Varo Money vs. Wells Fargo
High-Yield Savings Account Comparison
Last Updated: October 15, 2025
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Summary of Varo Bank vs. Wells Fargo
Key Metrics at a Glance
| Feature | Varo Bank | Wells Fargo |
|---|---|---|
| Top Savings APY | 5.00% High-Yield Savings Account | 0.05% Platinum Savings |
| Minimum to Open | $0 | $25 |
| Minimum Balance for APY | $0.01 | $1,000,000 |
Varo Bank
Strengths
- Varo Bank offers a high APY of 5.00% on savings up to $5,000.
- Varo Bank has a strong BBB rating of A- and is BBB Accredited.
- Varo Bank has no maintenance fees or minimum balance requirements.
Potential Drawbacks
- Varo Bank requires a direct deposit of $1,000/month to earn the advertised APY.
- Varo Bank has no physical branches.
Wells Fargo
Strengths
- Wells Fargo has physical branches and ATMs in 36 states and D.C.
- Wells Fargo offers multiple savings account options, including the Way2Save Savings.
Potential Drawbacks
- Wells Fargo's highest APY is only 0.05%, significantly lower than Varo Bank.
- Wells Fargo has a poor BBB rating of F and is not BBB Accredited.
- Wells Fargo charges a $12 maintenance fee for the Platinum Savings account.
Summary: Varo Bank offers a significantly higher APY of 5.00% with no fees, but requires a $1,000/month direct deposit. In contrast, Wells Fargo provides physical branches but has a much lower APY of 0.05% and charges maintenance fees. Additionally, Wells Fargo has a poor BBB rating, while Varo Bank is BBB Accredited.
→ As of October 15, 2025 Varo Bank offers an APY of 5.00% for its High-Yield Savings Account, with a minimum balance of $0.01, compared to Wells Fargo's 0.05% APY for its Platinum Savings account, with a minimum balance of $1,000,000.
→ 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 - an APY advantage for Varo Bank.
→ In addition, Wells Fargo also offers 0.01% APY for the Way2Save Savings account.
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: 0.05%
⚠️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.
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 10/15/2025) | 0.01% (as of 10/15/2025) | 0.05% - 0.05% (as of 10/15/2025) | |
| 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 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. | ||
| App Store Rating | 4.9/5 | 4.9/5 | ||
| Google Play Rating | 4.6/5 | 4.8/5 | ||
| BBB Rating | A- | F | ||
Comparative Historical APY Insights (Last 3 Months)
| Varo Bank | Wells Fargo | |||
|---|---|---|---|---|
| Product | High-Yield Savings Account | vs | Platinum Savings | Way2Save Savings |
| Latest APY | 5.00 % | 0.05 % | 0.01 % | |
| Trend | Sideways | Falling | Sideways | |
| Slope (bps/mo) | 0.0 | -21.1 | 0.0 | |
| Rate Changes / Mo | 0.00 | 0.33 | 0.00 | |
| Days Since Last Change | 91 | 2 | 91 | |
| High (-3 m) | 5.00 % | 2.51 % | 0.01 % | |
| Low (-3 m) | 5.00 % | 0.05 % | 0.01 % | |
| Draw-down from High | 0.0 % | -98.0 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.215 | 0.000 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 3 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 (-3 m)
- Highest APY in the last 92 days.
- Low (-3 m)
- Lowest APY in the last 92 days.
- Draw-down from High
- How far today sits below the 3-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.
More Comparisons
Compare Varo Bank's APY of 5.00% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Varo Bank vs Ally Bank | 3.40% | $0 |
| Varo Bank vs American Express | 3.50% | $0 |
| Varo Bank vs Axos Bank | 4.51% | $0 |
| Varo Bank vs Bank of America | 0.01% | $100 |
| Varo Bank vs Barclays | 4.10% | $0 |
| Varo Bank vs BrioDirect | 4.20% | $5,000 |
| Varo Bank vs Capital One | 3.40% | $0 |
| Varo Bank vs Chase Bank | 0.01% | $0 |
| Varo Bank vs Chime | 3.75% | $0 |
| Varo Bank vs CIT Bank | 3.85% | $100 |
| Varo Bank vs Discover Bank | 3.40% | $0 |
| Varo Bank vs Elevault | 4.34% | $0 |
| Varo Bank vs EverBank | 4.05% | $0 |
| Varo Bank vs Fitness Bank | 4.75% | $100 |
| Varo Bank vs FVCbank | 4.10% | $500 |
| Varo Bank vs GO2bank | 4.50% | $0 |
| Varo Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Varo Bank vs Neighbors Bank | 4.50% | $0 |
| Varo Bank vs Newtek Bank | 4.35% | $0 |
| Varo Bank vs Peak Bank | 4.20% | $100 |
| Varo Bank vs Pibank | 4.60% | $0 |
| Varo Bank vs Presidential Bank | 4.50% | $5,000 |
| Varo Bank vs Santander Bank | 0.01% | $25 |
| Varo Bank vs SoFi Bank | 4.50% | $0 |
| Varo Bank vs Synchrony Bank | 3.80% | $0 |
| Varo Bank vs TIMBR | 4.40% | $1,000 |
| Varo Bank vs UFB Direct | 3.96% | $5000 |
| Varo Bank vs Zynlo Bank | 4.20% | $10 |
Compare Wells Fargo's APY of 0.05% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Wells Fargo vs Ally Bank | 3.40% | $0 |
| Wells Fargo vs American Express | 3.50% | $0 |
| Wells Fargo vs Axos Bank | 4.51% | $0 |
| Wells Fargo vs Bank of America | 0.01% | $100 |
| Wells Fargo vs Barclays | 4.10% | $0 |
| Wells Fargo vs BrioDirect | 4.20% | $5,000 |
| Wells Fargo vs Capital One | 3.40% | $0 |
| Wells Fargo vs Chase Bank | 0.01% | $0 |
| Wells Fargo vs Chime | 3.75% | $0 |
| Wells Fargo vs CIT Bank | 3.85% | $100 |
| Wells Fargo vs Discover Bank | 3.40% | $0 |
| Wells Fargo vs Elevault | 4.34% | $0 |
| Wells Fargo vs EverBank | 4.05% | $0 |
| Wells Fargo vs Fitness Bank | 4.75% | $100 |
| Wells Fargo vs FVCbank | 4.10% | $500 |
| Wells Fargo vs GO2bank | 4.50% | $0 |
| Wells Fargo vs Marcus by Goldman Sachs | 3.65% | $0 |
| Wells Fargo vs Neighbors Bank | 4.50% | $0 |
| Wells Fargo vs Newtek Bank | 4.35% | $0 |
| Wells Fargo vs Peak Bank | 4.20% | $100 |
| Wells Fargo vs Pibank | 4.60% | $0 |
| Wells Fargo vs Presidential Bank | 4.50% | $5,000 |
| Wells Fargo vs Santander Bank | 0.01% | $25 |
| Wells Fargo vs SoFi Bank | 4.50% | $0 |
| Wells Fargo vs Synchrony Bank | 3.80% | $0 |
| Wells Fargo vs TIMBR | 4.40% | $1,000 |
| Wells Fargo vs UFB Direct | 3.96% | $5000 |
| Wells Fargo vs Zynlo Bank | 4.20% | $10 |