FNBO Direct vs. Varo Bank
FNBO Direct's High-Yield Online Savings Account advertises 3.00% APY.
Varo Bank's High-Yield Savings Account advertises up to 3.75% APY. The 3.75% applies to the first $5,000. The balance above that earns 1.00%. On a $10,000 balance the account earns 2.37% overall, about $237 in a year.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
On a $10,000 balance, FNBO Direct's High-Yield Online Savings Account earns about $63 more in a year than Varo Bank's High-Yield Savings Account: $300 against $237.
Choose FNBO Direct if getting the best rate matters most, or you want a no-strings-attached account.
Important Considerations
Varo Bank's 3.75% APY applies only up to $5,000. The balance above that earns 1.00%.
At balances above $6,875, FNBO Direct earns more due to Varo Bank's APY cap.
Varo Bank's High-Yield Savings Account advertises its top rate only if you also open a checking account with Varo Bank, while FNBO Direct's High-Yield Online Savings Account stands alone.
| Metric | FNBO DirectHigh-Yield Online Savings Account Oct 3, 2026 | Varo BankHigh-Yield Savings Account Oct 5, 2026 |
|---|---|---|
| APY | 3.00% | Up to3.75%On the first $5,000 · 1.00% above |
Earns in a year | $5,000+$150 $10,000+$300 $25,000+$750 | $5,000+$187 $10,000+$237 $25,000+$387 |
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® SupportedStable 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 4.36% APY.
Comparison Analysis
Comparing FNBO Direct vs. Varo Bank
Executive Summary
At a balance of $10,000, FNBO Direct offers 3%, its standard rate, while Varo Bank offers 1%, its standard rate, and 3.75% on balances of $0.01 to $5,000. FNBO Direct has not changed its rate since at least January 21, 2026, while Varo Bank has not changed its rate since July 2, 2026. FNBO Direct has a total of $27.8 billion in deposits, and Varo Bank has $209.8 million.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why FNBO Direct?
- No checking account or direct deposit required
Why Varo Bank?
- Higher potential APY (3.75% vs 3.00%) (first $5,000 only, checking account required, requires direct deposit)
Key Feature Differences
Better Returns at $10,000
FNBO DirectFNBO Direct's High-Yield Online Savings Account earns more on smaller deposits (approx. $300 vs $237/yr).
Better Returns at $25,000
FNBO DirectFNBO Direct's High-Yield Online Savings Account pulls ahead with larger amounts (approx. $750 vs $387/yr).
Shared Benefits
Over a 1-year period, FNBO Direct's High-Yield Online Savings Account pays $63 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
FNBO Direct vs. Varo Bank Savings Calculator
You earn $62.5 more with FNBO Direct 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.
FNBO Direct
High-Yield Online Savings Account
Savings Breakdown
- Interest Earned+$300.00(2.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,300.00
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 FNBO Direct and Varo Bank advertise far more than that typical branch-bank rate.
| Feature | FNBO Direct | Varo Bank |
|---|---|---|
| APY | 3.00% Observed: 10/3/2026 Stable over 90 days | 3.75% Range: 1.00% - 3.75% Observed: 10/5/2026 Stable over 90 days |
| Product Name | High-Yield Online Savings Account | High-Yield Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0.01 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Monthly | Daily |
| Branches | None | None |
| 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 | Available Online division fully supports Zelle. | 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 FNBO Direct Non-sponsored link to official site | Visit SiteVerify at Varo Bank Non-sponsored link to official site |
What each bank pays on deposits
An advertised rate tells you what a new savings account earns today. It cannot tell you how the bank has priced the savings and money market deposits it already holds, over time. This section shows that. The figure is computed from the interest expense and deposit balances that every bank files with the FDIC in the same form. That is what makes it comparable across banks and across quarters.
FNBO Direct
The two figures answer different questions, so they sit side by side and are not combined.
In Q2 2026, First National Bank of Omaha paid a higher average rate on savings and money market deposits than 81% of banks that reported a figure (FDIC call report). The all-bank median was 1.45%.
Each figure is that bank's own charter-level average across its whole deposit book, so the two are shown one after the other and are not a ranking.
Varo Bank
The two figures answer different questions, so they sit side by side and are not combined. The 3.75% applies to the first $5,000. The balance above that earns 1.00%.
