MutualOne Bank vs. Varo Bank
Comparing MutualOne Bank and Varo Bank for high-yield savings: MutualOne Bank's Mo Premium Savings pays 4.07% APY while Varo Bank's High-Yield Savings Account pays 5.00% APY.
Note: Varo Bank caps its top rate at $5,000 and requires 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? Varo Bank pays $375 more than MutualOne Bank annually ($375 vs $0).
Choose MutualOne Bank if you want a no-strings-attached account, or you value in-person banking. Choose Varo Bank if getting the best rate matters most.
Important Considerations
Watch out: Varo Bank's 5.00% APY only applies to the first $5,000. With a $10,000 balance, your effective rate drops to 3.75% APY ($375 annually).
At balances above $7,962, MutualOne Bank earns more due to Varo Bank's APY cap.
Varo Bank requires a checking account to unlock its top savings rate, while MutualOne Bank offers its savings account standalone.
| Metric | MutualOne BankMo Premium Savings Feb 21, 2026 | Varo BankHigh-Yield Savings Account Feb 21, 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® SupportedStable Rate | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingStable Rate |
Comparison Analysis
Comparing MutualOne Bank vs. Varo Bank
Executive Summary
Varo Bank offers a High-Yield Savings Account with a competitive APY of 5.00%, applicable on balances up to $5,000, while maintaining a lower rate of 2.50% on amounts above that threshold. However, to qualify for this rate, customers must have a Varo bank account and set up a direct deposit of at least $1,000 per month. In comparison, MutualOne Bank's Mo Premium Savings provides a solid APY of 4.07% with no direct deposit requirement or caps, making it a strong alternative for those with a minimum deposit of $20,000. While Varo Bank has a higher APY, MutualOne Bank's offering may appeal to those seeking simplicity without additional account requirements.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
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: 2/21/2026 Stable (90d) | 5.00% Range: 2.50% - 5.00% Verified: 2/21/2026 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 |
| Compound Frequency | Monthly | Daily |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Physical Branches | Full-service banking offices in Framingham, MA, and Natick, MA | None |
| Direct Deposit Req. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| 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 | 162 | 162 | 159 |
5-Month High | 0.40% | 4.07% | 5.00% |
5-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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Compare MutualOne Bank's APY of 4.07% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| MutualOne Bank vs Ally Bank | 3.20% | $0 |
| MutualOne Bank vs American Express | 3.30% | $0 |
| MutualOne Bank vs Axos Bank | 4.21% | $0 |
| MutualOne Bank vs Bank of America | 0.01% | $100 |
| MutualOne Bank vs Barclays | 3.85% | $0 |
| MutualOne Bank vs Capital One | 3.30% | $0 |
| MutualOne Bank vs Chase Bank | 0.01% | $0 |
| MutualOne Bank vs Chime | 3.00% | $0 |
| MutualOne Bank vs CIT Bank | 3.75% | $100 |
| MutualOne Bank vs Citibank | 3.20% | $0 |
| MutualOne Bank vs Discover Bank | 3.30% | $0 |
| MutualOne Bank vs EverBank | 3.90% | $0 |
| MutualOne Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| MutualOne Bank vs Newtek Bank | 4.20% | $0.01 |
| MutualOne Bank vs Openbank | 4.09% | $500 |
| MutualOne Bank vs Pibank | 4.60% | $0 |
| MutualOne Bank vs SoFi Bank | 4.00% | $0 |
| MutualOne Bank vs Synchrony Bank | 3.50% | $0 |
| MutualOne Bank vs Wealthfront | 3.95% | $0 |
| MutualOne Bank vs Wells Fargo | 0.05% | $25 |