Openbank vs. Varo Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | OpenbankHigh-Yield Savings Account Jan 7, 2026 | Varo BankHigh-Yield Savings Account Jan 7, 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 | $500 | $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 InsuredLow Minimums | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking Bundle |
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
As of Openbank offers an APY of 4.20% for its High-Yield 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.
Openbank pays $45 more than Varo Bank on a $10,000 balance after one year. Openbank pays $420, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Openbank.
Why Openbank?
- ✓No checking account or direct deposit required
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 3.1)
- ✓Higher rated Android app (4.6 vs 2.9)
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
OpenbankOpenbank's High-Yield Savings Account earns more on smaller deposits (approx. $420 vs $375/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $1050 vs $750/yr).
Best for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 4.20% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Varo BankVaro Bank offers an iOS app rated 4.9 (vs. 3.1) and Android app rated 4.6 (vs. 2.9)
Shared Benefits
Over a 1-year period, Openbank's High-Yield 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, while amounts above that earn a lower 2.50% APY. However, eligibility requires a Varo bank account and a minimum direct deposit of $1,000 per month. In contrast, Openbank's High-Yield Savings Account provides a straightforward 4.20% APY with no direct deposit requirement or caps, making it an attractive option for those seeking simplicity. Both accounts are online-only and have no maintenance fees, but Varo Bank's higher APY on smaller balances positions it as the winner.
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
Openbank vs. Varo Bank Savings Calculator
You earn $45 more with Openbank 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.
Openbank
High-Yield Savings Account
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 | Openbank | Varo Bank |
|---|---|---|
| APY | 4.20% Verified: 1/7/2026 Stable (90d) | 5.00% Range: 2.50% - 5.00% Verified: 1/7/2026 Stable (90d) |
| Product Name | High-Yield Savings Account | High-Yield Savings Account |
| Minimum Deposit | $500 | $0 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $0 | $0 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Direct Deposit Req. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS3.1 Android2.9 | iOS4.9 Android4.6 |
| Zelle® Support | Not Supported | Available Requires history of qualifying direct deposits. |
| BBB Rating | Not Rated | 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 Openbank 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 | Openbank | Varo Bank |
|---|---|---|
| High-Yield 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 | 169 | 315 |
10-Month High | 4.75% | 5.00% |
10-Month Low | 4.20% | 5.00% |
Adjustments / Mo | 0.29 | 0.00 |
Volatility Score | 0.027 | 0.000 |
How to read these metrics(Click to expand)
Compare Similar Alternatives
Compare Openbank vs...
Comparing against Standard Savings
Compare Varo Bank vs...
Comparing against other Bundled Accounts