Synchrony Bank vs Varo Money
High-Yield Savings Accounts Comparison
Last Updated: August 1, 2025
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Summary of Synchrony Bank vs. Varo Bank
As of August 1, 2025 Synchrony Bank offers an APY of 3.80% for its High Yield Savings account, compared to Varo Bank's 5.00% APY for its High-Yield Savings Account account.
Synchrony Bank yields $5 more than Varo Bank on a $10,000 balance after one year. Synchrony Bank pays $380, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Synchrony Bank.
Synchrony Bank
Strengths
- Synchrony Bank offers a competitive APY of 3.80%.
- No minimum balance or maintenance fees for the High Yield Savings account.
- High App Store rating of 4.8.
Potential Drawbacks
- Synchrony Bank has no BBB rating or accreditation.
- Direct deposit is not available for the High Yield Savings account.
Varo Bank
Strengths
- Varo Bank provides a high APY of 5.00% for direct deposits.
- Varo Bank is BBB Accredited with an A- rating.
- High Google Play rating of 4.7.
Potential Drawbacks
- Varo Bank requires a minimum direct deposit of $1,000/month to earn the highest APY.
- Lower APY of 2.50% applies to funds over $5,000.
- No physical branches available.
Summary: Synchrony Bank's High Yield Savings account offers a solid 3.80% APY with no fees, but lacks a BBB rating. In contrast, Varo Bank provides a higher 5.00% APY with a direct deposit requirement and is BBB Accredited, but has a minimum deposit condition and no branches. Both banks have strong app ratings.
Compare Synchrony Bank's vs Varo Bank's Savings Accounts
| Synchrony Bank | Varo Bank | ||
|---|---|---|---|
| Product | High Yield 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 | No | 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 | Yes. Min. $1,000/month | |
| Note | 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 | 4.6/5 | 4.7/5 | |
| BBB Rating | Not Rated | A- |
Comparative Historical APY Insights (Last 6 Months)
| Synchrony Bank | Varo Bank | ||
|---|---|---|---|
| Product | High Yield Savings | vs | High-Yield Savings Account |
| Latest APY | 3.80 % | 5.00 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -4.7 | 0.0 | |
| Rate Changes / Mo | 0.31 | 0.00 | |
| Days Since Last Change | 62 | 193 | |
| High (-6 m) | 4.10 % | 5.00 % | |
| Low (-6 m) | 3.80 % | 5.00 % | |
| Draw-down from High | -7.3 % | 0.0 % | |
| Volatility (CV) | 0.026 | 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 194 days.
- Low (-6 m)
- Lowest APY in the last 194 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 Synchrony Bank vs Varo Bank
All calculations are based on APY.
Synchrony 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, Synchrony 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 Synchrony Bank's APY of 3.80% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Synchrony Bank vs Ally Bank | 3.50% | $0 |
| Synchrony Bank vs American Express | 3.50% | $0 |
| Synchrony Bank vs Axos Bank | 4.46% | $0 |
| Synchrony Bank vs Bank of America | 0.01% | $100 |
| Synchrony Bank vs Barclays | 4.10% | $0 |
| Synchrony Bank vs Capital One | 3.50% | $0 |
| Synchrony Bank vs Chase Bank | 0.01% | $0 |
| Synchrony Bank vs Chime | 3.75% | $0 |
| Synchrony Bank vs CIT Bank | 4.00% | $100 |
| Synchrony Bank vs Discover Bank | 3.50% | $0 |
| Synchrony Bank vs Fitness Bank | 4.85% | $100 |
| Synchrony Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Synchrony Bank vs Presidential Bank | 4.50% | $5,000 |
| Synchrony Bank vs SoFi Bank | 3.80% | $0 |
| Synchrony Bank vs UFB Direct | 4.21% | $5000 |
| Synchrony 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 SoFi Bank | 3.80% | $0 |
| Varo Bank vs UFB Direct | 4.21% | $5000 |
| Varo Bank vs Wells Fargo | 2.51% | $25 |