Openbank vs. Varo Bank
Openbank edges out Varo Bank slightly at 3.80% vs 3.75% APY. On a $10,000 balance, the difference is just $5 per year, so other factors may matter more.
The Bottom Line
The Openbank and Varo Bank savings accounts are very similar. Choose Openbank if you want a no-strings-attached account. Choose Varo Bank if mobile app quality matters, or you want Zelle for quick transfers.
Important Considerations
Varo Bank requires a checking account to unlock its top savings rate, while Openbank offers its savings account standalone.
| Metric | OpenbankHigh-Yield Savings Account Aug 19, 2026 | Varo BankHigh-Yield Savings Account Aug 19, 2026 |
|---|---|---|
| APY | 3.80% | 3.75% |
Est. Earnings | $5,000+$190 $10,000+$380 $25,000+$950 | $5,000+$187 $10,000+$375 $25,000+$937 |
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 MinimumsStable 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 Openbank?
- ✓No checking account or direct deposit required
Why Varo Bank?
- ✓Higher rated iOS app (4.9 vs 3.1)
- ✓Higher rated Android app (4.6 vs 2.8)
- ✓Fast transfers via Zelle®
Key Feature Differences
Best for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 3.80% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Varo BankVaro Bank offers an iOS app rated 4.9 (vs. 3.1) and Android app rated 4.6 (vs. 2.8)
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $5 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 $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+$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 Openbank and Varo Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Openbank | Varo Bank |
|---|---|---|
| APY | 3.80% Verified: 8/19/2026 - | 3.75% Verified: 8/19/2026 - |
| 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 | None | None |
| 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 |
Velocity (bps/mo) | -1.8 | -5.8 |
Days Since Change | 77 | 21 |
12-Month High | 4.20% | 5.00% |
12-Month Low | 3.80% | 3.75% |
Adjustments / Mo | 0.25 | 0.08 |
Volatility Score | 0.012 | 0.037 |
How to read these metrics(Click to expand)
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