Affirm vs. Varo Bank
Affirm's Affirm Money Account pays 3.20% APY while Varo Bank's High-Yield Savings Account pays 3.75% APY.
Note: Varo Bank's High-Yield Savings Account also needs a checking account.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Affirm pays $83 more than Varo Bank annually ($320 vs $237).
Choose Affirm if getting the best rate matters most, or you want a no-strings-attached account. Choose Varo Bank if you want Zelle for quick transfers.
Important Considerations
Varo Bank's High-Yield Savings Account pays its top rate only if you also open a checking account with Varo Bank, while Affirm's Affirm Money Account stands alone.
| Metric | AffirmAffirm Money Account Sep 2, 2026 | Varo BankHigh-Yield Savings Account Sep 5, 2026 |
|---|---|---|
| APY | 3.20% | 1.00% - 3.75% |
Earns in a year | $5,000+$160 $10,000+$320 $25,000+$800 | $5,000+$187 $10,000+$237 $25,000+$387 |
Min. Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | While Affirm is not a bank, it is FDIC-insured through partner Cross River Bank. | Earn the stated APY on up to $5,000 and a lower APY on the rest. A Varo bank account & direct deposit required. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often |
Market Reality Check
Both of these institutions offer rates below the top 10 savings and money market accounts we track. Those institutions all pay at least 4.01% APY.
Executive Summary
Affirm offers the Affirm Money Account with a competitive APY of 3.20%, providing a straightforward savings option with no minimum balance, maintenance fees, or direct deposit requirements. This account is ideal for those seeking simplicity, as it is online-only and FDIC-insured through Cross River Bank. In comparison, Varo Bank's High-Yield Savings Account boasts a higher APY of 3.75% but requires a Varo bank account and direct deposit to access this rate, which applies only to balances up to $5,000. For larger balances, the rate drops to 1% above that threshold. Thus, while Varo offers a higher yield, Affirm's account may appeal more to those looking for fewer restrictions.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Affirm?
- No checking account or direct deposit required
- Higher rated Android app (4.8 vs 4.5)
Why Varo Bank?
- Higher potential APY (3.75% vs 3.20%) on balances up to $5,000 (requires checking bundle & direct deposit)
- Fast transfers via Zelle®
Key Feature Differences
Better Returns at $10,000
AffirmAffirm's Affirm Money Account earns more on smaller deposits (approx. $320 vs $237/yr).
Better Returns at $25,000
AffirmAffirm's Affirm Money Account pulls ahead with larger amounts (approx. $800 vs $387/yr).
Better for Simplicity
AffirmAffirm's Affirm Money Account offers 3.20% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Affirm's Affirm Money Account pays $83 more interest on a $10,000 balance than Varo Bank's High-Yield Savings Account.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Affirm vs. Varo Bank Savings Calculator
You earn $82.5 more with Affirm than Varo Bank 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.
Affirm
Affirm Money Account
Savings Breakdown
- Interest Earned+$320.00(3.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,320.00
Varo Bank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$237.50(2.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,237.50
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still at a large branch bank?
A typical branch-bank savings rate is 0.05% APY. On a $10,000 balance, the gap to these two banks is at least $232 a year in interest.
Both Affirm and Varo Bank advertise far more than that typical branch-bank rate.
| Feature | Affirm | Varo Bank |
|---|---|---|
| APY | 3.20% Observed: 9/2/2026 Stable over 90 days | 3.75% Range: 1.00% - 3.75% Observed: 9/5/2026 1.25%90-day change |
| Product Name | Affirm Money Account | High-Yield Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| In-Branch Access | No | No |
| Account Type | Online Only | Online Only |
| Physical Branches | Not reported | 1 (UT) |
| Direct Deposit Req. | None | Required |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Requires history of qualifying direct deposits. |
| BBB Rating | A+ | A+ |
| Important Notes | While Affirm is not a bank, it is FDIC-insured through partner Cross River Bank. | Earn the stated APY on up to $5,000 and a lower APY on the rest. A Varo bank account & direct deposit required. |
| Next Steps | Visit SiteVerify at Affirm Non-sponsored link to official site | Visit SiteVerify at Varo Bank Non-sponsored link to official site |
Compare Savings Rates Over Time
Historical Performance
| Metric | Affirm | Varo Bank |
|---|---|---|
| Affirm Money Account | High-Yield Savings Account | |
Current APY | 3.20% | 3.75% |
Trend | Stable | Stable |
Speed of change | -0.06 | -0.07 |
Days Since Change | 242 | 65 |
12-Month High | 3.85% | 5.00% |
12-Month Low | 3.20% | 3.75% |
Changes per month | 0.33 | 0.08 |
Steadiness | 0.055 | 0.038 |
How to read these metrics(Click to expand)
Trends and speed
- Trend: The general direction of the rate over the analyzed period. Useful for seeing whether a bank is raising its rate or letting it slip.
- Speed of change: How fast the rate moves. A high positive number means they raise rates quickly. A reading of 0.10 is a tenth of a percentage point each month.
- Changes per month: How often the rate moves. A high number means it changes constantly; a low number means it holds.
Risk & Range
- High/Low: The absolute ceiling and floor of the rate during the 362-day window.
- Steadiness: How far the rate swings around its average. A lower score means a steadier, more predictable rate.
- Days Since Change: A high number, for example above 90, means the rate rarely moves. A low number means it changed recently.
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Compare Affirm's APY of 3.20% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Affirm vs Ally Bank | 3.00% | $0 |
| Affirm vs American Express | 3.00% | $0 |
| Affirm vs Axos Bank | 4.21% | $0 |
| Affirm vs Barclays | 3.65% | $0 |
| Affirm vs Capital One | 3.50% | $0 |
| Affirm vs Chime | 3.75% | $0 |
| Affirm vs CIT Bank | 3.75% | $100 |
| Affirm vs EverBank | 3.90% | $0 |
| Affirm vs Marcus by Goldman Sachs | 3.40% | $0 |
| Affirm vs Newtek Bank | 4.20% | $100 |
| Affirm vs Openbank | 3.80% | $500 |
| Affirm vs Pibank | 4.10% | $0 |
| Affirm vs SoFi Bank | 4.00% | $0 |
| Affirm vs Synchrony Bank | 3.30% | $0 |
| Affirm vs Wealthfront | 3.95% | $0 |