Peak Bank vs. Varo Money
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: October 21, 2025
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Summary of Peak Bank vs. Varo Bank
Key Metrics at a Glance
| Feature | Peak Bank | Varo Bank |
|---|---|---|
| Top Savings APY | 4.20% Envision High Yield Savings | 5.00% High-Yield Savings Account |
| Minimum to Open | $100 | $0 |
| Minimum Balance for Top APY | $0.01 | |
| Note | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. |
Peak Bank
Strengths
- Peak Bank offers a competitive APY of 4.20%, though it's down from 4.35% last month.
- No minimum balance requirement for the Envision High Yield Savings account.
- Peak Bank has a strong App Store rating of 4.8.
Potential Drawbacks
- Peak Bank is not BBB accredited, despite having an A+ rating.
- The account does not offer a direct deposit option.
Varo Bank
Strengths
- Varo Bank provides a higher APY of 5.00%, unchanged from last month.
- Varo Bank is BBB accredited with an A- rating.
- No maintenance fees and a low minimum deposit of $0.
Potential Drawbacks
- Varo Bank requires a direct deposit of $1,000/month to earn the highest APY.
- The App Store rating is slightly lower at 4.9 compared to Peak Bank.
→ As of October 21, 2025 Peak Bank offers an APY of 4.20% 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 $45 more than Varo Bank on a $10,000 balance after one year. Peak Bank pays $420, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Peak Bank.
Calculate Savings Growth for Peak Bank vs Varo Bank
Peak Bank - Envision High Yield Savings
Total savings breakdown:
- Interest earned: $2,564.3 (12.47%)
- Total contributions: $13,000 (63.22%)
- Initial deposit: $5,000 (24.31%)
Your total balance
$20,564.30
Total balance: $20,564.3
Earnings: $2,564.3
Bank OverviewVaro Bank - High-Yield Savings Account
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
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 $352.9 higher than Varo Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
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 | 4.20% (as of 10/21/2025) | 2.50% - 5.00% (as of 10/21/2025) | |
| 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 | 4.7/5 | 4.6/5 | |
| BBB Rating | A+ | A- |
Comparative Historical APY Insights (Last 8 Months)
| Peak Bank | Varo Bank | ||
|---|---|---|---|
| Product | Envision High Yield Savings | vs | High-Yield Savings Account |
| Latest APY | 4.20 % | 5.00 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -3.1 | 0.0 | |
| Rate Changes / Mo | 0.48 | 0.00 | |
| Days Since Last Change | 20 | 244 | |
| High (-8 m) | 4.54 % | 5.00 % | |
| Low (-8 m) | 4.20 % | 5.00 % | |
| Draw-down from High | -7.5 % | 0.0 % | |
| Volatility (CV) | 0.022 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 8 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 (-8 m)
- Highest APY in the last 249 days.
- Low (-8 m)
- Lowest APY in the last 249 days.
- Draw-down from High
- How far today sits below the 8-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.