Santander Bank vs. Varo Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Santander BankSantander Savings Jan 21, 2026 | Varo BankHigh-Yield Savings Account Jan 21, 2026 |
|---|---|---|
| APY | 0.01% | 2.50% - 5.00% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$250 $10,000+$375 $25,000+$750 |
Min Deposit | $25 | $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 AppIn-Person AccessZelle® Supported | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking Bundle |
Comparison Analysis
Comparing Santander Bank vs. Varo Bank
As of Santander Bank offers an APY of 0.01% for its Santander Savings account, with a minimum balance of $0, compared to Varo Bank's 5.00% APY for its High-Yield Savings Account, with a minimum balance of $0.01.
Varo Bank pays $374 more than Santander Bank on a $10,000 balance after one year. Santander Bank pays $1, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for 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.
*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 an impressive APY of 5.00%, significantly higher than Santander Bank's Savings account, which has an APY of only 0.01%. Varo's account requires a direct deposit of at least $1,000 per month and is online-only, making it ideal for tech-savvy users looking for better returns, especially on deposits up to $5,000. In contrast, Santander's account has a lower APY and does not require direct deposit, but it does come with a $1 maintenance fee. For those seeking higher yields, Varo Bank is the clear winner.
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
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Santander Bank vs. Varo Bank Savings Calculator
You earn $374 more with Varo Bank than Santander Bank 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.
Santander Bank
Santander Savings
Savings Breakdown
- Interest Earned+$1.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,001.00
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 | Santander Bank | Varo Bank |
|---|---|---|
| APY | 0.01% Verified: 1/21/2026 Stable (90d) | 5.00% Range: 2.50% - 5.00% Verified: 1/21/2026 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 |
| Zelle® Support | Available Branch-based retail accounts only. | Available Requires history of qualifying direct deposits. |
| 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 | Visit SiteVerify at Santander Bank 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 | 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 | 124 | 364 |
12-Month High | 0.03% | 5.00% |
12-Month Low | 0.01% | 5.00% |
Adjustments / Mo | 0.08 | 0.00 |
Volatility Score | 0.450 | 0.000 |
How to read these metrics(Click to expand)
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