Peak Bank vs Varo Money
High-Yield Savings Accounts Comparison
Last Updated: September 5, 2025
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Summary of Peak Bank vs. Varo Bank
As of September 5, 2025 Peak Bank offers an APY of 4.35% 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 yields $60 more than Varo Bank on a $10,000 balance after one year. Peak Bank pays $435, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Peak Bank.
Peak Bank
Strengths
- Peak Bank offers a competitive APY of 4.35%.
- No maintenance fees or minimum balance required for the Envision High Yield Savings.
- Peak Bank has a high App Store rating of 4.8.
Potential Drawbacks
- Peak Bank is not BBB accredited, despite an A+ rating.
- No direct deposit option available for the Envision High Yield Savings.
- Only one savings account option is available.
Varo Bank
Strengths
- Varo Bank provides a higher APY of 5.00% on savings.
- Varo Bank is BBB accredited with an A- rating.
- Varo Bank has a higher Google Play rating of 4.7.
Potential Drawbacks
- Varo Bank requires direct deposit of at least $1,000/month to earn the highest APY.
- Maintenance fees are waived only with a minimum balance of $0.01.
- Varo Bank's lower APY is 2.50% after the first $5,000.
Summary: Peak Bank offers a solid APY of 4.35% with no fees or direct deposit requirements, but lacks accreditation and multiple account options. In contrast, Varo Bank provides a higher APY of 5.00% but requires a direct deposit and has a lower rating from the BBB. Both banks have no physical branches, but Varo has slightly better app ratings.
Compare Peak Bank's vs Varo Bank's Savings Accounts
| Peak Bank | Varo Bank | ||
|---|---|---|---|
| Product | Envision High Yield Savings | vs | High-Yield Savings Account |
| APY | 4.35% (as of 9/5/2025) | 2.50% - 5.00% (as of 9/5/2025) | |
| Bundled Account | No | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $100 | $0 | |
| Minimum Balance for APY | N/A | $0.01 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | No | Yes. Min. $1,000/month | |
| Note | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. | ||
| App Store Rating | 4.8/5 | 4.9/5 | |
| Google Play Rating | 4.6/5 | 4.7/5 | |
| BBB Rating | A+ | A- |
Comparative Historical APY Insights (Last 7 Months)
| Peak Bank | Varo Bank | ||
|---|---|---|---|
| Product | Envision High Yield Savings | vs | High-Yield Savings Account |
| Latest APY | 4.35 % | 5.00 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -2.2 | 0.0 | |
| Rate Changes / Mo | 0.44 | 0.00 | |
| Days Since Last Change | 35 | 198 | |
| High (-7 m) | 4.54 % | 5.00 % | |
| Low (-7 m) | 4.35 % | 5.00 % | |
| Draw-down from High | -4.2 % | 0.0 % | |
| Volatility (CV) | 0.016 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 7 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 (-7 m)
- Highest APY in the last 203 days.
- Low (-7 m)
- Lowest APY in the last 203 days.
- Draw-down from High
- How far today sits below the 7-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 Peak Bank vs Varo Bank
All calculations are based on APY.
Peak Bank
APY: 4.35%
Total savings breakdown:
- Interest earned: $2,662 (12.88%)
- Total contributions: $13,000 (62.92%)
- Initial deposit: $5,000 (24.20%)
Your total balance
$20,662.00
Effective APY: 4.35% (based on your deposit and contributions)
Total balance: $20,662
Earnings: $2,662
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, Peak Bank's total earnings would be $450.6 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 Peak Bank's APY of 4.35% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Peak Bank vs Ally Bank | 3.50% | $0 |
| Peak Bank vs American Express | 3.50% | $0 |
| Peak Bank vs Axos Bank | 4.46% | $0 |
| Peak Bank vs Bank of America | 0.01% | $100 |
| Peak Bank vs Barclays | 4.10% | $0 |
| Peak Bank vs BrioDirect | 4.30% | $5,000 |
| Peak Bank vs Capital One | 3.50% | $0 |
| Peak Bank vs Chase Bank | 0.01% | $0 |
| Peak Bank vs Chime | 3.75% | $0 |
| Peak Bank vs CIT Bank | 4.00% | $100 |
| Peak Bank vs Discover Bank | 3.50% | $0 |
| Peak Bank vs Elevault | 4.60% | $0 |
| Peak Bank vs EverBank | 4.30% | $0 |
| Peak Bank vs Fitness Bank | 4.75% | $100 |
| Peak Bank vs FVCbank | 4.35% | $500 |
| Peak Bank vs GO2bank | 4.50% | $0 |
| Peak Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Peak Bank vs Neighbors Bank | 4.60% | $0 |
| Peak Bank vs Newtek Bank | 4.35% | $0 |
| Peak Bank vs Pibank | 4.60% | $0 |
| Peak Bank vs Presidential Bank | 4.50% | $5,000 |
| Peak Bank vs Santander Bank | 0.03% | $25 |
| Peak Bank vs SoFi Bank | 3.80% | $0 |
| Peak Bank vs Synchrony Bank | 3.80% | $0 |
| Peak Bank vs TIMBR | 4.40% | $1,000 |
| Peak Bank vs UFB Direct | 4.21% | $5000 |
| Peak Bank vs Wells Fargo | 2.51% | $25 |
| Peak Bank vs Zynlo Bank | 4.35% | $10 |
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 Neighbors Bank | 4.60% | $0 |
| Varo Bank vs Newtek Bank | 4.35% | $0 |
| 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 |