Varo Money vs Wells Fargo
High-Yield Savings Accounts Comparison
Last Updated: July 16, 2025
Summary of Varo Bank vs. Wells Fargo
As of July 16, 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.
Varo Bank
Strengths
- Varo Bank offers a high APY of 5.00% on up to $5,000.
- No maintenance fees or minimum deposit required for Varo Bank's savings account.
- Varo Bank has a strong BBB rating of A- and is accredited.
Potential Drawbacks
- Varo Bank requires a minimum direct deposit of $1,000/month to earn the high APY.
- Varo Bank has no physical branches.
Wells Fargo
Strengths
- Wells Fargo has physical branches and ATMs in 36 states and Washington, D.C.
- Wells Fargo's Platinum Savings offers a tiered APY of 2.51% for balances over $1,000,000.
Potential Drawbacks
- Wells Fargo has a low BBB rating of F and is not accredited.
- Wells Fargo charges a $12 maintenance fee unless a $3,500 minimum daily balance is maintained.
Summary: Varo Bank provides a significantly higher APY of 5.00% with no maintenance fees, but requires direct deposit and lacks branches. In contrast, Wells Fargo offers physical locations and a tiered APY of 2.51% for high balances, but has a poor BBB rating and maintenance fees. Overall, Varo Bank is more favorable for high yield, while Wells Fargo may appeal to those preferring in-person banking.
Compare Varo Bank's vs Wells Fargo's Savings Accounts
| Varo Bank | Wells Fargo | ||
|---|---|---|---|
| Product | High-Yield Savings Account | vs | Platinum Savings |
| APY | 2.50% - 5.00% (as of 7/16/2025) | 0.05% - 2.51% (as of 7/16/2025) | |
| Bundled Account | No | Yes | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | No | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $25 | |
| Minimum Balance for APY | $0.01 | $1,000,000 | |
| Maintenance Fee | $0 | $12. Waived with $3,500 minimum daily balance. | |
| Direct Deposit Required | Yes. Min. $1,000/month | 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. | |
| Visit Bank | High-Yield Savings Account | Platinum Savings | |
| App Store Rating | 4.9/5 | 4.9/5 | |
| Google Play Rating | 4.7/5 | 4.8/5 | |
| BBB Rating | A- | F |
No historical data available.
Calculate Savings Growth for Varo Bank vs Wells Fargo
All calculations are based on APY.
Varo Bank
APY: 5.00%
Total savings breakdown:
- Interest earned: $50 (4.76%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (95.24%)
Your total balance
$1,050.00
Effective APY: 5.00% (based on your deposit and contributions)
Total balance: $1,050
Earnings: $50
Bank DetailsWells Fargo
APY: 2.51%
Total savings breakdown:
- Interest earned: $25.1 (2.45%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (97.55%)
Your total balance
$1,025.10
Effective APY: 2.51% (based on your deposit and contributions)
Total balance: $1,025.1
Earnings: $25.1
Bank DetailsAfter 1 year Varo Bank would earn you $24.9 more than Wells Fargo.
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 | 3.60% | $0 |
| Varo Bank vs Axos Bank | 4.66% | $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 | 5.00% | $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 |
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 | 3.60% | $0 |
| Wells Fargo vs Axos Bank | 4.66% | $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 | 5.00% | $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 |