Popular Direct vs. Varo Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Popular DirectPopular Direct Select Savings Jan 7, 2026 | Varo BankHigh-Yield Savings Account Jan 7, 2026 |
|---|---|---|
| APY | 3.90% | 2.50% - 5.00% |
Est. Earnings | $5,000+$195 $10,000+$390 $25,000+$975 | $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 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.
Comparison Analysis
Comparing Popular Direct vs. Varo Bank
As of Popular Direct offers an APY of 3.90% for its Popular Direct Select Savings account, with a minimum balance of $0.01, compared to Varo Bank's 5.00% APY for its High-Yield Savings Account, with a minimum balance of $0.01.
Popular Direct pays $15 more than Varo Bank on a $10,000 balance after one year. Popular Direct pays $390, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Popular Direct.
Why Popular Direct?
- ✓No checking account or direct deposit required
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 3.90%) on balances up to $5,000 (requires checking bundle & direct deposit)
- ✓Higher rated iOS app (4.9 vs 1.3)
- ✓Higher rated Android app (4.6 vs 1.3)
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
Popular DirectPopular Direct's Popular Direct Select Savings earns more on smaller deposits (approx. $390 vs $375/yr).
Better Returns at $25,000
Popular DirectPopular Direct's Popular Direct Select Savings pulls ahead with larger amounts (approx. $975 vs $750/yr).
Best for Simplicity
Popular DirectPopular Direct's Popular Direct Select Savings offers 3.90% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Varo BankVaro Bank offers an iOS app rated 4.9 (vs. 1.3) and Android app rated 4.6 (vs. 1.3)
Shared Benefits
Over a 1-year period, Popular Direct's Popular Direct Select Savings pays $15 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 Popular Direct's Select Savings provides a solid 3.90% APY with no direct deposit requirement or caps. However, Varo requires a linked bank account and a minimum direct deposit of $1,000 per month to access its highest rate. Both accounts are online-only, with no maintenance fees and a minimum deposit of $0.01. For those seeking simplicity without the need for direct deposits, Popular Direct is 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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Popular Direct vs. Varo Bank Savings Calculator
You earn $15 more with Popular Direct 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.
Popular Direct
Popular Direct Select Savings
Savings Breakdown
- Interest Earned+$390.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,390.00
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 | Popular Direct | Varo Bank |
|---|---|---|
| APY | 3.90% Verified: 1/7/2026 ↘︎ 0.15%90d Change | 5.00% Range: 2.50% - 5.00% Verified: 1/7/2026 Stable (90d) |
| Product Name | Popular Direct Select Savings | High-Yield Savings Account |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | $0.01 | $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 | iOS1.3 Android1.3 | 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 Popular Direct 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 | Popular Direct | Varo Bank |
|---|---|---|
| Popular Direct Select Savings | High-Yield Savings Account | |
Current APY | 3.90% | 5.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.1 | 0.0 |
Days Since Change | 23 | 364 |
12-Month High | 4.60% | 5.00% |
12-Month Low | 3.90% | 5.00% |
Adjustments / Mo | 0.82 | 0.00 |
Volatility Score | 0.036 | 0.000 |
How to read these metrics(Click to expand)
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