Varo Bank vs. Wells Fargo
Compare rates, requirements, and features side-by-side to find the best option for you.
Varo Bank
High-Yield Savings Account
Up to5.00%APYDec 5, 2025FDIC InsuredDirect Deposit ReqChecking BundleNo MinimumsGreat iOS AppGreat Android AppRange: 2.50% – 5.00%Show Fine Print & Trends Hide Details
Varo Bank
High-Yield Savings Account
Wells Fargo
Platinum Savings
0.05%APYDec 6, 2025FDIC InsuredHigh MinimumChecking BundleGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Wells Fargo
Platinum Savings
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Comparison Analysis
Comparing Varo Bank vs. Wells Fargo
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 0.01%-0.05%) on all balances
Why Wells Fargo?
- ✓Physical branch access (Wells Fargo offers branches and ATMs in 36 states and Washington, D.C.)
- ✓Offers 2 different high-yield savings options
— Key Feature Differences —
Better Returns at $10,000
Varo BankVaro Bank's High-Yield Savings Account earns more on smaller deposits (approx. $375 vs $5/yr).
Better Returns at $25,000
Varo BankVaro Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $750 vs $13/yr).
Requires Banking Relationship
Both banks require a checking account bundle to access their highest rates.
Shared Benefits
Over a 1-year period, Varo Bank's High-Yield Savings Account pays $370 more interest on a $10,000 balance than Wells Fargo's Platinum Savings.
Executive Summary
Varo Bank offers a High-Yield Savings Account with a notable APY of 5.00% on balances up to $5,000, significantly outperforming Wells Fargo's highest APY of 0.05% available through its Platinum Savings account, which requires a minimum balance of $1,000,000 and is linked to a checking account. Varo's account requires a direct deposit of at least $1,000 per month and is online-only, while Wells Fargo provides physical branch access and does not require direct deposit for its savings accounts. Overall, Varo Bank stands out with its superior returns.
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.
| Feature | Varo Bank | Wells Fargo |
|---|---|---|
| APY | 5.00% Range: 2.50% - 5.00% Verified: 12/5/2025 Stable (90d) | 0.05% Range: 0.05% - 0.05% Verified: 12/6/2025 ↘︎ 2.46%90d Change |
| Product Name | High-Yield Savings Account | Platinum Savings |
| Minimum Deposit | $0 | $25 |
| Min. Balance for APY | $0.01 | $1,000,000 |
| Monthly Fee | $0 | $12. Waived with $3,500 minimum daily balance. |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Direct Deposit Req. | RequiredMin. $1,000/month | None |
| Checking Bundle | Yes | Yes |
| Mobile Apps | iOS4.9 Android4.6 | iOS4.9 Android4.8 |
| BBB Rating | A | D- |
| 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. | This is a tiered savings account where rates vary based on the balance. The 0.05% APY is available for balances of $1,000,000 or more, and 0.05% APY up to $99,999.99. These APYs require the account is linked to a Wells Fargo Premier checking account. See bank for more tiers and details. |
| Next Steps |
Savings Comparison
Varo Bank earns $2,182.8 more than Wells Fargo.
Varo Bank
High-Yield Savings Account
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
Wells Fargo
Platinum Savings
Higher APY requires $1,000,000
Savings Breakdown
- Interest Earned+$28.60(0.2%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,028.60
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Varo Bank | Wells Fargo | |
|---|---|---|---|
| High-Yield Savings Account | Platinum Savings | Way2Save Savings | |
Current APY | 5.00% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | 0.0 | -72.0 | 0.0 |
Days Since Change | 143 | 50 | 143 |
5-Month High | 5.00% | 2.51% | 0.01% |
5-Month Low | 5.00% | 0.05% | 0.01% |
Adjustments / Mo | 0.00 | 0.63 | 0.00 |
Volatility Score | 0.000 | 0.843 | 0.000 |
How to read these metrics(Click to expand)
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