Zero fees. Automatic savings tools. What's more, qualify for 5.00% annual percentage yield on up to $5k.¹ When you open a savings account with us, you earn more on every dollar. So you can aim for more—and live more.
Online savings account
TURN YOUR MONEY INTO MORE MONEY. FASTER.
Savings account features
Everything you need to reach your goals
Up to 5.00% Annual Percentage Yield (APY)
Get your savings high. Like, really, high.
Got big money dreams? Grow your savings faster with one the highest savings rates in the country. That’s right, qualify for up to 5.00% APY on up to $5k and earn 2.50% APY on everything else.¹
Auto savings tools
Put your money to work without lifting a finger.
A little from your paycheck. Some spare change rounded up. Our automatic savings tools take the stress out of saving, so you can set it, forget it, and watch your money multiply.
Fee-free savings
No fees. No minimum. No brainer.
Let your savings reach their full potential. Without all the fees whittling it down. With no minimum balance required and no monthly fees to pay, you can save more the easy way.
MOMENTS OF PROGRESS ²
“Varo has changed the way I think about money.”
Derrome E.
“It's the first time a bank has had my back. It's been a game changer.”
Tracey W.
“I feel more confident, because I have more control of my money."
Bryan A.
“The Advance really helps out when things get tight because sometimes the ends don't always meet.”
Demeiia R.
“The Believe card has really improved my credit.“
Malcolm T.
“My finances have improved a lot. I’m not spending money I don’t have.”
Daniela C.
In the press
"Neobanks are a dime-a-dozen these days...Not Varo. The digital-only bank is the first consumer fintech to be granted a full-service bank charter..."
"Colin Walsh is on a mission to create a more inclusive digital bank– and he went through the regulatory wringer in the middle of the pandemic to prove it..."
“We’re a direct member of the FDIC, we’re regulated by the OCC, and we’ve made very prudent decisions to build a very effective risk management program that protects our customers” - Colin Walsh
GET THERE FASTER. START SAVING TODAY.
Sign up for a Varo account in less than two minutes. There’s no hard credit check to apply.
Savings Account FAQs
What are the qualification requirements for the 5.00% high-yield savings rate?
Are there monthly fees or minimum balance requirements?
How do I activate Save Your Pay®?
How do I activate Save Your Change?
Is the 2.50% APY applicable to all balances exceeding $5,000?
Answer
After opening your online savings account, you can qualify for the 5.00% Annual Percentage Yield (APY) for the next month by meeting these two requirements this month: 1) Receive qualifying direct deposits* totaling $1,000 or more; and 2) End the month with a positive balance in both your Varo Bank Account and Savings Account. After meeting these requirements, the 5.00% APY will then apply to the first $5,000 in your savings account, with any additional balance above $5,000 then earning 2.50% APY.
In your Varo app, you’ll see a direct deposit widget to help you track your progress towards unlocking the elevated savings rate. The widget is located under your Varo Savings Account. Tap the progress bar to see what’s left to do for the month to get to the elevated APY next month.
*Qualifying direct deposits are electronic deposits of your paycheck, pension or government benefits (such as Social Security or unemployment) from your employer or government agency. Tax refunds and government stimulus payments, person-to-person payments (such as Venmo), and funds deposited using a Varo routing number are not considered a direct deposit.