SoFi Bank vs. Varo Bank
Comparing SoFi Bank and Varo Bank for high-yield savings: SoFi Bank's SoFi Savings pays 4.00% APY (including a 6-month 0.70% promo boost) while Varo Bank's High-Yield Savings Account pays 5.00% 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? Varo Bank pays $10 more than SoFi Bank annually ($375 vs $365).
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 4.00% rate includes a promotional bonus for the first 6 months, after which it reverts to the standard rate (currently 3.30%). Varo Bank's 5.00% rate has no scheduled drop, though all rates are subject to change.
Watch out: Varo Bank's 5.00% APY only applies to the first $5,000. With a $10,000 balance, your effective rate drops to 3.75% APY ($375 annually).
At balances above $8,333, SoFi Bank earns more due to Varo Bank's APY cap.
Both banks require a checking account to access their highest savings rates.
| Metric | SoFi BankSoFi Savings Feb 7, 2026 | Varo BankHigh-Yield Savings Account Feb 7, 2026 |
|---|---|---|
| APY | 3.30% - 4.00% | 2.50% - 5.00% |
Est. Earnings | $5,000+$183 $10,000+$365 $25,000+$913 | $5,000+$250 $10,000+$375 $25,000+$750 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | Limited offer: The 4.00% 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. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking BundleDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingStable Rate |
Looking for Simplicity?
Don't want a checking bundle? We track many high-yield banks that offer competitive rates without checking requirements.
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 winner in this comparison. However, it requires a Varo bank account and a minimum direct deposit of $1,000 per month. For those looking for an alternative, SoFi Bank provides a SoFi Savings account with an APY of 4.00%, which includes a temporary boost for 6 months, but it also comes with the option of a $10/month subscription if direct deposit is not utilized. 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 potential APY (5.00% vs 4.00%) 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 $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $913 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, Varo Bank's High-Yield Savings Account pays $10 more interest on a $10,000 balance than SoFi Bank's SoFi Savings.
*This comparison accounts for SoFi Bank's introductory promotional rate, yet Varo Bank's standard rate still yields a higher 1-year return.
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 $10.1 more with Varo Bank than SoFi 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: 4.00% for 6 months, then 3.30%.
Savings Breakdown
- Interest Earned+$364.90(3.5%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,364.90
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.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $364 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 | 4.00% Range: 3.30% - 4.00% Verified: 2/7/2026 ↘︎ 0.50%90d Change | 5.00% Range: 2.50% - 5.00% Verified: 2/7/2026 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 |
| 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 4.00% 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 | 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 | 4.00% | 5.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | 4.7 | 0.0 |
Days Since Change | 46 | 365 |
12-Month High | 4.50% | 5.00% |
12-Month Low | 3.80% | 5.00% |
Adjustments / Mo | 0.25 | 0.00 |
Volatility Score | 0.068 | 0.000 |
How to read these metrics(Click to expand)
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