Peak Bank vs. Varo Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Peak BankEnvision High Yield Savings Jan 21, 2026 | Varo BankHigh-Yield Savings Account Jan 21, 2026 |
|---|---|---|
| APY | 3.99% | 2.50% - 5.00% |
Est. Earnings | $5,000+$200 $10,000+$399 $25,000+$998 | $5,000+$250 $10,000+$375 $25,000+$750 |
Min Deposit | $100 | $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 MinimumsGreat iOS AppGreat Android App | 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 Peak Bank offers an APY of 3.99% for its Envision High Yield Savings account, with a minimum balance of , compared to Varo Bank's 5.00% APY for its High-Yield Savings Account, with a minimum balance of $0.01.
Peak Bank pays $24 more than Varo Bank on a $10,000 balance after one year. Peak Bank pays $399, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Peak Bank.
Why Peak Bank?
- ✓No checking account or direct deposit required
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 3.99%) on balances up to $5,000 (requires checking bundle & direct deposit)
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
Peak BankPeak Bank's Envision High Yield Savings earns more on smaller deposits (approx. $399 vs $375/yr).
Better Returns at $25,000
Peak BankPeak Bank's Envision High Yield Savings pulls ahead with larger amounts (approx. $998 vs $750/yr).
Best for Simplicity
Peak BankPeak Bank's Envision High Yield Savings offers 3.99% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Peak Bank's Envision High Yield Savings pays $24 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 deposits up to $5,000, making it the highest-yielding option compared to Peak Bank's Envision High Yield Savings, which provides a 3.99% APY. However, Varo requires a bank account and a minimum direct deposit of $1,000 per month to qualify for the top rate, while Peak Bank has no such requirements and allows a lower minimum deposit of $100. For those looking for simplicity without direct deposit conditions, Peak Bank's offering remains a viable alternative.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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Peak Bank vs. Varo Bank Savings Calculator
You earn $24 more with Peak 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.
Peak Bank
Envision High Yield Savings
Savings Breakdown
- Interest Earned+$399.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,399.00
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 | Peak Bank | Varo Bank |
|---|---|---|
| APY | 3.99% Verified: 1/21/2026 ↘︎ 0.21%90d Change | 5.00% Range: 2.50% - 5.00% Verified: 1/21/2026 Stable (90d) |
| Product Name | Envision High Yield Savings | High-Yield Savings Account |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | N/A | $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 | iOS4.8 Android4.6 | iOS4.9 Android4.6 |
| Zelle® Support | Not Supported | 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 Peak 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 | Peak Bank | Varo Bank |
|---|---|---|
| Envision High Yield Savings | High-Yield Savings Account | |
Current APY | 3.99% | 5.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.3 | 0.0 |
Days Since Change | 20 | 336 |
11-Month High | 4.54% | 5.00% |
11-Month Low | 3.99% | 5.00% |
Adjustments / Mo | 0.62 | 0.00 |
Volatility Score | 0.037 | 0.000 |
How to read these metrics(Click to expand)
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