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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

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 $2,000 savings balance

APY
Interest Earned
5.00%
$100 earned per year
3.00%
$60 earned per year
0.30%
$6.00 earned per year (National Average 6)

Get a Varo Bank Account today!

Applying won’t impact your credit score.

FAQ

What is a savings account?

A savings account is an interest-earning (generally 0.01% to 0.50% APY) bank account that provides a safe and reliable option for storing cash. Unlike a checking account designed for everyday purchases, savings accounts are typically used for emergency savings or short-term saving 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. 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.