High-Yield Savings Account Comparison

Upgrade vs. Varo Bank

Compare rates, requirements, and features side-by-side to find the best option for you.

Analysis by Aviel Fahl
Updated December 10, 2025

Upgrade

Premier Savings

3.05%
APY
Dec 10, 2025
FDIC InsuredLow MinimumsGreat iOS AppGreat Android App
Show Fine Print & Trends
Min. Deposit$0
Min. Balance$1,000
Maintenance Fee$0
Compound FreqDaily
Direct DepositNot required
Deposit InsuranceFDIC Insured(Cert: 58410)
EligibilityUnited States
Mobile Ratings
iOS:4.9Android:4.5
BBB Rating
A+(BBB Accredited)

Rate Stability

Rate Adjusted
-0.97%
Since 90 days ago
Read Bank Overview

Varo Bank

High-Yield Savings Account

Up to
5.00%
APY
Dec 10, 2025
FDIC InsuredDirect Deposit ReqChecking BundleNo MinimumsGreat iOS AppGreat Android App
Range: 2.50% – 5.00%
Show Fine Print & Trends
Min. Deposit$0
Min. Balance$0.01
Maintenance Fee$0
Compound FreqDaily
Direct DepositRequired (Min. $1,000/month)
Deposit InsuranceFDIC Insured(Cert: 59190)
EligibilityUnited States
Mobile Ratings
iOS:4.9Android:4.6
BBB Rating
A(BBB Accredited)

Important Note

Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. A Varo bank account & direct deposit required.

Rate Stability

Very StableNo rate changes in last 90 days
Read Bank Overview

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.

Find Branch Access

Upgrade vs. Varo Bank Savings Calculator

Calculations based on current APY for Premier Savings and High-Yield Savings Account
$
$

Varo Bank earns $381.8 more than Upgrade.

Upgrade

Premier Savings

3.05% APY

Savings Breakdown

  • Interest Earned
    +$1,829.60(9.2%)
  • Total Contributions
    $13,000
  • Initial Deposit
    $5,000

Projected Balance

$19,829.60

Effective APY
3.05%
View Details

Varo Bank

High-Yield Savings Account

5.00% APY

5.00% on first $5,000 and 2.50% thereafter.

Savings Breakdown

  • Interest Earned
    +$2,211.40(10.9%)
  • Total Contributions
    $13,000
  • Initial Deposit
    $5,000

Projected Balance

$20,211.40

Effective APY
3.65%
View Details

The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.

Comparison Analysis

Comparing Upgrade vs. Varo Bank

Updated: Dec 10, 2025

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)

— Key Feature Differences —

Better Returns at $10,000
Varo Bank

Varo Bank's High-Yield Savings Account earns more on smaller deposits (approx. $375 vs $305/yr).

Best for Simplicity
Upgrade

Upgrade's Premier Savings offers 3.05% APY with no bundling, direct deposit requirement or caps.

Best for All-in-One Banking
Varo Bank

Varo Bank's High-Yield Savings Account pays a superior APY for customers who also open a checking account.

Shared Benefits

Both offer monthly maintenance-free account options Both banks have options with $0 opening deposit Available Nationwide Available to New & Existing Customers
The Bottom Line on APY (Interest Only)

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.

UpgradeVaro Bank
Automated Data Audit

Executive Summary

Varo Bank's High-Yield Savings Account stands out with a competitive 5.00% APY on deposits up to $5,000, while Upgrade's Premier Savings offers a lower 3.05% APY. However, Varo requires a checking account and a minimum direct deposit of $1,000 per month to earn the highest rate, which may limit accessibility for some users. Upgrade's account, on the other hand, is online-only with no direct deposit requirement, making it a simpler option for those looking to avoid additional conditions. For those who can meet Varo's requirements, it provides better returns, especially on smaller deposits.

Analysis generated based on current Banksparency database records

* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.

