Salem Five Direct vs. Varo Bank
Comparing Salem Five Direct and Varo Bank for high-yield savings: Salem Five Direct's eOne Savings pays 3.61% APY while Varo Bank's High-Yield Savings Account pays 5.00% APY.
Note: Varo Bank caps its top rate at $5,000 and requires a checking account.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Varo Bank pays $14 more than Salem Five Direct annually ($375 vs $361).
Choose Salem Five Direct if you want a no-strings-attached account. Choose Varo Bank if getting the best rate matters most.
Important Considerations
Watch out: Varo Bank's 5.00% APY only applies to the first $5,000. With a $10,000 balance, your effective rate drops to 3.75% APY ($375 annually).
At balances above $11,261, Salem Five Direct earns more due to Varo Bank's APY cap.
Varo Bank requires a checking account to unlock its top savings rate, while Salem Five Direct offers its savings account standalone.
| Metric | Salem Five DirecteOne Savings Feb 21, 2026 | Varo BankHigh-Yield Savings Account Feb 21, 2026 |
|---|---|---|
| APY | 3.61% | 2.50% - 5.00% |
Est. Earnings | $5,000+$181 $10,000+$361 $25,000+$903 | $5,000+$250 $10,000+$375 $25,000+$750 |
Min Deposit | $10 | $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 MinimumsGreat iOS AppGreat Android AppZelle® SupportedRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingStable Rate |
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 Salem Five Direct vs. Varo Bank
Executive Summary
Varo Bank's High-Yield Savings Account offers a competitive 5.00% APY on deposits up to $5,000, with a lower rate of 2.50% on amounts exceeding that threshold. However, it requires a Varo bank account and a minimum direct deposit of $1,000 per month, making it less accessible for some users. In contrast, Salem Five Direct's eOne Savings provides a straightforward 3.61% APY with no direct deposit requirement or caps, appealing for those seeking simplicity. Both banks operate online only, and while Varo Bank's higher APY makes it the winner based on the provided data, Salem Five Direct offers a solid alternative for savers looking for fewer conditions.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Salem Five Direct?
- ✓No checking account or direct deposit required
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 3.61%) on balances up to $5,000 (requires checking bundle & direct deposit)
- ✓Higher rated Android app (4.6 vs 4.1)
— Key Feature Differences —
Better Returns at $10,000
Varo BankVaro Bank's High-Yield Savings Account earns more on smaller deposits (approx. $375 vs $361/yr).
Better Returns at $25,000
Salem Five DirectSalem Five Direct's eOne Savings pulls ahead with larger amounts (approx. $903 vs $750/yr).
Best for Simplicity
Salem Five DirectSalem Five Direct's eOne Savings offers 3.61% APY with no bundling, direct deposit requirement or caps.
Best for All-in-One Banking
Varo BankVaro Bank's High-Yield Savings Account pays a superior APY for customers who also open a checking account.
Best Mobile App Experience
Varo BankVaro Bank offers an iOS app rated 4.9 (vs. 4.7) and Android app rated 4.6 (vs. 4.1)
Shared Benefits
Over a 1-year period, Varo Bank's High-Yield Savings Account pays $14 more interest on a $10,000 balance than Salem Five Direct's eOne Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Salem Five Direct vs. Varo Bank Savings Calculator
You earn $14 more with Varo Bank than Salem Five Direct 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.
Salem Five Direct
eOne Savings
Savings Breakdown
- Interest Earned+$361.00(3.5%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,361.00
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.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $360 per year in interest.
Both Salem Five Direct and Varo Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Salem Five Direct | Varo Bank |
|---|---|---|
| APY | 3.61% Verified: 2/21/2026 ↘︎ 0.10%90d Change | 5.00% Range: 2.50% - 5.00% Verified: 2/21/2026 Stable (90d) |
| Product Name | eOne Savings | High-Yield Savings Account |
| Minimum Deposit | $10 | $0 |
| Min. Balance for APY | $0.01 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Monthly | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | None |
| Direct Deposit Req. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Uses shared Salem Five mobile platform. | 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 Salem Five 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 | Salem Five Direct | Varo Bank |
|---|---|---|
| eOne Savings | High-Yield Savings Account | |
Current APY | 3.61% | 5.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.2 | 0.0 |
Days Since Change | 66 | 365 |
12-Month High | 4.01% | 5.00% |
12-Month Low | 3.61% | 5.00% |
Adjustments / Mo | 0.25 | 0.00 |
Volatility Score | 0.045 | 0.000 |
How to read these metrics(Click to expand)
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Compare Salem Five Direct's APY of 3.61% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Salem Five Direct vs Ally Bank | 3.20% | $0 |
| Salem Five Direct vs American Express | 3.30% | $0 |
| Salem Five Direct vs Axos Bank | 4.21% | $0 |
| Salem Five Direct vs Bank of America | 0.01% | $100 |
| Salem Five Direct vs Barclays | 3.85% | $0 |
| Salem Five Direct vs Capital One | 3.30% | $0 |
| Salem Five Direct vs Chase Bank | 0.01% | $0 |
| Salem Five Direct vs Chime | 3.00% | $0 |
| Salem Five Direct vs CIT Bank | 3.75% | $100 |
| Salem Five Direct vs Citibank | 3.20% | $0 |
| Salem Five Direct vs Discover Bank | 3.30% | $0 |
| Salem Five Direct vs EverBank | 3.90% | $0 |
| Salem Five Direct vs Marcus by Goldman Sachs | 3.65% | $0 |
| Salem Five Direct vs Newtek Bank | 4.20% | $0.01 |
| Salem Five Direct vs Openbank | 4.09% | $500 |
| Salem Five Direct vs Pibank | 4.60% | $0 |
| Salem Five Direct vs SoFi Bank | 4.00% | $0 |
| Salem Five Direct vs Synchrony Bank | 3.50% | $0 |
| Salem Five Direct vs Wealthfront | 3.95% | $0 |
| Salem Five Direct vs Wells Fargo | 0.05% | $25 |