Compare online savings account rates to save more, faster

Varo1
2.00% - 5.00%
Bank of America2
0.01-0.04%
Chase3
0.01%
National Average4
0.17%

1. Look for the highest savings account rates.

See our savings account rate comparison table to get a feel for what you could be earning. The national average savings account rate is just 0.17%.4

When looking for a savings account, you’ll want to find what’s called a “high-yield savings account.”

What is a high-yield savings account?

High-yield savings accounts are a type of savings account that pay a lot more than the national average rate. That means you’ll save more with a high-yield savings account than you would with a traditional savings account.

With a Varo Savings Account, you can qualify to earn 5.00% APY (on your balance up to $5,000).1 That’s one of the highest savings rates in the country.5

2. Compare savings account rates to see how much you could earn

Whether you’re saving for your dream trip or building an emergency fund, earning $100 on a balance of $2,000 will help get you there faster than if you earn only $3.40 on that same balance. It’s easy money!

APY

Interest earned per year

5.00%
$100
2.00%
$40
0.17%
$3.40 National average4

3. Get an online savings account.

Online savings accounts also make it easy to manage your money. In the Varo app, you can make instant transfers between your Varo Bank Account and your Varo Savings Account at any time. So if you ever need to use your emergency fund, or if it’s time to pay for a flight you saved up for, you’ll have easy access to your savings.
An illustration of mobile banking on a phone
An illustrated wallet with money and coins

4. Bonus tip: Find an account with automatic savings tools.

While they don’t affect your savings account rate, automatic savings tools are a good way to grow your money effortlessly. 

A Varo Savings Account comes with two automatic savings tools you can turn on or off whenever you want.

Save Your Pay takes a percentage of your direct deposits and transfers it to your Savings Account. You choose the percentage.

Save Your Change rounds up every transaction to the nearest dollar and transfers the amount to your Savings Account.

Savings Account Rates FAQ

How do savings accounts work?

When you deposit money into a savings account, banks and credit unions will pay you interest on the money you deposit and the resulting balance. Accessing money in a savings account is generally simple and fast.

What's Varo's savings account rate?

Varo’s variable savings rate starts at an amazing 2.00% APY (Annual Percentage Yield) and could increase to a sky-high 5.00% APY (on your balance up to $5,000) if you qualify.1 There are no fees and no minimum balance required to open a Varo Savings Account.

Start qualifying for Varo Believe.

Get a Varo Bank Account and Savings Account today!

Applying won’t impact your credit score.