Skip to content
Financeradar
Varo Savings logo

Varo Savings

Up to 3.75% APY on the first $5,000 with $800+ monthly direct deposit (1.00% otherwise), from Varo Bank, N.A.

Rates verified October 22, 2026
High-Yield Savings
Open account

The Bottom Line

APY
3.75% (verified Oct 22, 2026). All rates and fees

Key facts

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

Pros

  • FDIC-insured directly through Varo Bank, N.A., up to $250,000
  • No monthly fees and no minimum balance or opening deposit
  • Free cash deposits at CVS and 40,000+ fee-free Allpoint ATMs (out-of-network ATMs cost $3.50)

Cons

  • The 3.75% rate applies to the first $5,000; balances above earn 1.00% APY
  • A qualifying direct deposit of $800+ in the prior month is required for the top rate; otherwise 1.00% APY
  • Tax refunds, P2P payments and funds deposited using a Varo routing number do not count as qualifying direct deposits

At a glance

Rates verified October 22, 2026

The provider's own page dates these rates ; we read the page on the date above.

APY
3.75%
APY note
3.75% APY on the first $5,000 when you receive $800+ in qualifying direct deposits (prior month) and all Varo accounts end the month with a positive balance; 1.00% APY above $5,000 and for non-qualifiers (as of October 5, 2026). Qualifying direct deposits exclude tax refunds, P2P payments and funds deposited using a Varo routing number.
Minimum deposit
None
Monthly fee
None
FDIC
Varo Bank, N.A., Member FDIC; insured up to $250,000 directly with Varo
Institution
Varo Bank, N.A.
ATM access
Yes

Sources: varomoney.com/high-yield-savings-account, varomoney.com/atm-locator, read October 22, 2026

How this rate compares

10.1x

the FDIC national savings average of 0.37% (September 21, 2026). On a $10,000 balance that is about $338 more in a year.

Last verified October 22, 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 $37 at the 0.37% FDIC national average (September 21, 2026). That is about $338 more for moving the same money. APY is variable and shown as of the date above.

What is Varo Savings?

Sources read on the date shown
Varo Savings is the savings account from Varo Bank, N.A., a neobank with its own national bank charter, so FDIC insurance is direct rather than pass-through. The trade-off: the top rate applies to the first $5,000 and requires a qualifying direct deposit. The account pays up to 3.75% APY on the first $5,000 as of October 5, 2026, when you receive $800 or more in qualifying direct deposits in the prior month and all your Varo accounts end the month with a positive balance. Above $5,000, and without qualifying, the rate is 1.00% APY. Qualifying direct deposits exclude tax refunds, P2P payments and funds deposited using a Varo routing number. There is no minimum deposit, no minimum balance, and no monthly fee. Varo Bank, N.A. is a Member FDIC bank, with deposits insured up to $250,000 directly with Varo. Access includes 40,000+ fee-free in-network Allpoint ATMs (out-of-network ATMs cost $3.50) and free cash deposits at CVS. The catches: the 3.75% rate applies to the first $5,000, balances above earn 1.00% APY, and a qualifying direct deposit is required for the top rate.
Sourcevaromoney.com ↗

Key details

3.75% APY on the first $5,000 with $800+ in monthly qualifying direct deposits; 1.00% APY otherwiseFDIC insurance directly through Varo Bank, N.A., up to $250,00040,000+ fee-free in-network Allpoint ATMs (out-of-network ATMs cost $3.50)Free cash deposits at CVS nationwideNo monthly fees and no minimum balance

Explore more

Best High-Yield Savings

Varo Savings FAQ

What is the current APY on Varo Savings?

Up to 3.75% APY on the first $5,000 as of October 5, 2026, when you receive $800 or more in qualifying direct deposits in the prior month and all your Varo accounts end the month with a positive balance. Above $5,000, and without qualifying, the rate is 1.00% APY.

Is Varo Savings FDIC insured?

Yes, directly. Varo Bank, N.A. is a Member FDIC bank, and deposits are insured up to $250,000 directly with Varo.

What are the minimums and fees?

There is no minimum deposit, no minimum balance requirement, and no monthly fee. The top rate requires $800 or more in qualifying direct deposits in the prior month.

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