Santander Bank vs Varo Money
High-Yield Savings Accounts Comparison
Last Updated: September 5, 2025
We earn a commission if you open an account through some links on this page.
Summary of Santander Bank vs. Varo Bank
As of September 5, 2025 Santander Bank offers an APY of 0.03% 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 yields $372 more than Santander Bank on a $10,000 balance after one year. Santander Bank pays $3, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Varo Bank.
Santander Bank
Strengths
- Santander Bank has a lower maintenance fee of $1 compared to Varo Bank's $0.
- Santander Bank offers a savings account with no minimum balance requirement.
Potential Drawbacks
- Santander Bank's APY is only 0.03%, significantly lower than Varo Bank's 5.00%.
- Santander Bank is not BBB Accredited, while Varo Bank is.
Varo Bank
Strengths
- Varo Bank offers a high APY of 5.00% on savings, which is much higher than Santander Bank.
- Varo Bank has a higher App Store rating of 4.9 compared to Santander Bank's 4.8.
Potential Drawbacks
- Varo Bank requires a minimum direct deposit of $1,000/month to earn the highest APY.
- Varo Bank has no physical branches, limiting in-person banking options.
Summary: Santander Bank offers a low maintenance fee and no minimum balance requirement, but its APY is only 0.03%. In contrast, Varo Bank provides a competitive 5.00% APY, but requires a $1,000 monthly direct deposit and lacks physical branches. Both banks have an A- BBB rating, but Varo is BBB Accredited, enhancing its credibility.
Compare Santander Bank's vs Varo Bank's Savings Accounts
| Santander Bank | Varo Bank | ||
|---|---|---|---|
| Product | Santander Savings | vs | High-Yield Savings Account |
| APY | 0.03% (as of 9/5/2025) | 2.50% - 5.00% (as of 9/5/2025) | |
| Bundled Account | No | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | No | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $25 | $0 | |
| Minimum Balance for APY | $0 | $0.01 | |
| Maintenance Fee | $1 | $0 | |
| Direct Deposit Required | No | Yes. Min. $1,000/month | |
| Note | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. | ||
| App Store Rating | 4.8/5 | 4.9/5 | |
| Google Play Rating | 4.3/5 | 4.7/5 | |
| BBB Rating | A- | A- |
Comparative Historical APY Insights (Last 7 Months)
| Santander Bank | Varo Bank | ||
|---|---|---|---|
| Product | Santander Savings | vs | High-Yield Savings Account |
| Latest APY | 0.03 % | 5.00 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | 0.0 | 0.0 | |
| Rate Changes / Mo | 0.00 | 0.00 | |
| Days Since Last Change | 226 | 226 | |
| High (-7 m) | 0.03 % | 5.00 % | |
| Low (-7 m) | 0.03 % | 5.00 % | |
| Draw-down from High | 0.0 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 7 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-7 m)
- Highest APY in the last 226 days.
- Low (-7 m)
- Lowest APY in the last 226 days.
- Draw-down from High
- How far today sits below the 7-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.
Calculate Savings Growth for Santander Bank vs Varo Bank
All calculations are based on APY.
Santander Bank
APY: 0.03%
Total savings breakdown:
- Interest earned: $17.2 (0.10%)
- Total contributions: $13,000 (72.15%)
- Initial deposit: $5,000 (27.75%)
Your total balance
$18,017.20
Effective APY: 0.03% (based on your deposit and contributions)
Total balance: $18,017.2
Earnings: $17.2
Bank OverviewVaro Bank
APY: 5.00%
ℹ️You earn 5.00% on the first $5,000 and 2.50% on the rest.
Total savings breakdown:
- Interest earned: $2,211.4 (10.94%)
- Total contributions: $13,000 (64.32%)
- Initial deposit: $5,000 (24.74%)
Your total balance
$20,211.40
Effective APY: 3.65% (based on your deposit and contributions)
Total balance: $20,211.4
Earnings: $2,211.4
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Santander Bank's total earnings would be $2,194.2 lower than Varo Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
More Comparisons
Compare Santander Bank's APY of 0.03% with other banks
Compare Varo Bank's APY of 5.00% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Varo Bank vs Ally Bank | 3.50% | $0 |
| Varo Bank vs American Express | 3.50% | $0 |
| Varo Bank vs Axos Bank | 4.46% | $0 |
| Varo Bank vs Bank of America | 0.01% | $100 |
| Varo Bank vs Barclays | 4.10% | $0 |
| Varo Bank vs BrioDirect | 4.30% | $5,000 |
| Varo Bank vs Capital One | 3.50% | $0 |
| Varo Bank vs Chase Bank | 0.01% | $0 |
| Varo Bank vs Chime | 3.75% | $0 |
| Varo Bank vs CIT Bank | 4.00% | $100 |
| Varo Bank vs Discover Bank | 3.50% | $0 |
| Varo Bank vs Elevault | 4.60% | $0 |
| Varo Bank vs EverBank | 4.30% | $0 |
| Varo Bank vs Fitness Bank | 4.75% | $100 |
| Varo Bank vs FVCbank | 4.35% | $500 |
| Varo Bank vs GO2bank | 4.50% | $0 |
| Varo Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Varo Bank vs Neighbors Bank | 4.60% | $0 |
| Varo Bank vs Newtek Bank | 4.35% | $0 |
| Varo Bank vs Peak Bank | 4.35% | $100 |
| Varo Bank vs Pibank | 4.60% | $0 |
| Varo Bank vs Presidential Bank | 4.50% | $5,000 |
| Varo Bank vs SoFi Bank | 3.80% | $0 |
| Varo Bank vs Synchrony Bank | 3.80% | $0 |
| Varo Bank vs TIMBR | 4.40% | $1,000 |
| Varo Bank vs UFB Direct | 4.21% | $5000 |
| Varo Bank vs Wells Fargo | 2.51% | $25 |
| Varo Bank vs Zynlo Bank | 4.35% | $10 |