Skip to content
Financeradar
Varo Savings logo

Varo Savings

3.75% APY on your first $5,000 from a neobank with its own bank charter

Rates verified October 12, 2026
High-Yield Savings
Open account
Tracked since2026
0 reviews tracked

The Bottom Line

APY
3.75% (verified Oct 12, 2026). All rates and fees

Key facts

  • Min. deposit: None
  • Monthly fee: None
  • Insurance: FDIC insured

Pros

  • Solid starter rate with genuine FDIC directness
  • Fee-free structure
  • Cash deposits at retailers and 40k+ Allpoint ATMs

Cons

  • $5,000 cap guts it for larger savers
  • 1.00% above the cap is poor
  • Direct-deposit hoop

At a glance

Rates verified October 12, 2026
APY
3.75%
APY note
On first $5,000 with $1,000+/mo qualifying direct deposit and positive balances; 1.00% above $5,000 and for non-qualifiers
Minimum deposit
None
Monthly fee
None
FDIC
Direct (own national bank charter), $250k
Institution
Varo Bank, N.A.
ATM access
Yes

How this rate compares

9.9x

the FDIC national savings average of 0.38% (August 17, 2026). On a $10,000 balance that is about $337 more in a year.

Last verified October 12, 2026

We re-verify against the issuer's own page when we refresh this listing, and we stamp that date. We do not claim a daily check.

APYs are variable and can change at any time. The FDIC national average is a floor for what an ordinary savings account pays, not a competitor. Named comparisons use each product's last issuer-page check.

Is it worth it?

$375 a year on a $10,000 balance

At 3.75% APY, $10,000 earns about $375 in the first year, versus roughly $38 at the 0.38% FDIC national average (August 17, 2026). That is about $337 more for moving the same money. APY is variable and shown as of the date above.

What is Varo Savings?

Editorial review
Varo rewards small savers with a solid rate and a rarity among neobanks: its own national bank charter, meaning direct FDIC insurance rather than pass-through. The honest verdict: a good starter account that stops working abruptly at $5,000. The account pays 3.75% APY on the first $5,000 as of July 1, 2026 (verified on the official page), for customers with $1,000+ per month in qualifying direct deposits and positive balances. Above $5,000, and for non-qualifiers, the rate is 1.00%. There is no minimum deposit, no minimum balance, and no monthly fee. Varo Bank, N.A. holds its own charter, so FDIC insurance is direct to $250,000. Access includes a good app, 40k+ Allpoint ATMs, early payday, cash deposits at retailers, auto-save tools, and a cash advance product. The catches: the $5,000 cap guts it for larger savers, 1.00% above the cap is poor, and the direct-deposit hoop is mandatory for the top rate.
how we evaluateSourcevaromoney.com ↗

Key details

3.75% APY on the first $5,000Real national bank charter, rare among neobanks40k+ Allpoint ATMsEarly paydayCash deposits at retailersAuto-save toolsCash advance product

Explore more

Best High-Yield Savings

Varo Savings FAQ

What is the current APY on Varo Savings?

3.75% APY on the first $5,000 as of July 1, 2026, for customers with $1,000+ per month in qualifying direct deposits and positive balances. Above $5,000, and without qualifying, the rate is 1.00%.

Is Varo Savings FDIC insured?

Yes, directly. Varo Bank, N.A. holds its own national bank charter, so deposits are FDIC insured up to $250,000 without pass-through arrangements.

What are the minimums and fees?

There is no minimum deposit, no minimum balance requirement, and no monthly fee. The top rate requires $1,000+ per month in qualifying direct deposits.

Source: varomoney.com

Guides & Articles

Best high-yield savings accounts in 2026

Expert guide

Best no-fee, no-minimum high-yield savings accounts

Expert guide

Best cash management accounts (2026)

Expert guide