Presidential Bank vs Varo Money
High-Yield Savings Accounts Comparison
Last Updated: August 29, 2025
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Summary of Presidential Bank vs. Varo Bank
As of August 29, 2025 Presidential Bank offers an APY of 4.50% for its Advantage Savings account, compared to Varo Bank's 5.00% APY for its High-Yield Savings Account account.
Presidential Bank yields $75 more than Varo Bank on a $10,000 balance after one year. Presidential Bank pays $450, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Presidential Bank.
Presidential Bank
Strengths
- Advantage Savings offers a competitive APY of 4.50%.
- Presidential Bank has 10 branches in Maryland, Virginia, and Washington D.C.
- The app ratings are solid with 4.8 on the App Store.
Potential Drawbacks
- Requires a $500 monthly direct deposit to earn the higher APY.
- Not BBB Accredited, which may affect trust for some customers.
- Lower APY compared to Varo Bank's offering.
Varo Bank
Strengths
- High-Yield Savings Account offers a higher APY of 5.00%.
- Varo Bank has a higher Google Play rating of 4.7.
- BBB Accredited, enhancing trustworthiness.
Potential Drawbacks
- Only available online with no physical branches.
- Requires a minimum direct deposit of $1,000/month for the higher APY.
- Lower APY of 2.50% applies to amounts over $5,000.
Summary: Varo Bank offers a higher APY of 5.00% compared to Presidential Bank's 4.50%. Presidential Bank has physical branches, while Varo operates online only. Both banks require direct deposits to earn their highest APYs, but Varo's minimum is higher at $1,000/month. Presidential Bank is not BBB Accredited, whereas Varo is, which may influence customer trust.
Compare Presidential Bank's vs Varo Bank's Savings Accounts
| Presidential Bank | Varo Bank | ||
|---|---|---|---|
| Product | Advantage Savings | vs | High-Yield Savings Account |
| APY | 4.00% - 4.50% (as of 8/29/2025) | 2.50% - 5.00% (as of 8/29/2025) | |
| Bundled Account | Yes | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | No | Yes | |
| Compound Frequency | Monthly | Daily | |
| Minimum Deposit | $5,000 | $0 | |
| Minimum Balance for APY | N/A | $0.01 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | Yes. To earn the higher APY you need a monthly direct deposit into an Advantage Checking Account of $500. | 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 | 4.2/5 | 4.7/5 | |
| BBB Rating | A- | A- |
Comparative Historical APY Insights (Last 8 Months)
| Presidential Bank | Varo Bank | ||
|---|---|---|---|
| Product | Advantage Savings | vs | High-Yield Savings Account |
| Latest APY | 4.50 % | 5.00 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | 0.0 | 0.0 | |
| Rate Changes / Mo | 0.00 | 0.00 | |
| Days Since Last Change | 255 | 255 | |
| High (-8 m) | 4.50 % | 5.00 % | |
| Low (-8 m) | 4.50 % | 5.00 % | |
| Draw-down from High | 0.0 % | 0.0 % | |
| Volatility (CV) | 0.000 | 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 257 days.
- Low (-8 m)
- Lowest APY in the last 257 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.
Calculate Savings Growth for Presidential Bank vs Varo Bank
All calculations are based on APY.
Presidential Bank
APY: 4.50%
Total savings breakdown:
- Interest earned: $2,760.1 (13.30%)
- Total contributions: $13,000 (62.62%)
- Initial deposit: $5,000 (24.08%)
Your total balance
$20,760.10
Effective APY: 4.50% (based on your deposit and contributions)
Total balance: $20,760.1
Earnings: $2,760.1
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, Presidential Bank's total earnings would be $548.7 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 Presidential Bank's APY of 4.50% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Presidential Bank vs Ally Bank | 3.50% | $0 |
| Presidential Bank vs American Express | 3.50% | $0 |
| Presidential Bank vs Axos Bank | 4.46% | $0 |
| Presidential Bank vs Bank of America | 0.01% | $100 |
| Presidential Bank vs Barclays | 4.10% | $0 |
| Presidential Bank vs Capital One | 3.50% | $0 |
| Presidential Bank vs Chase Bank | 0.01% | $0 |
| Presidential Bank vs Chime | 3.75% | $0 |
| Presidential Bank vs CIT Bank | 4.00% | $100 |
| Presidential Bank vs Discover Bank | 3.50% | $0 |
| Presidential Bank vs Fitness Bank | 4.85% | $100 |
| Presidential Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Presidential Bank vs SoFi Bank | 3.80% | $0 |
| Presidential Bank vs Synchrony Bank | 3.80% | $0 |
| Presidential Bank vs UFB Direct | 4.21% | $5000 |
| Presidential Bank vs Wells Fargo | 2.51% | $25 |
Compare Varo Bank's APY of 5.00% with other banks
| Bank Pair | Best 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 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 Fitness Bank | 4.85% | $100 |
| Varo Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Varo Bank vs SoFi Bank | 3.80% | $0 |
| Varo Bank vs Synchrony Bank | 3.80% | $0 |
| Varo Bank vs UFB Direct | 4.21% | $5000 |
| Varo Bank vs Wells Fargo | 2.51% | $25 |