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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.
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 0.20% APY^, and then earn up to 3.00% APY^ on a balance of only $0.01 if you meet these requirements each qualifying period**:
You’ll also need to meet the daily balance requirements:
These rates and requirements are for Varo Bank accounts opened after October 1, 2020.
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!
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.
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.
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.
© 2021 Varo Bank, N.A. All Rights Reserved
Varo Bank, N.A. | PO Box 108, Draper, UT 84020
*Rate as of April 12, 2021, as found on fdic.gov/regulations/resources/rates.
^Annual Percentage Yield (APY) is accurate as of March 23, 2021. The rates are variable and may change. No minimum balance required to open an account. Balance in Savings must be at least $0.01 to earn interest.
**The qualifying period begins the first calendar day of the month and ends at close of business on the last business day of the month.
Banking Services provided by Varo Bank, N.A. Member FDIC. Visa® Debit Card is issued by Varo Bank, N.A. pursuant to a license from Visa U.S.A. Inc and may be used everywhere Visa debit cards are accepted.
See the Varo Savings Account Agreement for full terms and conditions.
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