Save money effortlessly
Take the work out of saving
Our savings tools automatically transfer money from your Varo Bank Account to your Savings Account.
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.
Earn more with a super high APY
Get a Savings Account with one of the highest APYs in the country, but no fees or minimum balance to open the account.
Start earning 0.40% APY^, and then earn up to 2.80% APY^ on a balance of only $0.01 if you meet these requirements each qualifying period**:
- Make at least five qualifying Varo Bank Visa® Debit Card purchases AND
- Receive qualifying total direct deposits of $1,000 or more
You’ll also need to meet the daily balance requirements:
- Do not exceed a daily savings balance of $10,000 for the entire calendar month AND
- Keep your Bank Account and Savings Account
balances greater than or equal to $0.00
What's APY?
See how our interest rates stack up for a $1,000 savings balance
APY
Interest Earned
FAQ
Can I open a savings account online?
Yes! Creating a savings account online can be an easy, positive step toward reaching your short-term or long-term financial goals. Opening a Varo Savings Account is simple — just download the app, answer a few quick questions to open a Varo Bank Account and optional Savings Account, and quickly receive an application decision. Deposit at least $0.01 into your Savings Account to start earning above-average interest. Your money is protected and accessible instantly!
What is the minimum balance for an online savings account?
Unlike some traditional banks, there is no minimum balance required for a Varo Savings Account. You need just $0.01 to start earning interest with your online savings account. Plus, you can grow your balance over time without even thinking using our automatic savings tools, Save Your Change and Save Your Pay. Now you can practice smart ways to save without interrupting your daily life.
Are high-yield savings accounts FDIC Insured?
Your money is safe with Varo. All money in your Varo Savings Account is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. The FDIC insures both the deposits you make within your high-yield savings account and any interest you earn.
What’s the difference between an online savings and checking account?
The main difference between an online savings account and checking account is how you plan to use the money. A checking account is typically used for everyday transactions and easier access to your money, while a savings account is basically an investment account that earns interest on a balance that grows over time. A savings account is better for building up emergency funds and working toward larger financial goals. You can have both with Varo with no monthly fees — best of both worlds.
