Openbank vs. Varo Bank
Openbank's High-Yield Savings Account pays 3.80% 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? Openbank pays $143 more than Varo Bank annually ($380 vs $237).
Choose Openbank if getting the best rate matters most, or you want a no-strings-attached account. Choose Varo Bank if 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 Openbank's High-Yield Savings Account stands alone.
| Metric | OpenbankHigh-Yield Savings Account Sep 11, 2026 | Varo BankHigh-Yield Savings Account Sep 11, 2026 |
|---|---|---|
| APY | 3.80% | 1.00% - 3.75% |
Earns in a year | $5,000+$190 $10,000+$380 $25,000+$950 | $5,000+$187 $10,000+$237 $25,000+$387 |
Min. Deposit | $500 | $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 InsuredLow MinimumsGreat iOS AppGreat Android AppStable 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
Openbank's High-Yield Savings Account offers a competitive APY of 3.80%, making it the higher-yielding option compared to Varo Bank's account, which provides an APY of 3.75%. Openbank's account does not require direct deposit and has no caps on earnings, while Varo's account requires a Varo bank account and direct deposit to earn the higher rate on balances up to $5,000, with a lower rate applied to amounts above that. Both accounts are online-only and have no maintenance fees, but Openbank's flexibility and higher APY make it the preferred choice.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Openbank?
- No checking account or direct deposit required
Why Varo Bank?
- Fast transfers via Zelle®
Key Feature Differences
Better Returns at $10,000
OpenbankOpenbank's High-Yield Savings Account earns more on smaller deposits (approx. $380 vs $237/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $950 vs $387/yr).
Better for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 3.80% APY with no bundling, direct deposit requirement or caps.
Better Mobile App Experience
Varo BankVaro Bank offers an iOS app rated 4.9 (vs. 4.7) and Android app rated 4.5 (vs. 4.4)
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $143 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
Openbank vs. Varo Bank Savings Calculator
You earn $142.5 more with Openbank 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.
Openbank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$380.00(3.7%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,380.00
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 Openbank and Varo Bank advertise far more than that typical branch-bank rate.
| Feature | Openbank | Varo Bank |
|---|---|---|
| APY | 3.80% Observed: 9/11/2026 Stable over 90 days | 3.75% Range: 1.00% - 3.75% Observed: 9/11/2026 1.25%90-day change |
| Product Name | High-Yield Savings Account | High-Yield Savings Account |
| Minimum Deposit | $500 | $0 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Monthly | Daily |
| In-Branch Access | No | No |
| Account Type | Online Only | Online Only |
| 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 | Not Supported | Available Requires history of qualifying direct deposits. |
| BBB Rating | Not Rated | 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 Openbank 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 | Openbank | Varo Bank |
|---|---|---|
| High-Yield Savings Account | High-Yield Savings Account | |
Current APY | 3.80% | 3.75% |
Trend | Stable | Stable |
Speed of change | -0.02 | -0.07 |
Days Since Change | 100 | 71 |
12-Month High | 4.20% | 5.00% |
12-Month Low | 3.80% | 3.75% |
Changes per month | 0.25 | 0.08 |
Steadiness | 0.013 | 0.039 |
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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