Openbank vs. Varo Bank
Comparing Openbank and Varo Bank for high-yield savings: Openbank's High-Yield Savings Account pays 3.80% APY while Varo Bank's High-Yield Savings Account pays 3.75% 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? Openbank pays $143 more than Varo Bank annually ($380 vs $238).
Choose Openbank if getting the best rate matters most, or you want a no-strings-attached account. Choose Varo Bank if you're an Android user, or you want Zelle for quick transfers.
Important Considerations
Watch out: Varo Bank's 3.75% APY only applies to the first $5,000. With a $10,000 balance, your effective rate drops to 2.38% APY ($238 annually).
Varo Bank requires a checking account to unlock its top savings rate, while Openbank offers its savings account standalone.
| Metric | OpenbankHigh-Yield Savings Account Aug 21, 2026 | Varo BankHigh-Yield Savings Account Aug 21, 2026 |
|---|---|---|
| APY | 3.80% | 1.00% - 3.75% |
Est. Earnings | $5,000+$190 $10,000+$380 $25,000+$950 | $5,000+$188 $10,000+$238 $25,000+$388 |
Min Deposit | $500 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | - | Earn 3.75% APY on up to $5,000 and 1.00% APY on the rest. A Varo bank account & direct deposit required. |
| Features | FDIC InsuredLow MinimumsGreat iOS AppRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.10% APY.
Executive Summary
Openbank offers a High-Yield Savings Account with a competitive APY of 3.80%, which does not require direct deposit and has no maintenance fees, making it a straightforward option for savers. In contrast, Varo Bank's High-Yield Savings Account provides an APY of 3.75%, but requires a minimum direct deposit of $1,000 per month and limits the higher rate to the first $5,000 deposited, with a lower rate of 1.00% on amounts above that. Both accounts are online-only and FDIC insured, but Openbank's account stands out for its simplicity and higher yield.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Openbank?
- ✓No checking account or direct deposit required
Why Varo Bank?
- ✓Higher rated Android app (4.5 vs 3.2)
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
OpenbankOpenbank's High-Yield Savings Account earns more on smaller deposits (approx. $380 vs $238/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $950 vs $388/yr).
Best for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 3.80% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Varo BankVaro Bank offers an iOS app rated 4.9 (vs. 4.7) and Android app rated 4.5 (vs. 3.2)
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $143 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
Openbank vs. Varo Bank Savings Calculator
You earn $142.5 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+$380.00(3.7%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,380.00
Varo Bank
High-Yield Savings Account
3.75% on first $5,000 and 1.00% thereafter.
Savings Breakdown
- Interest Earned+$237.50(2.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,237.50
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $237 per year in interest.
Both Openbank and Varo Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Openbank | Varo Bank |
|---|---|---|
| APY | 3.80% Verified: 8/21/2026 ↘︎ 0.20%90d Change | 3.75% Range: 1.00% - 3.75% Verified: 8/21/2026 ↘︎ 1.25%90d Change |
| 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 |
| Compound Frequency | Monthly | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | None |
| Direct Deposit Req. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Requires history of qualifying direct deposits. |
| BBB Rating | Not Rated | A |
| Important Notes | - | Earn 3.75% APY on up to $5,000 and 1.00% 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 | 3.80% | 3.75% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.5 | -5.1 |
Days Since Change | 19 | 23 |
12-Month High | 4.20% | 5.00% |
12-Month Low | 3.80% | 3.75% |
Adjustments / Mo | 0.25 | 0.08 |
Volatility Score | 0.029 | 0.066 |
How to read these metrics(Click to expand)
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