Presidential Bank vs Varo Money
High-Yield Savings Accounts Comparison
Last Updated: July 16, 2025
Summary of Presidential Bank vs. Varo Bank
As of July 16, 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
- Presidential Bank offers a competitive APY of 4.50%.
- No maintenance fees for the Advantage Savings account.
- Branches available in Maryland, Virginia, and Washington D.C.
Potential Drawbacks
- Presidential Bank has a BBB rating of B- and is not accredited.
- Requires a $500 monthly direct deposit to earn the higher APY.
- App Store rating is lower at 4.8 compared to Varo Bank.
Varo Bank
Strengths
- Varo Bank offers a higher APY of 5.00% on the High-Yield Savings Account.
- Varo Bank has a BBB rating of A- and is accredited.
- Higher App Store rating at 4.9 and Google Play rating at 4.7.
Potential Drawbacks
- Varo Bank has no physical branches.
- Requires a minimum direct deposit of $1,000/month to earn the 5.00% APY.
- Lower APY of 2.50% on amounts over $5,000.
Summary: Varo Bank provides a higher APY of 5.00% and has a better BBB rating of A-, while Presidential Bank offers a 4.50% APY and has physical branches. However, both banks require direct deposits to earn their respective APYs, with Varo needing $1,000/month and Presidential needing $500/month. Varo also boasts higher app ratings, making it a strong contender for those prioritizing online banking.
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 7/16/2025) | 2.50% - 5.00% (as of 7/16/2025) | |
| 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 | N/A | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. | |
| Visit Bank | Advantage Savings | High-Yield Savings Account | |
| App Store Rating | 4.8/5 | 4.9/5 | |
| Google Play Rating | 4.2/5 | 4.7/5 | |
| BBB Rating | B- | A- |
Comparative Historical APY Insights (Last 7 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 | 209 | 209 | |
| High (-7 m) | 4.50 % | 5.00 % | |
| Low (-7 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 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 211 days.
- Low (-7 m)
- Lowest APY in the last 211 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 Presidential Bank vs Varo Bank
All calculations are based on APY.
Presidential Bank
APY: 4.50%
Total savings breakdown:
- Interest earned: $45 (4.31%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (95.69%)
Your total balance
$1,045.00
Effective APY: 4.50% (based on your deposit and contributions)
Total balance: $1,045
Earnings: $45
Bank DetailsVaro Bank
APY: 5.00%
Total savings breakdown:
- Interest earned: $50 (4.76%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (95.24%)
Your total balance
$1,050.00
Effective APY: 5.00% (based on your deposit and contributions)
Total balance: $1,050
Earnings: $50
Bank DetailsAfter 1 year Presidential Bank would earn you $5 less than Varo Bank.
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 | 3.60% | $0 |
| Presidential Bank vs Axos Bank | 4.66% | $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 | 5.00% | $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 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 | 3.60% | $0 |
| Varo Bank vs Axos Bank | 4.66% | $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 | 5.00% | $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 Wells Fargo | 2.51% | $25 |