Varo Bank Rate Information – Effective December 1, 2022
Varo Bank Bank Account
The Bank Account is not an interest-bearing account. No interest will be paid.
Varo Savings Account
The Varo Savings Account is a tiered variable rate account. The rate tier(s) that apply/ies to the funds in your Savings Account depends on two things: (1) whether you meet the Elevated Savings Conditions discussed in your Savings Account Agreement; and (2) how much money you have in your Savings Account. There is no minimum balance required to open a Savings Account.
If you meet the Elevated Savings Conditions during the current month, the rate tiers for the Elevated Savings Program will apply for the following month.
This means an interest rate of 4.88% (5.00% APY) will be paid only for that portion of your daily balance up to $5,000.00, and an interest rate of 2.96% (3.00% APY) will be paid for that portion of your daily balance that is greater than $5,000.00. For accounts with a daily balance of greater than $5,000, this will result in a blended Annual Percentage Yield (APY) ranging from 3.00% to 5.00%, depending on the balance in the account.
If you do not meet the Elevated Savings Conditions during the current month, you will earn the Standard Rate of 2.96% (3.00% APY) on your full balance for the following month.
The current Interest Rates and Annual Percentage Yields (APYs) may change at our discretion. Interest begins to accrue no later than the business day the deposit is applied to the Savings Account (on non-business days, interest will begin to accrue on the next business day).
RATE TIERS & CONDITIONS
| Standard Rate (If Elevated Conditions are not Met) | ||
|---|---|---|
| Deposit Balance to Obtain APY | APY | Interest Rate |
| Any balance | 3.00% | 2.96% |
| Rate Tiersfor Elevated Savings Program (If Elevated Conditions are not Met) | ||
|---|---|---|
| Tier | APY | Interest Rate |
| Accounts with a balance $5,000.00 or less | 5.00% | 4.88% |
| Accounts with a balance over $5,000.00 | 3.00%-5.00% | 4.88/2.96% |
There is no minimum deposit required to earn the stated APY. We pay interest only in wholecents. At the end of each interest payment period, usually monthly, fractional interest equal to half of one cent or more will be rounded up and amounts less than half of one cent will be rounded down.