ExploreUpgradeExploreVaro Bank
FeatureUpgradeVaro Bank
APY
3.05%
Verified: 12/10/2025
↘︎ 0.97%90d Change
5.00%
Range: 2.50% - 5.00%
Verified: 12/10/2025
Stable (90d)
Product NamePremier SavingsHigh-Yield Savings Account
Minimum Deposit$0$0
Min. Balance for APY$1,000$0.01
Monthly Fee$0$0
Branch AccessNoneNone
Account Type
Online Only
Online Only
Direct Deposit Req.None
RequiredMin. $1,000/month
Checking BundleNo Yes
Mobile Apps
iOS4.9
Android4.5
iOS4.9
Android4.6
BBB RatingA+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
- View Details
- View Details

📈 Compare Savings Rates Over Time

Historical Performance

Last 11 Months Analysis
MetricUpgradeVaro Bank
Premier SavingsHigh-Yield Savings Account
Current APY
3.05%5.00%
Trend
 Stable Stable
Velocity (bps/mo)
-10.40.0
Days Since Change
39322
11-Month High
4.14%5.00%
11-Month Low
3.05%5.00%
Adjustments / Mo
0.280.00
Volatility Score
0.1050.000
How to read these metrics(Click to expand)

Trends & Velocity

  • Trend: The general direction of the rate over the analyzed period. Useful for spotting if a bank is currently aggressive or pulling back.
  • Velocity (bps/mo): Speed of change. A high positive number means they raise rates quickly. 10 bps = 0.10%.
  • Adjustments/Mo: "Twitchiness." High frequency means the rate changes constantly; low frequency means it's stable.

Risk & Range

  • High/Low: The absolute ceiling and floor of the rate during the 322-day window.
  • Volatility Score: Lower is better for predictability. It indicates how wildly the rate swings relative to its average.
  • Days Since Change: If this number is high (e.g., >90), the rate is very sticky. If low, it changed recently.

Compare Similar Alternatives

Compare Upgrade vs...

Comparing against Standard Savings

vs Upgrade
PibankNo Bundle Req
4.60%
APY
vs Upgrade
TIMBRNo Bundle Req
4.40%
APY
vs Upgrade
Newtek BankNo Bundle Req
4.35%
APY

Compare Varo Bank vs...

Comparing against other Bundled Accounts

vs Varo Bank
Axos BankChecking Bundle
4.31%
APY
vs Varo Bank
SoFi BankChecking Bundle
4.30%
APY
vs Varo Bank
Presidential BankChecking Bundle
4.00%
APY

