Varo Money vs Wells Fargo
High-Yield Savings Accounts Comparison
Last Updated: August 29, 2025
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Summary of Varo Bank vs. Wells Fargo
As of August 29, 2025 Varo Bank offers an APY of 5.00% for its High-Yield Savings Account account, compared to Wells Fargo's 2.51% APY for its Platinum Savings account.
Varo Bank yields $370 more than Wells Fargo on a $10,000 balance after one year. Varo Bank pays $375 (with an effective APY of 3.75%), while Wells Fargo pays $5 (with an effective APY of 0.05%) - an APY advantage for Varo Bank.
In addition, Wells Fargo also offers 0.01% APY for the Way2Save Savings account.
Varo Bank
Strengths
- Varo Bank offers a high APY of 5.00% on balances up to $5,000.
- Varo Bank has an A- BBB rating and is BBB Accredited.
- Varo Bank has no maintenance fees or minimum deposit requirements.
Potential Drawbacks
- Varo Bank requires a minimum direct deposit of $1,000/month to earn the highest APY.
- Varo Bank has no physical branches.
Wells Fargo
Strengths
- Wells Fargo provides access to branches and ATMs in 36 states and Washington, D.C.
- Wells Fargo offers a tiered savings account with a 2.51% APY for balances of $1,000,000 or more.
Potential Drawbacks
- Wells Fargo has an F BBB rating and is not BBB Accredited.
- Wells Fargo charges a $12 maintenance fee unless certain balance requirements are met.
Summary: Varo Bank stands out with a significantly higher APY of 5.00% and no maintenance fees, but requires a $1,000 monthly direct deposit. In contrast, Wells Fargo offers branch access and a tiered savings account with a 2.51% APY for high balances, but has a poor BBB rating and maintenance fees. Overall, Varo Bank may be better for those prioritizing APY, while Wells Fargo may appeal to those needing physical locations.
Compare Varo Bank's vs Wells Fargo's Savings Accounts
| Varo Bank | Wells Fargo | |||
|---|---|---|---|---|
| Product | High-Yield Savings Account | vs | Way2Save Savings | Platinum Savings |
| APY | 2.50% - 5.00% (as of 8/29/2025) | 0.01% (as of 8/29/2025) | 0.05% - 2.51% (as of 8/29/2025) | |
| Bundled Account | No | No | Yes | |
| FDIC-insured | Yes | Yes | Yes | |
| Online Only | Yes | No | No | |
| Compound Frequency | Daily | Daily | Daily | |
| Minimum Deposit | $0 | $25 | $25 | |
| Minimum Balance for APY | $0.01 | $0 | $1,000,000 | |
| Maintenance Fee | $0 | $5. Waived under some circumstances. | $12. Waived with $3,500 minimum daily balance. | |
| Direct Deposit Required | Yes. Min. $1,000/month | No | No | |
| Note | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. | This is a tiered savings account where rates vary based on the balance. The 2.51% 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. | ||
| App Store Rating | 4.9/5 | 4.9/5 | ||
| Google Play Rating | 4.7/5 | 4.8/5 | ||
| BBB Rating | A- | F | ||
Comparative Historical APY Insights (Last 2 Months)
| Varo Bank | Wells Fargo | |||
|---|---|---|---|---|
| Product | High-Yield Savings Account | vs | Platinum Savings | Way2Save Savings |
| Latest APY | 5.00 % | 2.51 % | 0.01 % | |
| Trend | Sideways | Sideways | Sideways | |
| Slope (bps/mo) | 0.0 | 0.0 | 0.0 | |
| Rate Changes / Mo | 0.00 | 0.00 | 0.00 | |
| Days Since Last Change | 48 | 47 | 48 | |
| High (-2 m) | 5.00 % | 2.51 % | 0.01 % | |
| Low (-2 m) | 5.00 % | 2.51 % | 0.01 % | |
| Draw-down from High | 0.0 % | 0.0 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.000 | 0.000 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 2 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 (-2 m)
- Highest APY in the last 48 days.
- Low (-2 m)
- Lowest APY in the last 48 days.
- Draw-down from High
- How far today sits below the 2-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 Varo Bank vs Wells Fargo
All calculations are based on APY.
Varo 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 OverviewWells Fargo
APY: 2.51%
⚠️The higher APY only applies once your balance reaches $1,000,000.
Total savings breakdown:
- Interest earned: $28.6 (0.16%)
- Total contributions: $13,000 (72.11%)
- Initial deposit: $5,000 (27.73%)
Your total balance
$18,028.60
Effective APY: 0.05% (based on your deposit and contributions)
Total balance: $18,028.6
Earnings: $28.6
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Varo Bank's total earnings would be $2,182.8 higher than Wells Fargo's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
More Comparisons
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 Synchrony Bank | 3.80% | $0 |
| Varo Bank vs UFB Direct | 4.21% | $5000 |
Compare Wells Fargo's APY of 2.51% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Wells Fargo vs Ally Bank | 3.50% | $0 |
| Wells Fargo vs American Express | 3.50% | $0 |
| Wells Fargo vs Axos Bank | 4.46% | $0 |
| Wells Fargo vs Bank of America | 0.01% | $100 |
| Wells Fargo vs Barclays | 4.10% | $0 |
| Wells Fargo vs Capital One | 3.50% | $0 |
| Wells Fargo vs Chase Bank | 0.01% | $0 |
| Wells Fargo vs Chime | 3.75% | $0 |
| Wells Fargo vs CIT Bank | 4.00% | $100 |
| Wells Fargo vs Discover Bank | 3.50% | $0 |
| Wells Fargo vs Fitness Bank | 4.85% | $100 |
| Wells Fargo vs Marcus by Goldman Sachs | 3.65% | $0 |
| Wells Fargo vs Presidential Bank | 4.50% | $5,000 |
| Wells Fargo vs SoFi Bank | 3.80% | $0 |
| Wells Fargo vs Synchrony Bank | 3.80% | $0 |
| Wells Fargo vs UFB Direct | 4.21% | $5000 |