SoFi Bank vs. Varo Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
SoFi Bank
SoFi Savings
Up to4.30%APYDec 17, 2025FDIC InsuredChecking BundleNo MinimumsGreat iOS AppRange: 3.60% – 4.30%Show Fine Print & Trends Hide Details
SoFi Bank
SoFi Savings
Varo Bank
High-Yield Savings Account
Up to5.00%APYDec 16, 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 SoFi Bank vs. Varo Bank
As of SoFi Bank offers an APY of 4.30% for its SoFi 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.
SoFi Bank pays $20 more than Varo Bank on a $10,000 balance after one year. SoFi Bank pays $395 (with an effective APY of 3.95%), while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for SoFi Bank.
Why SoFi Bank?
- ✓Earn a $50 bonus with $1,000+ in direct deposits, or $300 with $5,000+.
- ✓Earn 0.50% APY on checking account with access to 55,000+ fee free ATMs
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 4.30%) on balances up to $5,000 (requires checking bundle & direct deposit)
- ✓Higher rated Android app (4.6 vs 3.9)
— Key Feature Differences —
Better Returns at $10,000
SoFi BankSoFi Bank's SoFi Savings earns more on smaller deposits (approx. $395 vs $375/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $988 vs $750/yr).
Requires Banking Relationship
Both banks require a checking account bundle and qualifying requirements to access their highest rates.
Best Mobile App Experience
Varo BankVaro Bank offers an iOS app rated 4.9 (vs. 4.8) and Android app rated 4.6 (vs. 3.9)
Shared Benefits
Over a 1-year period (factoring in a 6-month promo), SoFi Bank's SoFi Savings pays $20 more interest on a $10,000 balance than Varo Bank's High-Yield Savings Account.
*SoFi Bank's calculation includes their 6-month introductory promotional rate and subsequent standard rate.
Executive Summary
Varo Bank's High-Yield Savings Account offers a competitive APY of 5.00% on balances up to $5,000, making it the clear winner among the two banks. However, this account requires a direct deposit of at least $1,000 per month and a Varo bank account. In contrast, SoFi Bank's SoFi Savings account provides a 4.30% APY, which includes a temporary boost, but does not require direct deposit, although an alternative subscription fee of $10/month applies. SoFi Savings also comes bundled with a checking account that has a lower APY of 0.50%. Both accounts are online-only and have no maintenance fees.
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.
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SoFi Bank vs. Varo Bank Savings Calculator
You earn $19.9 more with SoFi Bank than Varo 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.
SoFi Bank
SoFi Savings
Promo Rate: 4.30% for 6 months, then 3.60%.
Savings Breakdown
- Interest Earned+$394.90(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,394.90
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 | SoFi Bank | Varo Bank |
|---|---|---|
| APY | 4.30% Range: 3.60% - 4.30% Verified: 12/17/2025 ↘︎ 0.20%90d Change | 5.00% Range: 2.50% - 5.00% Verified: 12/16/2025 Stable (90d) |
| Product Name | SoFi Savings | 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. | While direct deposit is not required, the alternative is a subscription fee of $10/month | RequiredMin. $1,000/month |
| Checking Bundle | Yes | Yes |
| Mobile Apps | iOS4.8 Android3.9 | iOS4.9 Android4.6 |
| BBB Rating | A+ | A |
| Important Notes | Limited offer: The 4.30% includes a temporary 0.70% APY boost for 6 months. It is available with a direct deposit of regular income, or a $10/month subscription. See terms at SoFi Bank. The savings account comes bundled with a checking account with a 0.50% APY. | 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 |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | SoFi Bank | Varo Bank |
|---|---|---|
| SoFi Savings | High-Yield Savings Account | |
Current APY | 4.30% | 5.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | 7.0 | 0.0 |
Days Since Change | 35 | 329 |
11-Month High | 4.50% | 5.00% |
11-Month Low | 3.80% | 5.00% |
Adjustments / Mo | 0.27 | 0.00 |
Volatility Score | 0.074 | 0.000 |
How to read these metrics(Click to expand)
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