Reach your goals faster with a Varo Savings Account.
A high yield savings account with no fees, and easy auto-saving tools to help grow your money.
Get a savings account that does the work for you
Use savings tools to automatically transfer money from your Varo Bank Account to your online 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.
Save faster with a sky-high APY on your savings account
Start earning 3.00% APY (Annual Percentage Yield)1, then qualify to earn 5.00% APY. That’s one of the highest savings rates in the country.2 Earn 5.00% APY on your balance up to $5,000.00 for next month by meeting these two requirements this month:3
- Receive direct deposit(s)4 totaling $1,000 or more; and
- End the month with a positive balance in both your Varo Bank Account and Savings Account.
You’ll continue to earn 3.00% APY on any additional balance above $5,000.00. No fees, no minimum balance required.5
See how our interest rates stack up for a $2,000 savings balance
What is a savings account?
Can I open a savings account online?
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.