Upgrade vs. Varo Bank
Comparing Upgrade and Varo Bank for high-yield savings: Upgrade's Premier Savings pays 3.05% APY while Varo Bank's High-Yield Savings Account pays 5.00% APY.
Note: Varo Bank caps its top rate at $5,000 and requires a checking account.
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 $70 more than Upgrade annually ($375 vs $305).
Choose Upgrade if you want a no-strings-attached account. Choose Varo Bank if getting the best rate matters most, or you want Zelle for quick transfers.
Important Considerations
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 $22,727, Upgrade earns more due to Varo Bank's APY cap.
Varo Bank requires a checking account to unlock its top savings rate, while Upgrade offers its savings account standalone.
| Metric | UpgradePremier Savings Feb 6, 2026 | Varo BankHigh-Yield Savings Account Feb 6, 2026 |
|---|---|---|
| APY | 3.05% | 2.50% - 5.00% |
Est. Earnings | $5,000+$153 $10,000+$305 $25,000+$763 | $5,000+$250 $10,000+$375 $25,000+$750 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | - | 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 InsuredLow MinimumsGreat iOS AppGreat Android AppDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingStable Rate |
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
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 compared to Upgrade's Premier Savings, which provides a 3.05% APY. However, to earn the higher rate with Varo, a bank account and a minimum direct deposit of $1,000 per month are required. For those seeking simplicity without such conditions, Upgrade's account has no direct deposit requirement and allows a minimum balance of $1,000, making it an accessible alternative. 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 Upgrade?
- ✓No checking account or direct deposit required
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 3.05%) on balances up to $5,000 (requires checking bundle & direct deposit)
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
Varo BankVaro Bank's High-Yield Savings Account earns more on smaller deposits (approx. $375 vs $305/yr).
Best for Simplicity
UpgradeUpgrade's Premier Savings offers 3.05% APY with no bundling, direct deposit requirement or caps.
Best for All-in-One Banking
Varo BankVaro Bank's High-Yield Savings Account pays a superior APY for customers who also open a checking account.
Shared Benefits
Over a 1-year period, Varo Bank's High-Yield Savings Account pays $70 more interest on a $10,000 balance than Upgrade's Premier Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Upgrade vs. Varo Bank Savings Calculator
You earn $70 more with Varo Bank than Upgrade 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.
Upgrade
Premier Savings
Savings Breakdown
- Interest Earned+$305.00(3.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,305.00
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 $304 per year in interest.
Both Upgrade and Varo Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Upgrade | Varo Bank |
|---|---|---|
| APY | 3.05% Verified: 2/6/2026 Stable (90d) | 5.00% Range: 2.50% - 5.00% Verified: 2/6/2026 Stable (90d) |
| Product Name | Premier Savings | High-Yield Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $1,000 | $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. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Requires history of qualifying direct deposits. |
| BBB Rating | A+ | A |
| Important Notes | - | 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 Upgrade 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 | Upgrade | Varo Bank |
|---|---|---|
| Premier Savings | High-Yield Savings Account | |
Current APY | 3.05% | 5.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -11.6 | 0.0 |
Days Since Change | 97 | 365 |
12-Month High | 4.14% | 5.00% |
12-Month Low | 3.05% | 5.00% |
Adjustments / Mo | 0.25 | 0.00 |
Volatility Score | 0.128 | 0.000 |
How to read these metrics(Click to expand)
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More Comparisons
Compare Upgrade's APY of 3.05% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Upgrade vs Ally Bank | 3.30% | $0 |
| Upgrade vs American Express | 3.30% | $0 |
| Upgrade vs Axos Bank | 4.21% | $0 |
| Upgrade vs Bank of America | 0.01% | $100 |
| Upgrade vs Barclays | 4.00% | $0 |
| Upgrade vs Capital One | 3.30% | $0 |
| Upgrade vs Chase Bank | 0.01% | $0 |
| Upgrade vs Chime | 3.00% | $0 |
| Upgrade vs CIT Bank | 3.75% | $100 |
| Upgrade vs Citibank | 3.20% | $0 |
| Upgrade vs Discover Bank | 3.30% | $0 |
| Upgrade vs EverBank | 3.90% | $0 |
| Upgrade vs Marcus by Goldman Sachs | 3.65% | $0 |
| Upgrade vs Newtek Bank | 4.20% | $0.01 |
| Upgrade vs Openbank | 4.09% | $500 |
| Upgrade vs Pibank | 4.60% | $0 |
| Upgrade vs SoFi Bank | 4.00% | $0 |
| Upgrade vs Synchrony Bank | 3.50% | $0 |
| Upgrade vs Wealthfront | 3.95% | $0 |
| Upgrade vs Wells Fargo | 0.05% | $25 |