How to read these figures
What the average covers. It is an average across the whole bank, taken from its own quarterly FDIC call report. It covers savings accounts and money market deposit accounts, personal and business, at every balance tier. It also covers accounts that were opened years ago and keep the rate of those years. The FDIC line does not separate consumer accounts.
The second figure. The scale row also shows the average across all interest-bearing deposits: savings, interest checking, money market accounts, CDs, personal and business. That figure covers the whole deposit book. The two are shown separately and are not combined.
What the advertised rate covers. It is the rate that this bank advertises now for a new savings account. Banksparency records it from the bank's website on the date shown beside it.
Why the two differ. They measure different things, so this page shows them side by side and keeps them apart. An advertised rate applies to one account, opened now, at today's price. The average also includes older savings balances at the rates of earlier years, money market balances that were priced in a different rate environment, and business accounts. An average below an advertised rate is the usual result of that arithmetic. On its own it is not evidence about the account that you would open.
What the average is useful for. The bank files the data itself, under reporting instructions that are the same for every filer, and the same computation runs for every bank on this site. That makes it comparable in a way that an advertisement is not. Two things on this page read it: the percentile, which shows where the quarter sits among all filers, and the chart, which shows the direction the figure has moved across quarters.
What the average cannot tell you. It cannot tell you the rate that you would earn. No single customer earns the average. For your rate, read the advertised rate above and the rate tables on this page, each with the date it was observed.
What to do next. Use the advertised rate to work out what a new account earns. Use the chart to see how the quarterly average has moved against the all-bank median. Then compare the advertised rate against the current rates on the savings-rate tables before you open an account.
Definitions: Call Report · Rate Paid on Deposits · Interest-Bearing Deposits · Front Book and Back Book · Deposit Rate Percentile
Average annualized rates paid on savings and money market deposits, and on all interest-bearing deposits, quarterly. The FDIC line for savings includes money market deposit accounts and business savings deposits and does not separate consumer accounts. Source: FDIC call report data, as reported; it may be amended. The percentile compares all FDIC filers, count-weighted. A missing quarter is suppressed, never interpolated. The percentile counts the banks that paid strictly less on savings and money market deposits, one vote per bank, among the banks that reported a figure for the quarter.
Money market accounts
A money market account holds a savings balance and adds check or debit card access. The figure each bank advertises is its best APY across every active tier, so the sentence under it says which balance earns that rate.
FNBO Direct
Online Money Market Account
Up to 3.55% APY
The 3.55% needs a balance of at least $500,000. Below that, the account advertises 3.25%.
No minimum. As observed Oct 3, 2026.
Varo Bank
No money market account listed here.
The FDIC national money market average was 0.63% in Sep 2026.
Compare Savings Rates Over Time
Historical Performance
| Metric | FNBO Direct | Varo Bank |
|---|---|---|
| High-Yield Online Savings Account | High-Yield Savings Account | |
Current APY | 3.00% | 3.75% |
Trend | Stable | Stable |
Speed of change | 0.00 | -0.08 |
Days Since Change | 364 | 95 |
12-Month High | 3.00% | 5.00% |
12-Month Low | 3.00% | 3.75% |
Changes per month | 0.00 | 0.08 |
Steadiness | 0.000 | 0.042 |
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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Compare FNBO Direct's APY of 3.00% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| FNBO Direct vs Ally Bank | 3.10% | $0 |
| FNBO Direct vs American Express | 3.10% | $0 |
| FNBO Direct vs Axos Bank | 4.21% | $0 |
| FNBO Direct vs Barclays | 3.65% | $0 |
| FNBO Direct vs Capital One | 3.10% | $0 |
| FNBO Direct vs Chime | 3.75% | $0 |
| FNBO Direct vs CIT Bank | 3.75% | $100 |
| FNBO Direct vs EverBank | 4.20% | $0 |
| FNBO Direct vs Marcus by Goldman Sachs | 3.50% | $0 |
| FNBO Direct vs Newtek Bank | 4.20% | $100 |
| FNBO Direct vs Openbank | 4.15% | $500 |
| FNBO Direct vs Pibank | 4.25% | $0 |
| FNBO Direct vs SoFi Bank | 4.20% | $0 |
| FNBO Direct vs Synchrony Bank | 3.55% | $0 |
| FNBO Direct vs Wealthfront | 4.20% | $0 |