High-Yield Savings Account Comparison

Sallie Mae Bank vs. Varo Bank

Compare rates, requirements, and features side-by-side to find the best option for you.

Analysis by Aviel Fahl

Updated December 10, 2025

Sallie Mae Bank

High-Yield Savings Account

3.90%

APY

Dec 10, 2025

FDIC InsuredNo Minimums

Show Fine Print & Trends

Min. Deposit	$0
Min. Balance	$0
Maintenance Fee	$0
Compound Freq	Daily
Direct Deposit	Not required
Deposit Insurance	FDIC Insured(Cert: 58177)
Eligibility	United States
Mobile Ratings	iOS:1.5 Android:1.6
BBB Rating	A+(BBB Accredited)

Rate Stability

Very StableNo rate changes in last 90 days

Read Bank Overview

Varo Bank

High-Yield Savings Account

Up to

5.00%

APY

Dec 10, 2025

FDIC InsuredDirect Deposit ReqChecking BundleNo MinimumsGreat iOS AppGreat Android App

Range: 2.50% – 5.00%

Show Fine Print & Trends

Min. Deposit	$0
Min. Balance	$0.01
Maintenance Fee	$0
Compound Freq	Daily
Direct Deposit	Required (Min. $1,000/month)
Deposit Insurance	FDIC Insured(Cert: 59190)
Eligibility	United States
Mobile Ratings	iOS:4.9 Android:4.6
BBB Rating	A(BBB Accredited)

Important Note

Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. A Varo bank account & direct deposit required.

Rate Stability

Very StableNo rate changes in last 90 days

Read Bank Overview

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.

Find Branch Access

Sallie Mae Bank vs. Varo Bank Savings Calculator

Calculations based on current APY for High-Yield Savings Account and High-Yield Savings Account

Initial Deposit

Recurring Deposit

Frequency

Duration

Sallie Mae Bank earns $158.8 more than Varo Bank.

Sallie Mae Bank

High-Yield Savings Account

3.90% APY

Savings Breakdown

Interest Earned
+$2,370.20(11.6%)
Total Contributions
$13,000
Initial Deposit
$5,000

Projected Balance

$20,370.20

Effective APY

3.90%

View Details

Varo Bank

High-Yield Savings Account

5.00% APY

5.00% on first $5,000 and 2.50% thereafter.

Savings Breakdown

Interest Earned
+$2,211.40(10.9%)
Total Contributions
$13,000
Initial Deposit
$5,000

Projected Balance

$20,211.40

Effective APY

3.65%

View Details

The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.

Comparison Analysis

Comparing Sallie Mae Bank vs. Varo Bank

Updated: Dec 10, 2025

Why Sallie Mae Bank?

✓No checking account or direct deposit required

Why Varo Bank?

✓Higher potential APY (5.00% vs 3.90%) on balances up to $5,000 (requires checking bundle & direct deposit)
✓Higher rated iOS app (4.9 vs 1.5)
✓Higher rated Android app (4.6 vs 1.6)

— Key Feature Differences —

Better Returns at $10,000

Sallie Mae Bank

Sallie Mae Bank's High-Yield Savings Account earns more on smaller deposits (approx. $390 vs $375/yr).

Better Returns at $25,000

Sallie Mae Bank

Sallie Mae Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $975 vs $750/yr).

Best for Simplicity

Sallie Mae Bank

Sallie Mae Bank's High-Yield Savings Account offers 3.90% APY with no bundling, direct deposit requirement or caps.

Best Mobile App Experience

Varo Bank

Varo Bank offers an iOS app rated 4.9 (vs. 1.5) and Android app rated 4.6 (vs. 1.6)

Shared Benefits

Both offer monthly maintenance-free account options Both banks have options with $0 opening deposit Available Nationwide Available to New & Existing Customers

The Bottom Line on APY (Interest Only)

Over a 1-year period, Sallie Mae Bank's High-Yield Savings Account pays $15 more interest on a $10,000 balance than Varo Bank's High-Yield Savings Account.

*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.

Varo BankSallie Mae Bank

Automated Data Audit

Executive Summary

Varo Bank offers a High-Yield Savings Account with a competitive 5.00% APY on deposits up to $5,000, making it the highest-yielding option compared to Sallie Mae Bank's 3.90% APY. However, to earn this rate, Varo requires a direct deposit of at least $1,000 per month and a linked Varo bank account. For those seeking a simpler option without direct deposit requirements, Sallie Mae Bank's account is a viable alternative, offering a consistent APY with no maintenance fees or minimum balance requirements. Both banks operate online only, ensuring easy access to their services.

Analysis generated based on current Banksparency database records

* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.

