings account, with a minimum balance of $20,000, compared to Varo Bank's 5.00% APY for its High-Yield Savings Account, with a minimum balance of $0.01.
MutualOne Bank pays $32 more than Varo Bank on a $10,000 balance after one year. MutualOne Bank pays $407, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for MutualOne Bank.
In addition, MutualOne Bank also offers 0.40% APY for the Online Savings account, with a minimum balance of 0.
Why MutualOne Bank?
- ✓No checking account or direct deposit required
- ✓Physical branch access (Full-service banking offices in Framingham, MA, and Natick, MA)
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 4.07%) on balances up to $5,000 (requires checking bundle & direct deposit)
— Key Feature Differences —
Better Returns at $10,000
Varo BankVaro Bank's High-Yield Savings Account earns more on smaller deposits (approx. $375 vs $0/yr).
Better Returns at $25,000
MutualOne BankMutualOne Bank's Mo Premium Savings pulls ahead with larger amounts (approx. $1018 vs $750/yr).
Best for Simplicity
MutualOne BankMutualOne Bank's Mo Premium Savings offers 4.07% APY with no bundling, direct deposit requirement or caps.
Best for All-in-One Banking
Varo BankVaro Bank's High-Yield Savings Account pays a superior APY for customers who also open a checking account.
Shared Benefits
Over a 1-year period, MutualOne Bank's Mo Premium Savings pays $32 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's High-Yield Savings Account leads with a 5.00% APY on balances up to $5,000, requiring a Varo bank account and a minimum direct deposit of $1,000 per month. In contrast, MutualOne Bank offers the Mo Premium Savings account with a 4.07% APY, available for deposits starting at $20,000, with no direct deposit requirement. While Varo's account provides a higher APY, it is contingent on maintaining a checking account and meeting direct deposit conditions. MutualOne's account is more accessible for those with larger deposits and no additional requirements, making it a solid alternative for savers.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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MutualOne Bank vs. Varo Bank Savings Calculator
You earn $189 more with MutualOne Bank than Varo Bank on a $20,000 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.
MutualOne Bank
Mo Premium Savings
Savings Breakdown
- Interest Earned+$814.00(3.9%)
- Total Contributions$0
- Initial Deposit$20,000
Projected Balance
$20,814.00
Varo Bank
High-Yield Savings Account
5.00% on first $5,000 and 2.50% thereafter.
Savings Breakdown
- Interest Earned+$625.00(3.0%)
- Total Contributions$0
- Initial Deposit$20,000
Projected Balance
$20,625.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | MutualOne Bank | Varo Bank |
|---|---|---|
| APY | 4.07% Verified: 1/7/2026 Stable (90d) | 5.00% Range: 2.50% - 5.00% Verified: 1/7/2026 Stable (90d) |
| Product Name | Mo Premium Savings | High-Yield Savings Account |
| Minimum Deposit | $20,000 | $0 |
| Min. Balance for APY | $20,000 | $0.01 |
| Monthly Fee | $0 | $0 |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Direct Deposit Req. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS4.9 Android4.4 | iOS4.9 Android4.6 |
| Zelle® Support | Available Verified via website and app descriptions. | 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 MutualOne 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 | MutualOne Bank | Varo Bank | |
|---|---|---|---|
| Online Savings | Mo Premium Savings | High-Yield Savings Account | |
Current APY | 0.40% | 4.07% | 5.00% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | 0.0 | -0.0 | 0.0 |
Days Since Change | 114 | 114 | 114 |
4-Month High | 0.40% | 4.07% | 5.00% |
4-Month Low | 0.40% | 4.07% | 5.00% |
Adjustments / Mo | 0.00 | 0.00 | 0.00 |
Volatility Score | 0.000 | 0.000 | 0.000 |
How to read these metrics(Click to expand)
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