SoFi Bank vs. Varo Bank
SoFi Bank's SoFi Savings pays 3.80% APY while Varo Bank's High-Yield Savings Account pays 3.75% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Varo Bank pays $30 more than SoFi Bank annually ($375 vs $345).
Choose Varo Bank if getting the best rate matters most, or you're an Android user.
Important Considerations
Both institutions require a checking account to access their highest savings rates.
| Metric | SoFi BankSoFi Savings Aug 21, 2026 | Varo BankHigh-Yield Savings Account Aug 19, 2026 |
|---|---|---|
| APY | 3.10% - 3.80% | 3.75% |
Est. Earnings | $5,000+$173 $10,000+$345 $25,000+$863 | $5,000+$187 $10,000+$375 $25,000+$937 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | Limited offer: The stated APY includes a temporary 0.70% APY boost for 6 months. It is available with a direct deposit of regular income, or a $10/month subscription. See terms at SoFi Bank. The savings account comes bundled with an interest-bearing checking account. | 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 AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often | 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 SoFi Bank?
- ✓Earn a $50 bonus with $1,000+ in direct deposits, or $300 with $5,000+.
Why Varo Bank?
- ✓Higher rated Android app (4.6 vs 3.9)
Key Feature Differences
Better Returns at $10,000
Varo BankVaro Bank's High-Yield Savings Account earns more on smaller deposits (approx. $375 vs $345/yr).
Better Returns at $25,000
Varo BankVaro Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $937 vs $863/yr).
Requires Banking Relationship
Both banks require a checking account bundle and qualifying requirements to access their highest rates.
Best Mobile App Experience
Varo BankVaro Bank offers an iOS app rated 4.9 (vs. 4.7) and Android app rated 4.6 (vs. 3.9)
Shared Benefits
Over a 1-year period, Varo Bank's High-Yield Savings Account pays $30 more interest on a $10,000 balance than SoFi Bank's SoFi Savings.
*This comparison accounts for SoFi Bank's introductory promotional rate, yet Varo Bank's standard rate still yields a higher 1-year return.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
SoFi Bank vs. Varo Bank Savings Calculator
You earn $30.1 more with Varo Bank than SoFi 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.
SoFi Bank
SoFi Savings
Savings Breakdown
- Interest Earned+$344.90(3.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,344.90
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 $344 per year in interest.
Both SoFi Bank and Varo Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | SoFi Bank | Varo Bank |
|---|---|---|
| APY | 3.80% Range: 3.10% - 3.80% Verified: 8/21/2026 - | 3.75% Verified: 8/19/2026 - |
| Product Name | SoFi 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 | N/A | None |
| Direct Deposit Req. | Required | Required |
| Checking Bundle | Yes | Yes |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Native support added in 2024 for banking members. | Available Requires history of qualifying direct deposits. |
| BBB Rating | A+ | A |
| Important Notes | Limited offer: The stated APY includes a temporary 0.70% APY boost for 6 months. It is available with a direct deposit of regular income, or a $10/month subscription. See terms at SoFi Bank. The savings account comes bundled with an interest-bearing checking account. | 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 SoFi 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 | SoFi Bank | Varo Bank |
|---|---|---|
| SoFi Savings | High-Yield Savings Account | |
Current APY | 3.80% | 3.75% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.9 | -5.8 |
Days Since Change | 85 | 23 |
12-Month High | 4.50% | 5.00% |
12-Month Low | 3.80% | 3.75% |
Adjustments / Mo | 0.33 | 0.08 |
Volatility Score | 0.058 | 0.037 |
How to read these metrics(Click to expand)
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