Bank of America vs. Varo Bank
Bank of America's Advantage Savings pays 0.04% APY while Varo Bank's High-Yield Savings Account pays 3.75% APY.
Note: Varo Bank requires 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? Varo Bank pays $371 more than Bank of America annually ($375 vs $4).
Choose Bank of America if you want a no-strings-attached account. Choose Varo Bank if getting the best rate matters most.
Important Considerations
Varo Bank requires a checking account to unlock its top savings rate, while Bank of America offers its savings account standalone.
| Metric | Bank of AmericaAdvantage Savings Aug 21, 2026 | Varo BankHigh-Yield Savings Account Aug 19, 2026 |
|---|---|---|
| APY | 0.04% | 3.75% |
Est. Earnings | $5,000+$2 $10,000+$4 $25,000+$10 | $5,000+$187 $10,000+$375 $25,000+$937 |
Min Deposit | $100 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. | 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 InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedRate 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.
Comparison Analysis
Comparing Bank of America vs. Varo Bank
Executive Summary
A detailed summary for this comparison is being prepared. Check back soon.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Bank of America?
- ✓No checking account or direct deposit required
- ✓Offers 3 different high-yield savings options
Why Varo Bank?
- ✓Higher potential APY (3.75% vs 0.01%-0.04%) on all balances
Key Feature Differences
Better Returns at $10,000
Varo BankVaro Bank's High-Yield Savings Account earns more on smaller deposits (approx. $375 vs $4/yr).
Better Returns at $25,000
Varo BankVaro Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $937 vs $10/yr).
Best for All-in-One Banking
Varo BankVaro Bank's High-Yield Savings Account pays a superior APY for customers who also open a checking account.
Shared Benefits
Over a 1-year period, Varo Bank's High-Yield Savings Account pays $371 more interest on a $10,000 balance than Bank of America's Advantage Savings.
*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
Bank of America vs. Varo Bank Savings Calculator
You earn $371 more with Varo Bank than Bank of America 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.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$4.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,004.00
Varo Bank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$375.00(3.6%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,375.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | Varo Bank |
|---|---|---|
| APY | 0.04% Verified: 8/21/2026 - | 3.75% Verified: 8/19/2026 - |
| Product Name | Advantage Savings | High-Yield Savings Account |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | $0.01 | $0.01 |
| Monthly Fee | $8 | $0 |
| Compound Frequency | Monthly | Daily |
| In-Branch Access | Yes | No |
| Account Type | Online & Branches | Online Only |
| Physical Branches | N/A | None |
| Direct Deposit Req. | None | Required |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Limit: $3,500/dayFounding member; highest limits for established users. | Available Requires history of qualifying direct deposits. |
| BBB Rating | A+ | A |
| Important Notes | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. | 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 Bank of America 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 | Bank of America | Varo Bank | ||
|---|---|---|---|---|
| Advantage Savings | Advantage Relationship Banking | Business Advantage Savings | High-Yield Savings Account | |
Current APY | 0.04% | 0.02% | 0.01% | 3.75% |
Trend | Stable | Stable | Stable | Stable |
Velocity (bps/mo) | 0.1 | 0.1 | -0.0 | -5.8 |
Days Since Change | 88 | 84 | 93 | 23 |
12-Month High | 0.04% | 0.11% | 0.02% | 5.00% |
12-Month Low | 0.01% | 0.02% | 0.01% | 3.75% |
Adjustments / Mo | 0.25 | 0.33 | 0.33 | 0.08 |
Volatility Score | 0.377 | 0.894 | 0.354 | 0.037 |
How to read these metrics(Click to expand)
Compare Similar Alternatives
Compare Bank of America vs...
Comparing against Standard Savings
Compare Varo Bank vs...
Comparing against other Bundled Accounts
More Comparisons
Compare Bank of America's APY of 0.04% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Bank of America vs Ally Bank | 3.00% | $0 |
| Bank of America vs American Express | 3.00% | $0 |
| Bank of America vs Axos Bank | 4.21% | $0 |
| Bank of America vs Barclays | 3.65% | $0 |
| Bank of America vs Capital One | 3.50% | $0 |
| Bank of America vs Chime | 3.75% | $0 |
| Bank of America vs CIT Bank | 3.75% | $100 |
| Bank of America vs EverBank | 3.90% | $0 |
| Bank of America vs Marcus by Goldman Sachs | 3.40% | $0 |
| Bank of America vs Newtek Bank | 4.20% | $100 |
| Bank of America vs Openbank | 3.80% | $500 |
| Bank of America vs Pibank | 4.10% | $0 |
| Bank of America vs SoFi Bank | 3.80% | $0 |
| Bank of America vs Synchrony Bank | 3.30% | $0 |
| Bank of America vs Wealthfront | 3.95% | $0 |