Neighbors Bank vs Varo Money
High-Yield Savings Accounts Comparison
Last Updated: September 5, 2025
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Summary of Neighbors Bank vs. Varo Bank
As of September 5, 2025 Neighbors Bank offers an APY of 4.60% for its Neighbors Savings Account, with a minimum balance of $0, compared to Varo Bank's 5.00% APY for its High-Yield Savings Account, with a minimum balance of $0.01.
Neighbors Bank yields $85 more than Varo Bank on a $10,000 balance after one year. Neighbors Bank pays $460, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Neighbors Bank.
Neighbors Bank
Strengths
- Neighbors Bank offers a competitive APY of 4.60% with no maintenance fees.
- No direct deposit requirement for the Neighbors Savings Account.
- Neighbors Bank has an A+ BBB rating, indicating strong trustworthiness.
Potential Drawbacks
- Only one branch location in Columbia, Missouri limits accessibility.
- Neighbors Bank's App Store rating is lower at 3.3 compared to Varo Bank.
Varo Bank
Strengths
- Varo Bank provides a higher APY of 5.00% on savings up to $5,000.
- Varo Bank has a strong App Store rating of 4.9, indicating user satisfaction.
- Varo Bank is BBB Accredited with an A- rating, enhancing its credibility.
Potential Drawbacks
- Varo Bank requires direct deposit of at least $1,000/month to earn the highest APY.
- Varo Bank has no physical branches, which may deter some customers.
Summary: Neighbors Bank offers a solid APY of 4.60% with no direct deposit requirement, but has limited branch access and a lower App Store rating. In contrast, Varo Bank provides a higher APY of 5.00% with a direct deposit requirement, boasts excellent ratings on app stores, and is BBB Accredited, but lacks physical branches. Customers should weigh the importance of accessibility against higher yields.
Compare Neighbors Bank's vs Varo Bank's Savings Accounts
| Neighbors Bank | Varo Bank | ||
|---|---|---|---|
| Product | Neighbors Savings Account | vs | High-Yield Savings Account |
| APY | 4.60% (as of 9/5/2025) | 2.50% - 5.00% (as of 9/5/2025) | |
| Bundled Account | No | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | No | Yes | |
| Compound Frequency | N/A | Daily | |
| Minimum Deposit | $0 | $0 | |
| Minimum Balance for APY | $0 | $0.01 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | No | Yes. Min. $1,000/month | |
| Eligibility | Not available in Delaware. | United States | |
| Note | Balances up to $250,000 earn 4.60% APY. Anything above will earn 0.05% APY. | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. | |
| App Store Rating | 3.3/5 | 4.9/5 | |
| Google Play Rating | 4.3/5 | 4.7/5 | |
| BBB Rating | A+ | A- |
Comparative Historical APY Insights (Last 6 Months)
| Neighbors Bank | Varo Bank | ||
|---|---|---|---|
| Product | Neighbors Savings Account | vs | High-Yield Savings Account |
| Latest APY | 4.60 % | 5.00 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -1.0 | 0.0 | |
| Rate Changes / Mo | 0.16 | 0.00 | |
| Days Since Last Change | 177 | 191 | |
| High (-6 m) | 4.75 % | 5.00 % | |
| Low (-6 m) | 4.60 % | 5.00 % | |
| Draw-down from High | -3.2 % | 0.0 % | |
| Volatility (CV) | 0.009 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 6 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-6 m)
- Highest APY in the last 191 days.
- Low (-6 m)
- Lowest APY in the last 191 days.
- Draw-down from High
- How far today sits below the 6-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.
Calculate Savings Growth for Neighbors Bank vs Varo Bank
All calculations are based on APY.
Neighbors Bank
APY: 4.60%
Total savings breakdown:
- Interest earned: $2,825.8 (13.57%)
- Total contributions: $13,000 (62.42%)
- Initial deposit: $5,000 (24.01%)
Your total balance
$20,825.80
Effective APY: 4.60% (based on your deposit and contributions)
Total balance: $20,825.8
Earnings: $2,825.8
Bank OverviewVaro Bank
APY: 5.00%
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
Effective APY: 3.65% (based on your deposit and contributions)
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, Neighbors Bank's total earnings would be $614.4 higher than Varo Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
More Comparisons
Compare Neighbors Bank's APY of 4.60% with other banks
Compare Varo Bank's APY of 5.00% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Varo Bank vs Ally Bank | 3.50% | $0 |
| Varo Bank vs American Express | 3.50% | $0 |
| Varo Bank vs Axos Bank | 4.46% | $0 |
| Varo Bank vs Bank of America | 0.01% | $100 |
| Varo Bank vs Barclays | 4.10% | $0 |
| Varo Bank vs BrioDirect | 4.30% | $5,000 |
| Varo Bank vs Capital One | 3.50% | $0 |
| Varo Bank vs Chase Bank | 0.01% | $0 |
| Varo Bank vs Chime | 3.75% | $0 |
| Varo Bank vs CIT Bank | 4.00% | $100 |
| Varo Bank vs Discover Bank | 3.50% | $0 |
| Varo Bank vs Elevault | 4.60% | $0 |
| Varo Bank vs EverBank | 4.30% | $0 |
| Varo Bank vs Fitness Bank | 4.75% | $100 |
| Varo Bank vs FVCbank | 4.35% | $500 |
| Varo Bank vs GO2bank | 4.50% | $0 |
| Varo Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Varo Bank vs Newtek Bank | 4.35% | $0 |
| Varo Bank vs Peak Bank | 4.35% | $100 |
| Varo Bank vs Pibank | 4.60% | $0 |
| Varo Bank vs Presidential Bank | 4.50% | $5,000 |
| Varo Bank vs Santander Bank | 0.03% | $25 |
| Varo Bank vs SoFi Bank | 3.80% | $0 |
| Varo Bank vs Synchrony Bank | 3.80% | $0 |
| Varo Bank vs TIMBR | 4.40% | $1,000 |
| Varo Bank vs UFB Direct | 4.21% | $5000 |
| Varo Bank vs Wells Fargo | 2.51% | $25 |
| Varo Bank vs Zynlo Bank | 4.35% | $10 |