ExploreSallie Mae Bank ExploreVaro Bank

Feature	Sallie Mae Bank	Varo Bank
APY	3.90% Verified: 12/10/2025 Stable (90d)	5.00% Range: 2.50% - 5.00% Verified: 12/10/2025 Stable (90d)
Product Name	High-Yield Savings Account	High-Yield Savings Account
Minimum Deposit	$0	$0
Min. Balance for APY	$0	$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	iOS1.5 Android1.6	iOS4.9 Android4.6
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	- View Details	- View Details

📈 Compare Savings Rates Over Time

Historical Performance

Last 11 Months Analysis

Metric	Sallie Mae Bank	Varo Bank
	High-Yield Savings Account	High-Yield Savings Account
Current APYMost recent advertised annual-percentage yield.	3.90%	5.00%
TrendDirection over the last 11 months (regression slope).	Stable	Stable
Velocity (bps/mo)Average monthly change; 10 bps = 0.10 pp.	-0.1	0.0
Days Since ChangeRecency of the latest APY adjustment.	313	322
11-Month HighHighest APY in the last 322 days.	4.00%	5.00%
11-Month LowLowest APY in the last 322 days.	3.90%	5.00%
Adjustments / MoTypical number of APY moves per month.	0.09	0.00
Volatility ScoreCoefficient of variation (stdev ÷ mean). Lower is more stable.	0.004	0.000

How to read these metrics(Click to expand)

Trends & Velocity

Trend: The general direction of the rate over the analyzed period. Useful for spotting if a bank is currently aggressive or pulling back.
Velocity (bps/mo): Speed of change. A high positive number means they raise rates quickly. 10 bps = 0.10%.
Adjustments/Mo: "Twitchiness." High frequency means the rate changes constantly; low frequency means it's stable.

Risk & Range

High/Low: The absolute ceiling and floor of the rate during the 322-day window.
Volatility Score: Lower is better for predictability. It indicates how wildly the rate swings relative to its average.
Days Since Change: If this number is high (e.g., >90), the rate is very sticky. If low, it changed recently.

Compare Similar Alternatives

Compare Sallie Mae Bank vs...

Comparing against Standard Savings

Newtek BankNo Bundle Req

4.35%

APY

Compare Varo Bank vs...

Comparing against other Bundled Accounts

vs Varo Bank

Axos BankChecking Bundle

4.31%

APY

vs Varo Bank

SoFi BankChecking Bundle

4.30%

APY

vs Varo Bank

Presidential BankChecking Bundle

4.00%

APY

More Comparisons

Compare Sallie Mae Bank's APY of 3.90% with other banks

Bank Pair	Competitor APY	Min Deposit
Sallie Mae Bank vs Affirm	3.60%	$0
Sallie Mae Bank vs Ally Bank	3.30%	$0
Sallie Mae Bank vs American Express	3.40%	$0
Sallie Mae Bank vs Axos Bank	4.31%	$0
Sallie Mae Bank vs Bank of America	0.01%	$100
Sallie Mae Bank vs Barclays	4.00%	$0
Sallie Mae Bank vs Bask Bank	3.90%	$0
Sallie Mae Bank vs Betterment	3.50%	$10
Sallie Mae Bank vs BMO Alto	3.25%	$0
Sallie Mae Bank vs Bread Savings	4.10%	$100
Sallie Mae Bank vs BrioDirect	4.00%	$5,000
Sallie Mae Bank vs Capital One	3.40%	$0
Sallie Mae Bank vs Charles Schwab Bank	0.15%	$0
Sallie Mae Bank vs Chase Bank	0.01%	$0
Sallie Mae Bank vs Chime	3.50%	$0
Sallie Mae Bank vs CIT Bank	3.75%	$100
Sallie Mae Bank vs Citibank	3.30%	$0
Sallie Mae Bank vs Citizens Access™	3.15%	$0.01
Sallie Mae Bank vs Climate First Bank	4.21%	$50
Sallie Mae Bank vs Discover Bank	3.40%	$0
Sallie Mae Bank vs E*TRADE from Morgan Stanley	3.75%	$0
Sallie Mae Bank vs Elevault	4.08%	$0
Sallie Mae Bank vs EverBank	4.05%	$0
Sallie Mae Bank vs Fitness Bank	4.75%	$100
Sallie Mae Bank vs FNBO Direct	3.00%	$1
Sallie Mae Bank vs Forbright Bank	4.00%	$0
Sallie Mae Bank vs FVCbank	3.85%	$500
Sallie Mae Bank vs GO2bank	4.50%	$0
Sallie Mae Bank vs Ivy Bank	4.25%	$2,500
Sallie Mae Bank vs LendingClub	4.20%	$0
Sallie Mae Bank vs Marcus by Goldman Sachs	3.65%	$0
Sallie Mae Bank vs Neighbors Bank	4.30%	$0
Sallie Mae Bank vs Newtek Bank	4.35%	$0.01
Sallie Mae Bank vs Openbank	4.20%	$500
Sallie Mae Bank vs Peak Bank	4.20%	$100
Sallie Mae Bank vs Pibank	4.60%	$0
Sallie Mae Bank vs PNC	3.53%	$0
Sallie Mae Bank vs Presidential Bank	4.00%	$5,000
Sallie Mae Bank vs Quontic Bank	3.75%	$100
Sallie Mae Bank vs Salem Five Direct	3.71%	$10
Sallie Mae Bank vs Santander Bank	0.01%	$25
Sallie Mae Bank vs SoFi Bank	4.30%	$0
Sallie Mae Bank vs Synchrony Bank	3.65%	$0
Sallie Mae Bank vs TD Bank	2.75%	$0
Sallie Mae Bank vs TIMBR	4.40%	$1,000
Sallie Mae Bank vs UFB Direct	3.71%	$5000
Sallie Mae Bank vs Upgrade	3.05%	$0
Sallie Mae Bank vs Valley Direct	4.10%	$1,000
Sallie Mae Bank vs Vio Bank	4.16%	$100
Sallie Mae Bank vs Wealthfront	4.15%	$0
Sallie Mae Bank vs Wells Fargo	0.05%	$25
Sallie Mae Bank vs Zynlo Bank	4.05%	$10

