Axos Bank vs. Varo Bank
Axos Bank's Axos ONE Savings pays 4.21% APY while Varo Bank's High-Yield Savings Account pays 3.75% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Axos Bank pays $184 more than Varo Bank annually ($421 vs $237).
Choose Axos Bank if getting the best rate matters most. Choose Varo Bank if you want Zelle for quick transfers.
Important Considerations
Both Axos ONE Savings and High-Yield Savings Account pay their top rate only if you also open a checking account at the same institution.
| Metric | Axos BankAxos ONE Savings Sep 4, 2026 | Varo BankHigh-Yield Savings Account Sep 4, 2026 |
|---|---|---|
| APY | 3.50% - 4.21% | 1.00% - 3.75% |
Earns in a year | $5,000+$211 $10,000+$421 $25,000+$1,053 | $5,000+$187 $10,000+$237 $25,000+$387 |
Min. Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | The APY is available with the Axos ONE savings and checking bundle. The checking account also earns interest. To qualify, you must either set up a direct deposit of $1,500 and maintain an average daily balance of more than $1,500 in your ONE Checking account, or receive at least $5,000 in total monthly qualifying deposits and maintain an average daily balance of more than $5,000. | 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 AppChecking BundleDaily CompoundingStable Rate | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often |
Looking for Simplicity?
Don't want a checking bundle? We track many savings and money market accounts that pay competitive rates without checking requirements.
Executive Summary
Axos Bank offers a competitive Axos ONE Savings account with an APY of 4.21%, which is significantly higher than Varo Bank's High-Yield Savings Account, which yields 3.75%. The Axos ONE Savings account requires a checking account and allows for interest earnings through a direct deposit of $1,500 or monthly qualifying deposits of $5,000. For those seeking simplicity, Axos Bank also provides a Summit Savings account with a 3.75% APY, which does not have a direct deposit or bundling requirement. In contrast, Varo Bank's account has a tiered structure, providing 3.75% APY only on balances up to $5,000, with a lower rate for higher amounts and requires a direct deposit.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Axos Bank?
- Access to 95,000 fee-free ATMs
- Higher potential APY (3.50%-4.21% vs 3.75%) on all balances
- Offers 3 different high-yield savings options
Why Varo Bank?
- Fast transfers via Zelle®
Key Feature Differences
Better Returns at $10,000
Axos BankAxos Bank's Axos ONE Savings earns more on smaller deposits (approx. $421 vs $237/yr).
Better Returns at $25,000
Axos BankAxos Bank's Axos ONE Savings pulls ahead with larger amounts (approx. $1053 vs $387/yr).
Better for Simplicity
Axos BankAxos Bank's Summit Savings offers 3.75% APY with no bundling, direct deposit requirement or caps.
Requires Banking Relationship
Axos ONE Savings and High-Yield Savings Account both require a checking account bundle and qualifying requirements to pay their highest rates.
Shared Benefits
Over a 1-year period, Axos Bank's Axos ONE Savings pays $184 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.
* Secure link to our partner
Non-sponsored link to official site
Top Market Contenders
Axos Bank vs. Varo Bank Savings Calculator
You earn $183.5 more with Axos Bank 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.
Axos Bank
Axos ONE Savings
Savings Breakdown
- Interest Earned+$421.00(4.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,421.00
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 Axos Bank and Varo Bank advertise far more than that typical branch-bank rate.
| Feature | Axos Bank | Varo Bank |
|---|---|---|
| APY | 4.21% Range: 3.50% - 4.21% Observed: 9/4/2026 Stable over 90 days | 3.75% Range: 1.00% - 3.75% Observed: 9/4/2026 1.25%90-day change |
| Product Name | Axos ONE Savings | 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 | 3 (CA, NV, UT) | 1 (UT) |
| Direct Deposit Req. | None | Required |
| Checking Bundle | Yes | 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 | The APY is available with the Axos ONE savings and checking bundle. The checking account also earns interest. To qualify, you must either set up a direct deposit of $1,500 and maintain an average daily balance of more than $1,500 in your ONE Checking account, or receive at least $5,000 in total monthly qualifying deposits and maintain an average daily balance of more than $5,000. | 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 SiteGo to Axos Bank * Secure link to our partner | Visit SiteVerify at Varo Bank Non-sponsored link to official site |
Compare Savings Rates Over Time
Historical Performance
| Metric | Axos Bank | Varo Bank | ||
|---|---|---|---|---|
| Axos ONE Savings | Summit Savings | High Yield Savings | High-Yield Savings Account | |
Current APY | 4.21% | 3.75% | 0.61% | 3.75% |
Trend | Stable | Stable | Stable | Stable |
Speed of change | -0.04 | -0.06 | -0.00 | -0.06 |
Days Since Change | 214 | 267 | 361 | 64 |
12-Month High | 4.51% | 4.00% | 0.61% | 5.00% |
12-Month Low | 4.21% | 3.75% | 0.61% | 3.75% |
Changes per month | 0.25 | 0.08 | 0.00 | 0.08 |
Steadiness | 0.023 | 0.030 | 0.000 | 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 364-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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