Neighbors Bank vs. Varo Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Neighbors BankNeighbors Savings Account Jan 21, 2026 | Varo BankHigh-Yield Savings Account Jan 21, 2026 |
|---|---|---|
| APY | 4.20% | 2.50% - 5.00% |
Est. Earnings | $5,000+$210 $10,000+$420 $25,000+$1,050 | $5,000+$250 $10,000+$375 $25,000+$750 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | Balances up to $250,000 earn 4.20% APY. Anything above will earn 0.05% APY. | 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 InsuredNo MinimumsGreat Android AppIn-Person Access | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking Bundle |
Comparison Analysis
Comparing Neighbors Bank vs. Varo Bank
As of Neighbors Bank offers an APY of 4.20% 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 pays $45 more than Varo Bank on a $10,000 balance after one year. Neighbors Bank pays $420, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Neighbors Bank.
Why Neighbors Bank?
- ✓No checking account or direct deposit required
- ✓Physical branch access (One location in Columbia, Missouri)
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 4.20%) on balances up to $5,000 (requires checking bundle & direct deposit)
- ✓Higher rated iOS app (4.9 vs 3.3)
- ✓Fast transfers via Zelle®
- ✓Available Nationwide
— Key Feature Differences —
Better Returns at $10,000
Neighbors BankNeighbors Bank's Neighbors Savings Account earns more on smaller deposits (approx. $420 vs $375/yr).
Better Returns at $25,000
Neighbors BankNeighbors Bank's Neighbors Savings Account pulls ahead with larger amounts (approx. $1050 vs $750/yr).
Best Mobile App Experience
Varo BankVaro Bank offers an iOS app rated 4.9 (vs. 3.3) and Android app rated 4.6 (vs. 4.4)
Shared Benefits
Over a 1-year period, Neighbors Bank's Neighbors Savings Account pays $45 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 offers a competitive 5.00% APY on balances up to $5,000, making it the higher-yielding option compared to Neighbors Bank's Neighbors Savings Account, which earns 4.20% APY on balances up to $250,000. However, to access the higher rate with Varo, customers must have a Varo bank account and set up a direct deposit of at least $1,000 per month. Neighbors Bank does not require direct deposit and has no maintenance fees, making it a simpler alternative for savers. Both banks are FDIC insured, but Neighbors Bank is not available in Delaware.
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
Neighbors Bank vs. Varo Bank Savings Calculator
You earn $45 more with Neighbors 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.
Neighbors Bank
Neighbors Savings Account
4.20% on first $250,000 and 0.05% thereafter.
Savings Breakdown
- Interest Earned+$420.00(4.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,420.00
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 | Neighbors Bank | Varo Bank |
|---|---|---|
| APY | 4.20% Verified: 1/21/2026 ↘︎ 0.30%90d Change | 5.00% Range: 2.50% - 5.00% Verified: 1/21/2026 Stable (90d) |
| Product Name | Neighbors Savings Account | High-Yield Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $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 | iOS3.3 Android4.4 | iOS4.9 Android4.6 |
| Zelle® Support | Not Supported | Available Requires history of qualifying direct deposits. |
| BBB Rating | A+ | A |
| Important Notes | Balances up to $250,000 earn 4.20% APY. Anything above will earn 0.05% APY. | 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 Neighbors 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 | Neighbors Bank | Varo Bank |
|---|---|---|
| Neighbors Savings Account | High-Yield Savings Account | |
Current APY | 4.20% | 5.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.0 | 0.0 |
Days Since Change | 6 | 329 |
11-Month High | 4.75% | 5.00% |
11-Month Low | 4.20% | 5.00% |
Adjustments / Mo | 0.36 | 0.00 |
Volatility Score | 0.027 | 0.000 |
How to read these metrics(Click to expand)
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