Neighbors Bank vs. Varo Bank
Neighbors Bank's Neighbors Savings Account pays 4.10% 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? Neighbors Bank pays $173 more than Varo Bank annually ($410 vs $237).
Choose Neighbors Bank if getting the best rate matters most, or you want a no-strings-attached account. Choose Varo Bank if you're an iPhone user, or 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 Neighbors Bank's Neighbors Savings Account stands alone.
| Metric | Neighbors BankNeighbors Savings Account Sep 4, 2026 | Varo BankHigh-Yield Savings Account Sep 4, 2026 |
|---|---|---|
| APY | 4.10% | 1.00% - 3.75% |
Earns in a year | $5,000+$205 $10,000+$410 $25,000+$1,025 | $5,000+$187 $10,000+$237 $25,000+$387 |
Min. Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | Balances up to $250,000 earn the stated APY. Anything above will earn less. | 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 Android AppRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often |
Prefer In-Person Banking?
Both of these institutions are online-only. If you need in-branch access, check out our list of savings accounts with brick-and-mortar locations.
Comparison Analysis
Comparing Neighbors Bank vs. Varo Bank
Executive Summary
Neighbors Bank offers a competitive Neighbors Savings Account with an APY of 4.10%, making it the superior choice for savers compared to Varo Bank's High-Yield Savings Account, which provides an APY of 3.75%. The Neighbors Savings Account allows balances up to $250,000 to earn the stated rate, while Varo's account requires a Varo bank account and direct deposit to qualify for the higher rate, applicable only on the first $5,000. Additionally, Neighbors Bank's account is available in multiple states but not in Delaware, and it does not require a checking account. Varo Bank's offering is online-only and available nationally, but with restrictions on earning the higher APY.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Neighbors Bank?
- Higher potential APY (4.10% vs 3.75%) on all balances
- No checking account or direct deposit required
- Physical branch access (One location in Columbia, Missouri)
Why Varo Bank?
- Higher rated iOS app (4.9 vs 3.3)
- Fast transfers via Zelle®
- Available Nationwide
Key Feature Differences
Better Returns at $10,000
Neighbors BankNeighbors Bank's Neighbors Savings Account earns more on smaller deposits (approx. $410 vs $237/yr).
Better Returns at $25,000
Neighbors BankNeighbors Bank's Neighbors Savings Account pulls ahead with larger amounts (approx. $1025 vs $387/yr).
Shared Benefits
Over a 1-year period, Neighbors Bank's Neighbors Savings Account pays $173 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
Neighbors Bank vs. Varo Bank Savings Calculator
You earn $172.5 more with Neighbors 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.
Neighbors Bank
Neighbors Savings Account
Savings Breakdown
- Interest Earned+$410.00(3.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,410.00
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 Neighbors Bank and Varo Bank advertise far more than that typical branch-bank rate.
| Feature | Neighbors Bank | Varo Bank |
|---|---|---|
| APY | 4.10% Observed: 9/4/2026 0.10%90-day change | 3.75% Range: 1.00% - 3.75% Observed: 9/4/2026 1.25%90-day change |
| Product Name | Neighbors Savings Account | High-Yield Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | N/A | Daily |
| In-Branch Access | No | No |
| Account Type | Online Only | Online Only |
| Physical Branches | 1 (MO) | 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 | Balances up to $250,000 earn the stated APY. Anything above will earn less. | 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 Neighbors Bank 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 | Neighbors Bank | Varo Bank |
|---|---|---|
| Neighbors Savings Account | High-Yield Savings Account | |
Current APY | 4.10% | 3.75% |
Trend | Stable | Stable |
Speed of change | -0.07 | -0.06 |
Days Since Change | 121 | 64 |
12-Month High | 4.60% | 5.00% |
12-Month Low | 4.10% | 3.75% |
Changes per month | 0.33 | 0.08 |
Steadiness | 0.030 | 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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Compare Neighbors Bank's APY of 4.10% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Neighbors Bank vs Ally Bank | 3.00% | $0 |
| Neighbors Bank vs American Express | 3.00% | $0 |
| Neighbors Bank vs Axos Bank | 4.21% | $0 |
| Neighbors Bank vs Barclays | 3.65% | $0 |
| Neighbors Bank vs Capital One | 3.50% | $0 |
| Neighbors Bank vs Chime | 3.75% | $0 |
| Neighbors Bank vs CIT Bank | 3.75% | $100 |
| Neighbors Bank vs EverBank | 3.90% | $0 |
| Neighbors Bank vs Marcus by Goldman Sachs | 3.40% | $0 |
| Neighbors Bank vs Newtek Bank | 4.20% | $100 |
| Neighbors Bank vs Openbank | 3.80% | $500 |
| Neighbors Bank vs Pibank | 4.10% | $0 |
| Neighbors Bank vs SoFi Bank | 4.00% | $0 |
| Neighbors Bank vs Synchrony Bank | 3.30% | $0 |
| Neighbors Bank vs Wealthfront | 3.95% | $0 |