Sofi Bank vs Varo Money
High-Yield Savings Accounts Comparison
Last Updated: August 1, 2025
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Summary of SoFi Bank vs. Varo Bank
As of August 1, 2025 SoFi Bank offers an APY of 3.80% for its SoFi Savings account, compared to Varo Bank's 5.00% APY for its High-Yield Savings Account account.
SoFi Bank yields $5 more than Varo Bank on a $10,000 balance after one year. SoFi Bank pays $380, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for SoFi Bank.
SoFi Bank
Strengths
- SoFi Bank offers a competitive 3.80% APY with no minimum balance or maintenance fees.
- SoFi Bank has an A+ BBB rating, indicating strong trustworthiness.
- SoFi Bank's App Store rating is 4.8, reflecting high user satisfaction.
Potential Drawbacks
- SoFi Bank requires a direct deposit or $5,000 qualifying deposit for the 3.80% APY.
- SoFi Bank has no physical branches, which may limit in-person support.
- SoFi Bank's Google Play rating is lower at 4.4 compared to Varo Bank.
Varo Bank
Strengths
- Varo Bank offers a higher 5.00% APY on savings up to $5,000.
- Varo Bank is BBB Accredited and has an A- BBB rating.
- Varo Bank's Google Play rating is 4.7, indicating strong user approval.
Potential Drawbacks
- Varo Bank requires a minimum direct deposit of $1,000/month to earn the 5.00% APY.
- Varo Bank has no physical branches, limiting in-person banking options.
- Varo Bank's App Store rating is slightly lower at 4.9 compared to SoFi Bank.
Summary: SoFi Bank offers a 3.80% APY with no minimum balance, while Varo Bank provides a higher 5.00% APY but requires a $1,000 monthly direct deposit. SoFi has an A+ BBB rating compared to Varo's A- rating, though Varo is BBB Accredited. Both banks are online-only with no branches, but Varo has slightly better App Store and Google Play ratings.
Compare SoFi Bank's vs Varo Bank's Savings Accounts
| SoFi Bank | Varo Bank | ||
|---|---|---|---|
| Product | SoFi Savings | vs | High-Yield Savings Account |
| APY | 3.80% (as of 8/1/2025) | 2.50% - 5.00% (as of 8/1/2025) | |
| Bundled Account | Yes | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $0 | |
| Minimum Balance for APY | $0 | $0.01 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | No. Without direct deposit or "Qualifying Deposits" the APY will be significantly lower | Yes. Min. $1,000/month | |
| Note | The 3.80% APY requires either a direct deposit of regular income (of any amount) or a Qualifying Deposit of $5,000 for any 30-day period. The savings account comes bundled with a checking account. | 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 | 4.4/5 | 4.7/5 | |
| BBB Rating | A+ | A- |
Comparative Historical APY Insights (Last 6 Months)
| SoFi Bank | Varo Bank | ||
|---|---|---|---|
| Product | SoFi Savings | vs | High-Yield Savings Account |
| Latest APY | 3.80 % | 5.00 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -0.1 | 0.0 | |
| Rate Changes / Mo | 0.16 | 0.00 | |
| Days Since Last Change | 191 | 193 | |
| High (-6 m) | 4.00 % | 5.00 % | |
| Low (-6 m) | 3.80 % | 5.00 % | |
| Draw-down from High | -5.0 % | 0.0 % | |
| Volatility (CV) | 0.005 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 6 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 (-6 m)
- Highest APY in the last 193 days.
- Low (-6 m)
- Lowest APY in the last 193 days.
- Draw-down from High
- How far today sits below the 6-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 SoFi Bank vs Varo Bank
All calculations are based on APY.
SoFi Bank
APY: 3.80%
Total savings breakdown:
- Interest earned: $2,305.9 (11.36%)
- Total contributions: $13,000 (64.02%)
- Initial deposit: $5,000 (24.62%)
Your total balance
$20,305.90
Effective APY: 3.80% (based on your deposit and contributions)
Total balance: $20,305.9
Earnings: $2,305.9
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, SoFi Bank's total earnings would be $94.5 higher 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 SoFi Bank's APY of 3.80% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| SoFi Bank vs Ally Bank | 3.50% | $0 |
| SoFi Bank vs American Express | 3.50% | $0 |
| SoFi Bank vs Axos Bank | 4.46% | $0 |
| SoFi Bank vs Bank of America | 0.01% | $100 |
| SoFi Bank vs Barclays | 4.10% | $0 |
| SoFi Bank vs Capital One | 3.50% | $0 |
| SoFi Bank vs Chase Bank | 0.01% | $0 |
| SoFi Bank vs Chime | 3.75% | $0 |
| SoFi Bank vs CIT Bank | 4.00% | $100 |
| SoFi Bank vs Discover Bank | 3.50% | $0 |
| SoFi Bank vs Fitness Bank | 4.85% | $100 |
| SoFi Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| SoFi Bank vs Presidential Bank | 4.50% | $5,000 |
| SoFi Bank vs Synchrony Bank | 3.80% | $0 |
| SoFi Bank vs UFB Direct | 4.21% | $5000 |
| SoFi Bank vs Wells Fargo | 2.51% | $25 |
Compare Varo Bank's APY of 5.00% with other banks
| Bank Pair | Best 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 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 Fitness Bank | 4.85% | $100 |
| Varo Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Varo Bank vs Presidential Bank | 4.50% | $5,000 |
| Varo Bank vs Synchrony Bank | 3.80% | $0 |
| Varo Bank vs UFB Direct | 4.21% | $5000 |
| Varo Bank vs Wells Fargo | 2.51% | $25 |