Sofi Bank vs. Varo Money
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 16, 2025
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Summary of SoFi Bank vs. Varo Bank
Key Metrics at a Glance
| Feature | SoFi Bank | Varo Bank |
|---|---|---|
| Top Savings APY | 4.30% SoFi Savings | 5.00% High-Yield Savings Account |
| Minimum to Open | $0 | $0 |
| Minimum Balance for Top APY | $0 | $0.01 |
| Note | Limited offer: you can earn a 0.70% APY boost for 6 months, making the total APY 4.30%. This requires either 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. | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. A Varo bank account & direct deposit required. |
SoFi Bank
Strengths
- SoFi Bank offers a $0 minimum deposit and balance requirement.
- SoFi Bank has a higher App Store rating of 4.8 compared to Varo Bank's 4.9.
- SoFi Bank has no maintenance fees.
Potential Drawbacks
- SoFi Bank's current APY is lower than Varo Bank's at 4.30%.
- SoFi Bank's APY decreased from 4.50% in the last 30 days.
- SoFi Bank is not BBB accredited.
Varo Bank
Strengths
- Varo Bank offers a higher current APY of 5.00%.
- Varo Bank is BBB accredited, indicating higher trustworthiness.
- Varo Bank's Google Play rating is higher at 4.6.
Potential Drawbacks
- Varo Bank requires a direct deposit of $1,000/month to earn the listed APY.
- Varo Bank has a minimum balance requirement of $0.01.
- Varo Bank's App Store rating is slightly lower at 4.9.
→ As of November 16, 2025 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 yields $55 more than Varo Bank on a $10,000 balance after one year. SoFi Bank pays $430, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for SoFi Bank.
Calculate Savings Growth for SoFi Bank vs Varo Bank
SoFi Bank - SoFi Savings
Total savings breakdown:
- Interest earned: $2,629.4 (12.75%)
- Total contributions: $13,000 (63.02%)
- Initial deposit: $5,000 (24.24%)
Your total balance
$20,629.40
Total balance: $20,629.4
Earnings: $2,629.4
Bank OverviewVaro Bank - High-Yield Savings Account
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
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 $418 higher than Varo Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare SoFi Bank's vs Varo Bank's Savings Accounts
| SoFi Bank | Varo Bank | ||
|---|---|---|---|
| Product | SoFi Savings | vs | High-Yield Savings Account |
| APY | 4.30% (as of 11/16/2025) | 2.50% - 5.00% (as of 11/16/2025) | |
| Bundled Account | Yes | Yes | |
| 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 | Limited offer: you can earn a 0.70% APY boost for 6 months, making the total APY 4.30%. This requires either 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. | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. A Varo bank account & direct deposit required. | |
| App Store Rating | 4.8/5 | 4.9/5 | |
| Google Play Rating | 4.0/5 | 4.6/5 | |
| BBB Rating | A+ | A |
Comparative Historical APY Insights (Last 10 Months)
| SoFi Bank | Varo Bank | ||
|---|---|---|---|
| Product | SoFi Savings | vs | High-Yield Savings Account |
| Latest APY | 4.30 % | 5.00 % | |
| Trend | Rising | Sideways | |
| Slope (bps/mo) | 7.4 | 0.0 | |
| Rate Changes / Mo | 0.30 | 0.00 | |
| Days Since Last Change | 4 | 298 | |
| High (-10 m) | 4.50 % | 5.00 % | |
| Low (-10 m) | 3.80 % | 5.00 % | |
| Draw-down from High | -4.4 % | 0.0 % | |
| Volatility (CV) | 0.075 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 10 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 (-10 m)
- Highest APY in the last 298 days.
- Low (-10 m)
- Lowest APY in the last 298 days.
- Draw-down from High
- How far today sits below the 10-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.