Open an online savings account and save effortlessly
Automatic savings tools and a high-interest Varo Savings Account can help your money grow.
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
Earn one of the highest Annual Percentage Yields (APY) in the country with a Varo Savings Account.1 Start earning 1.20% APY, then you can qualify to earn 5.00% APY.2
Let’s get you the best rate possible! Here are a few things to know:
- There’s no minimum balance to open a Savings Account, but there’s a minimum balance to earn interest.*
- You’ll start earning 1.20% APY and if you do a few extra things during each Qualifying Period,3 you’ll earn 5.00% APY.
- Get direct deposits totalling $1,000 or more4
- Have $0.00 or more in your Varo accounts at the end of the Qualifying Period;5 and
- Make sure your Savings Account balance isn’t higher than $5,000 at the end of each business day.6
*The minimum balance to earn interest varies based on the number of days in the calendar month. To earn 1.20% APY, the average of your close-of-business-day balances for the month must be at least $4.95 in a 31-day month and $5.12 for a 30-day month. To earn 5.00% APY, the average of your close-of-business-day balances for the month must be at least $1.21 in a 31-day month and $1.25 in a 30-day month.
What's APY?
APY is a percentage rate that shows the total amount of interest you can earn on an account. It’s based on your interest rate and how often the balance compounds over one year.
See how our interest rates stack up for a $1,000 savings balance
APY
Interest Earned
5.00%
$50 earned per year
1.20%
$12 earned per year
0.08%
$0.80 earned per year (National Average1)
Start qualifying for Varo Believe.
Get a Varo Bank Account and Savings Account today!
Applying won’t impact your credit score.
FAQ
What is a savings account?
A savings account is an interest-earning bank account (usually 0.01% to 0.50% APY) that provides a safe and reliable option for stashing cash. While a checking account is designed for everyday purchases, savings accounts are typically used for emergency savings or savings goals.
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.
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. 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.