Salem Five Direct vs. Varo Money
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 14, 2025
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Summary of Salem Five Direct vs. Varo Bank
Key Metrics at a Glance
| Feature | Salem Five Direct | Varo Bank |
|---|---|---|
| Top Savings APY | 3.71% eOne Savings | 5.00% High-Yield Savings Account |
| Minimum to Open | $10 | $0 |
| Minimum Balance for Top APY | $0.01 | $0.01 |
| Note | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. A Varo bank account & direct deposit required. |
Salem Five Direct
Strengths
- Salem Five Direct offers a competitive APY of 3.71%, though it has decreased from 4.01% in the past month.
- No maintenance fees for the eOne Savings account.
- Salem Five Direct has a solid App Store rating of 4.7.
Potential Drawbacks
- Salem Five Direct is not BBB Accredited, with a rating of A-.
- The eOne Savings account does not offer direct deposit options.
- Lower Google Play rating of 4.2 compared to Varo Bank.
Varo Bank
Strengths
- Varo Bank provides a high APY of 5.00%, unchanged from last month.
- Varo Bank is BBB Accredited with an A rating.
- Varo Bank has a higher App Store rating of 4.9.
Potential Drawbacks
- Direct deposit of at least $1,000/month is required to earn the higher APY.
- Varo Bank's maintenance fee is not applicable, but conditions apply for the APY.
- APY drops to 2.50% for balances over $5,000.
→ As of November 14, 2025 Salem Five Direct offers an APY of 3.71% for its eOne 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.
→ Varo Bank yields $4 more than Salem Five Direct on a $10,000 balance after one year. Salem Five Direct pays $371, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Varo Bank.
Calculate Savings Growth for Salem Five Direct vs Varo Bank
Salem Five Direct - eOne Savings
Total savings breakdown:
- Interest earned: $2,248.1 (11.10%)
- Total contributions: $13,000 (64.20%)
- Initial deposit: $5,000 (24.69%)
Your total balance
$20,248.10
Total balance: $20,248.1
Earnings: $2,248.1
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, Salem Five Direct's total earnings would be $36.7 higher than Varo Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Salem Five Direct's vs Varo Bank's Savings Accounts
| Salem Five Direct | Varo Bank | ||
|---|---|---|---|
| Product | eOne Savings | vs | High-Yield Savings Account |
| APY | 3.71% (as of 11/14/2025) | 2.50% - 5.00% (as of 11/14/2025) | |
| Bundled Account | No | Yes | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Monthly | Daily | |
| Minimum Deposit | $10 | $0 | |
| Minimum Balance for APY | $0.01 | $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. A Varo bank account & direct deposit required. | ||
| App Store Rating | 4.7/5 | 4.9/5 | |
| Google Play Rating | 4.2/5 | 4.6/5 | |
| BBB Rating | A- | A |
Comparative Historical APY Insights (Last 10 Months)
| Salem Five Direct | Varo Bank | ||
|---|---|---|---|
| Product | eOne Savings | vs | High-Yield Savings Account |
| Latest APY | 3.71 % | 5.00 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -1.6 | 0.0 | |
| Rate Changes / Mo | 0.20 | 0.00 | |
| Days Since Last Change | 9 | 296 | |
| High (-10 m) | 4.01 % | 5.00 % | |
| Low (-10 m) | 3.71 % | 5.00 % | |
| Draw-down from High | -7.5 % | 0.0 % | |
| Volatility (CV) | 0.020 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 10 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 (-10 m)
- Highest APY in the last 297 days.
- Low (-10 m)
- Lowest APY in the last 297 days.
- Draw-down from High
- How far today sits below the 10-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.