EverBank vs. Varo Bank
EverBank's Performance Savings pays 3.90% 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? EverBank pays $15 more than Varo Bank annually ($390 vs $375).
Choose EverBank if getting the best rate matters most, or you want a no-strings-attached account.
Important Considerations
Varo Bank requires a checking account to unlock its top savings rate, while EverBank offers its savings account standalone.
| Metric | EverBankPerformance Savings Aug 20, 2026 | Varo BankHigh-Yield Savings Account Aug 19, 2026 |
|---|---|---|
| APY | 3.90% | 3.75% |
Est. Earnings | $5,000+$195 $10,000+$390 $25,000+$975 | $5,000+$187 $10,000+$375 $25,000+$937 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | - | 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 AppZelle® SupportedDaily CompoundingStable Rate | 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
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 EverBank?
- ✓Higher potential APY (3.90% vs 3.75%) on all balances
- ✓No checking account or direct deposit required
- ✓Physical branch access (11 locations in Florida and California)
Why Varo Bank?
No distinct advantages found vs EverBank.
Key Feature Differences
Better Returns at $10,000
EverBankEverBank's Performance Savings earns more on smaller deposits (approx. $390 vs $375/yr).
Better Returns at $25,000
EverBankEverBank's Performance Savings pulls ahead with larger amounts (approx. $975 vs $937/yr).
Best for Simplicity
EverBankEverBank's Performance Savings offers 3.90% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, EverBank's Performance Savings pays $15 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
EverBank vs. Varo Bank Savings Calculator
You earn $15 more with EverBank 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.
EverBank
Performance Savings
Savings Breakdown
- Interest Earned+$390.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,390.00
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.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $374 per year in interest.
Both EverBank and Varo Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | EverBank | Varo Bank |
|---|---|---|
| APY | 3.90% Verified: 8/20/2026 - | 3.75% Verified: 8/19/2026 - |
| Product Name | Performance 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 | 11 locations in Florida and California | None |
| Direct Deposit Req. | None | Required |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Native integration verified. | Available Requires history of qualifying direct deposits. |
| BBB Rating | A+ | A |
| Important Notes | - | 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 EverBank 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 | EverBank | Varo Bank |
|---|---|---|
| Performance Savings | High-Yield Savings Account | |
Current APY | 3.90% | 3.75% |
Trend | Stable | Stable |
Velocity (bps/mo) | -5.9 | -5.8 |
Days Since Change | 244 | 22 |
12-Month High | 4.30% | 5.00% |
12-Month Low | 3.90% | 3.75% |
Adjustments / Mo | 0.17 | 0.08 |
Volatility Score | 0.030 | 0.037 |
How to read these metrics(Click to expand)
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