Compare Varo Bank's APY of 5.00% with other banks

Bank Pair	Competitor APY	Min Deposit
Varo Bank vs Affirm	3.60%	$0
Varo Bank vs Ally Bank	3.30%	$0
Varo Bank vs American Express	3.40%	$0
Varo Bank vs Axos Bank	4.31%	$0
Varo Bank vs Bank of America	0.01%	$100
Varo Bank vs Barclays	4.00%	$0
Varo Bank vs Bask Bank	3.90%	$0
Varo Bank vs Betterment	3.50%	$10
Varo Bank vs BMO Alto	3.25%	$0
Varo Bank vs Bread Savings	4.10%	$100
Varo Bank vs BrioDirect	4.00%	$5,000
Varo Bank vs Capital One	3.40%	$0
Varo Bank vs Charles Schwab Bank	0.15%	$0
Varo Bank vs Chase Bank	0.01%	$0
Varo Bank vs Chime	3.50%	$0
Varo Bank vs CIT Bank	3.75%	$100
Varo Bank vs Citibank	3.30%	$0
Varo Bank vs Citizens Access™	3.15%	$0.01
Varo Bank vs Climate First Bank	4.21%	$50
Varo Bank vs Discover Bank	3.40%	$0
Varo Bank vs E*TRADE from Morgan Stanley	3.75%	$0
Varo Bank vs Elevault	4.08%	$0
Varo Bank vs EverBank	4.05%	$0
Varo Bank vs Fitness Bank	4.75%	$100
Varo Bank vs FNBO Direct	3.00%	$1
Varo Bank vs Forbright Bank	4.00%	$0
Varo Bank vs FVCbank	3.85%	$500
Varo Bank vs GO2bank	4.50%	$0
Varo Bank vs Ivy Bank	4.25%	$2,500
Varo Bank vs LendingClub	4.20%	$0
Varo Bank vs Marcus by Goldman Sachs	3.65%	$0
Varo Bank vs Neighbors Bank	4.30%	$0
Varo Bank vs Newtek Bank	4.35%	$0.01
Varo Bank vs Openbank	4.20%	$500
Varo Bank vs Peak Bank	4.20%	$100
Varo Bank vs Pibank	4.60%	$0
Varo Bank vs PNC	3.53%	$0
Varo Bank vs Presidential Bank	4.00%	$5,000
Varo Bank vs Quontic Bank	3.75%	$100
Varo Bank vs Salem Five Direct	3.71%	$10
Varo Bank vs Santander Bank	0.01%	$25
Varo Bank vs SoFi Bank	4.30%	$0
Varo Bank vs Synchrony Bank	3.65%	$0
Varo Bank vs TD Bank	2.75%	$0
Varo Bank vs TIMBR	4.40%	$1,000
Varo Bank vs UFB Direct	3.71%	$5000
Varo Bank vs Upgrade	3.05%	$0
Varo Bank vs Valley Direct	4.10%	$1,000
Varo Bank vs Vio Bank	4.16%	$100
Varo Bank vs Wealthfront	4.15%	$0
Varo Bank vs Wells Fargo	0.05%	$25
Varo Bank vs Zynlo Bank	4.05%	$10