SoFi Bank vs. Varo Bank
Comparing SoFi Bank and Varo Bank for high-yield savings: SoFi Bank's SoFi Savings pays 3.80% APY (including a 6-month 0.70% promo boost) while Varo Bank's High-Yield Savings Account pays 3.75% APY.
Note: Varo Bank caps its top rate at $5,000.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? SoFi Bank pays $108 more than Varo Bank annually ($345 vs $238).
Choose SoFi Bank if getting the best rate matters most. Choose Varo Bank if you want to avoid a promo rate with a scheduled drop, or you're an Android user.
Important Considerations
The key difference? SoFi Bank's 3.80% rate includes a promotional bonus for the first 6 months, after which it reverts to the standard rate (currently 3.10%). Varo Bank's 3.75% rate has no scheduled drop, though all rates are subject to change.
Watch out: Varo Bank's 3.75% APY only applies to the first $5,000. With a $10,000 balance, your effective rate drops to 2.38% APY ($238 annually).
Both banks require a checking account to access their highest savings rates.
| Metric | SoFi BankSoFi Savings Aug 7, 2026 | Varo BankHigh-Yield Savings Account Aug 7, 2026 |
|---|---|---|
| APY | 3.10% - 3.80% | 1.00% - 3.75% |
Est. Earnings | $5,000+$173 $10,000+$345 $25,000+$863 | $5,000+$188 $10,000+$238 $25,000+$388 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | Limited offer: The 3.80% 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 3.75% APY on up to $5,000 and 1.00% APY on the rest. A Varo bank account & direct deposit required. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking BundleDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.10% APY.
Executive Summary
SoFi Bank's SoFi Savings leads with an APY of 3.80%, benefiting from a temporary 0.70% boost for six months, available without direct deposit or through a $10/month subscription. This account is bundled with a checking account offering a 0.50% APY. In contrast, Varo Bank's High-Yield Savings Account offers a slightly lower APY of 3.75%, but requires a minimum direct deposit of $1,000 per month and caps the higher rate at $5,000, with a lower rate of 1.00% on amounts above that. Both accounts are online-only and have no maintenance fees.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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 rated Android app (4.5 vs 3.9)
— Key Feature Differences —
Better Returns at $10,000
SoFi BankSoFi Bank's SoFi Savings earns more on smaller deposits (approx. $345 vs $238/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $863 vs $388/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. 4.7) and Android app rated 4.5 (vs. 3.9)
Shared Benefits
Over a 1-year period (factoring in a 6-month promo), SoFi Bank's SoFi Savings pays $108 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.
Non-sponsored link to official site
Non-sponsored link to official site
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SoFi Bank vs. Varo Bank Savings Calculator
You earn $107.4 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: 3.80% for 6 months, then 3.10%.
Savings Breakdown
- Interest Earned+$344.90(3.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,344.90
Varo Bank
High-Yield Savings Account
3.75% on first $5,000 and 1.00% thereafter.
Savings Breakdown
- Interest Earned+$237.50(2.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,237.50
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $237 per year in interest.
Both SoFi Bank and Varo Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | SoFi Bank | Varo Bank |
|---|---|---|
| APY | 3.80% Range: 3.10% - 3.80% Verified: 8/7/2026 ↘︎ 0.20%90d Change | 3.75% Range: 1.00% - 3.75% Verified: 8/7/2026 ↘︎ 1.25%90d Change |
| Product Name | SoFi Savings | High-Yield Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | N/A | None |
| 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 | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Native support added in 2024 for banking members. | Available Requires history of qualifying direct deposits. |
| BBB Rating | A+ | A |
| Important Notes | Limited offer: The 3.80% 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 3.75% APY on up to $5,000 and 1.00% APY on the rest. A Varo bank account & direct deposit required. |
| Next Steps | Visit SiteVerify at SoFi 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 | SoFi Bank | Varo Bank |
|---|---|---|
| SoFi Savings | High-Yield Savings Account | |
Current APY | 3.80% | 3.75% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.3 | -2.1 |
Days Since Change | 71 | 9 |
12-Month High | 4.50% | 5.00% |
12-Month Low | 3.80% | 3.75% |
Adjustments / Mo | 0.33 | 0.08 |
Volatility Score | 0.058 | 0.041 |
How to read these metrics(Click to expand)
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