Varo Bank vs. Wells Fargo
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Varo BankHigh-Yield Savings Account Jan 21, 2026 | Wells FargoPlatinum Savings Jan 21, 2026 |
|---|---|---|
| APY | 2.50% - 5.00% | 0.05% |
Est. Earnings | $5,000+$250 $10,000+$375 $25,000+$750 | $5,000+$3 $10,000+$5 $25,000+$13 |
Min Deposit | $0 | $25 |
Snapshot view. Rates subject to change. | ||
Terms | 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. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking Bundle | FDIC InsuredHigh MinimumGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedChecking Bundle |
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Comparison Analysis
Comparing Varo Bank vs. Wells Fargo
As of 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 pays $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, with a minimum balance of $0.
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.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary as of
Varo Bank offers a High-Yield Savings Account with a notable APY of 5.00% on balances up to $5,000, along with a lower rate of 2.50% for amounts exceeding that limit. This account requires a Varo bank account and direct deposit of at least $1,000 per month. In contrast, Wells Fargo's highest APY is only 0.05% available through their Platinum Savings account, which requires a minimum balance of $1,000,000 and linking to a Wells Fargo Premier checking account. Additionally, Wells Fargo's Way2Save Savings account offers a minimal APY of 0.01% without direct deposit requirements. Overall, Varo Bank significantly outperforms Wells Fargo in terms of interest rates.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
Non-sponsored link to official site
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Varo Bank vs. Wells Fargo Savings Calculator
You earn $370 more with Varo Bank than Wells Fargo on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Varo Bank
High-Yield Savings Account
5.00% on first $5,000 and 2.50% thereafter.
Savings Breakdown
- Interest Earned+$375.00(3.6%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,375.00
Wells Fargo
Platinum Savings
Higher APY requires $1,000,000
Savings Breakdown
- Interest Earned+$5.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,005.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Varo Bank | Wells Fargo |
|---|---|---|
| APY | 5.00% Range: 2.50% - 5.00% Verified: 1/21/2026 Stable (90d) | 0.05% Range: 0.05% - 0.05% Verified: 1/21/2026 Stable (90d) |
| 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 |
| Zelle® Support | Available Requires history of qualifying direct deposits. | Available Limit: $3,500/dayFounding member; zero fees to replace wires. |
| 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 | Visit SiteVerify at Varo Bank Non-sponsored link to official site | Visit SiteVerify at Wells Fargo Non-sponsored link to official site |
📈 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 | -56.6 | 0.0 |
Days Since Change | 189 | 96 | 189 |
6-Month High | 5.00% | 2.51% | 0.01% |
6-Month Low | 5.00% | 0.05% | 0.01% |
Adjustments / Mo | 0.00 | 0.47 | 0.00 |
Volatility Score | 0.000 | 1.163 | 0.000 |
How to read these metrics(Click to expand)
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