Santander Bank vs. Varo Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
Santander Bank
Santander Savings
0.01%APYDec 6, 2025FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Santander Bank
Santander Savings
Varo Bank
High-Yield Savings Account
Up to5.00%APYDec 5, 2025FDIC InsuredDirect Deposit ReqChecking BundleNo MinimumsGreat iOS AppGreat Android AppRange: 2.50% – 5.00%Show Fine Print & Trends Hide Details
Varo Bank
High-Yield Savings Account
Comparison Analysis
Comparing Santander Bank vs. Varo Bank
Why Santander Bank?
- ✓No checking account or direct deposit required
- ✓Physical branch access (Primarily in the Northeast and Miami, Florida)
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 0.01%) on all balances
- ✓Higher rated Android app (4.6 vs 4.0)
— Key Feature Differences —
Better Returns at $10,000
Varo BankVaro Bank's High-Yield Savings Account earns more on smaller deposits (approx. $375 vs $1/yr).
Better Returns at $25,000
Varo BankVaro Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $750 vs $3/yr).
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. 4.8) and Android app rated 4.6 (vs. 4.0)
Shared Benefits
Over a 1-year period, Varo Bank's High-Yield Savings Account pays $374 more interest on a $10,000 balance than Santander Bank's Santander Savings.
Executive Summary
Varo Bank offers a High-Yield Savings Account with a significantly higher APY of 5.00%, allowing customers to earn this rate on balances up to $5,000, while earning 2.50% on amounts above that. This account requires a Varo bank account and a minimum direct deposit of $1,000 per month, making it suitable for those who meet these conditions. In contrast, Santander Bank's Savings Account provides a much lower APY of 0.01% with no direct deposit requirement and a minimum deposit of $25. While Santander's account has lower barriers to entry, Varo Bank clearly stands out with its superior interest rates and additional benefits for customers who utilize its banking 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.
| Feature | Santander Bank | Varo Bank |
|---|---|---|
| APY | 0.01% Verified: 12/6/2025 ↘︎ 0.02%90d Change | 5.00% Range: 2.50% - 5.00% Verified: 12/5/2025 Stable (90d) |
| Product Name | Santander Savings | High-Yield Savings Account |
| Minimum Deposit | $25 | $0 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $1 | $0 |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Direct Deposit Req. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS4.8 Android4.0 | iOS4.9 Android4.6 |
| BBB Rating | Not Rated | 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 |
Savings Comparison
Varo Bank earns $2,205.7 more than Santander Bank.
Santander Bank
Santander Savings
Savings Breakdown
- Interest Earned+$5.70(0.0%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,005.70
Varo Bank
High-Yield Savings Account
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
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Santander Bank | Varo Bank |
|---|---|---|
| Santander Savings | High-Yield Savings Account | |
Current APY | 0.01% | 5.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.2 | 0.0 |
Days Since Change | 78 | 318 |
10-Month High | 0.03% | 5.00% |
10-Month Low | 0.01% | 5.00% |
Adjustments / Mo | 0.09 | 0.00 |
Volatility Score | 0.375 | 0.000 |
How to read these metrics(Click to expand)
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