Salem Five Direct vs. Varo Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Salem Five DirecteOne Savings Jan 7, 2026 | Varo BankHigh-Yield Savings Account Jan 7, 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® Supported | 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 Salem Five Direct vs. Varo Bank
As of Salem Five Direct offers an APY of 3.61% 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 pays $14 more than Salem Five Direct on a $10,000 balance after one year. Salem Five Direct pays $361, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Varo Bank.
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 4.2)
— 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. 4.2)
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.
Executive Summary as of
Varo Bank offers a High-Yield Savings Account with a competitive APY of 5.00% on balances up to $5,000, making it the winner in this comparison. However, this account requires a Varo bank account and a minimum direct deposit of $1,000 per month. For those seeking a simpler option, Salem Five Direct's eOne Savings provides a solid APY of 3.61% with no direct deposit requirement or account bundling, and it is accessible with a minimum deposit of just $10. Both banks are online-only and have no maintenance fees, making them appealing choices for savers.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
Non-sponsored link to official site
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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.
| Feature | Salem Five Direct | Varo Bank |
|---|---|---|
| APY | 3.61% Verified: 1/7/2026 ↘︎ 0.40%90d Change | 5.00% Range: 2.50% - 5.00% Verified: 1/7/2026 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 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Direct Deposit Req. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS4.7 Android4.2 | iOS4.9 Android4.6 |
| 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) | -3.3 | 0.0 |
Days Since Change | 21 | 350 |
11-Month High | 4.01% | 5.00% |
11-Month Low | 3.61% | 5.00% |
Adjustments / Mo | 0.26 | 0.00 |
Volatility Score | 0.037 | 0.000 |
How to read these metrics(Click to expand)
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