More Comparisons

Compare Upgrade's APY of 3.05% with other banks
Bank PairCompetitor APYMin Deposit
Upgrade vs Affirm3.60%$0
Upgrade vs Ally Bank3.30%$0
Upgrade vs American Express3.40%$0
Upgrade vs Axos Bank4.31%$0
Upgrade vs Bank of America0.01%$100
Upgrade vs Barclays4.00%$0
Upgrade vs Bask Bank3.90%$0
Upgrade vs Betterment3.50%$10
Upgrade vs BMO Alto3.25%$0
Upgrade vs Bread Savings4.10%$100
Upgrade vs BrioDirect4.00%$5,000
Upgrade vs Capital One3.40%$0
Upgrade vs Charles Schwab Bank0.15%$0
Upgrade vs Chase Bank0.01%$0
Upgrade vs Chime3.50%$0
Upgrade vs CIT Bank3.75%$100
Upgrade vs Citibank3.30%$0
Upgrade vs Citizens Access™3.15%$0.01
Upgrade vs Climate First Bank4.21%$50
Upgrade vs Discover Bank3.40%$0
Upgrade vs E*TRADE from Morgan Stanley3.75%$0
Upgrade vs Elevault4.08%$0
Upgrade vs EverBank4.05%$0
Upgrade vs Fitness Bank4.75%$100
Upgrade vs FNBO Direct3.00%$1
Upgrade vs Forbright Bank4.00%$0
Upgrade vs FVCbank3.85%$500
Upgrade vs GO2bank4.50%$0
Upgrade vs Ivy Bank4.25%$2,500
Upgrade vs LendingClub4.20%$0
Upgrade vs Marcus by Goldman Sachs3.65%$0
Upgrade vs Neighbors Bank4.30%$0
Upgrade vs Newtek Bank4.35%$0.01
Upgrade vs Openbank4.20%$500
Upgrade vs Peak Bank4.20%$100
Upgrade vs Pibank4.60%$0
Upgrade vs PNC3.53%$0
Upgrade vs Presidential Bank4.00%$5,000
Upgrade vs Quontic Bank3.75%$100
Upgrade vs Salem Five Direct3.71%$10
Upgrade vs Sallie Mae Bank3.90%$0
Upgrade vs Santander Bank0.01%$25
Upgrade vs SoFi Bank4.30%$0
Upgrade vs Synchrony Bank3.65%$0
Upgrade vs TD Bank2.75%$0
Upgrade vs TIMBR4.40%$1,000
Upgrade vs UFB Direct3.71%$5000
Upgrade vs Valley Direct4.10%$1,000
Upgrade vs Vio Bank4.16%$100
Upgrade vs Wealthfront4.15%$0
Upgrade vs Wells Fargo0.05%$25
Upgrade vs Zynlo Bank4.05%$10
Compare Varo Bank's APY of 5.00% with other banks
Bank PairCompetitor APYMin Deposit
Varo Bank vs Affirm3.60%$0
Varo Bank vs Ally Bank3.30%$0
Varo Bank vs American Express3.40%$0
Varo Bank vs Axos Bank4.31%$0
Varo Bank vs Bank of America0.01%$100
Varo Bank vs Barclays4.00%$0
Varo Bank vs Bask Bank3.90%$0
Varo Bank vs Betterment3.50%$10
Varo Bank vs BMO Alto3.25%$0
Varo Bank vs Bread Savings4.10%$100
Varo Bank vs BrioDirect4.00%$5,000
Varo Bank vs Capital One3.40%$0
Varo Bank vs Charles Schwab Bank0.15%$0
Varo Bank vs Chase Bank0.01%$0
Varo Bank vs Chime3.50%$0
Varo Bank vs CIT Bank3.75%$100
Varo Bank vs Citibank3.30%$0
Varo Bank vs Citizens Access™3.15%$0.01
Varo Bank vs Climate First Bank4.21%$50
Varo Bank vs Discover Bank3.40%$0
Varo Bank vs E*TRADE from Morgan Stanley3.75%$0
Varo Bank vs Elevault4.08%$0
Varo Bank vs EverBank4.05%$0
Varo Bank vs Fitness Bank4.75%$100
Varo Bank vs FNBO Direct3.00%$1
Varo Bank vs Forbright Bank4.00%$0
Varo Bank vs FVCbank3.85%$500
Varo Bank vs GO2bank4.50%$0
Varo Bank vs Ivy Bank4.25%$2,500
Varo Bank vs LendingClub4.20%$0
Varo Bank vs Marcus by Goldman Sachs3.65%$0
Varo Bank vs Neighbors Bank4.30%$0
Varo Bank vs Newtek Bank4.35%$0.01
Varo Bank vs Openbank4.20%$500
Varo Bank vs Peak Bank4.20%$100
Varo Bank vs Pibank4.60%$0
Varo Bank vs PNC3.53%$0
Varo Bank vs Presidential Bank4.00%$5,000
Varo Bank vs Quontic Bank3.75%$100
Varo Bank vs Salem Five Direct3.71%$10
Varo Bank vs Sallie Mae Bank3.90%$0
Varo Bank vs Santander Bank0.01%$25
Varo Bank vs SoFi Bank4.30%$0
Varo Bank vs Synchrony Bank3.65%$0
Varo Bank vs TD Bank2.75%$0
Varo Bank vs TIMBR4.40%$1,000
Varo Bank vs UFB Direct3.71%$5000
Varo Bank vs Valley Direct4.10%$1,000
Varo Bank vs Vio Bank4.16%$100
Varo Bank vs Wealthfront4.15%$0
Varo Bank vs Wells Fargo0.05%$25
Varo Bank vs Zynlo Bank4.05%$10