Earn interest you’ll really notice.
Get a Varo Bank Account, then set up your high-yield Varo Savings Account.
Earn more money, faster
To earn 2.80% APY, meet these three requirements in the same calendar month:
- Make at least five Varo Visa® Debit Card purchases in each calendar month,
- Receive total direct deposits of $1,000 or more in the same calendar month, AND
- Keep a Savings Account balance up to $50,000. You read that right. We have a $50,000 maximum to earn our higher APY, but no minimum balance requirement. (This $50,000 limit is changing to $10,000 or less on May 1, 2020).
Otherwise, enjoy 1.61% APY. See the Varo Savings Account Agreement here.
- APY Balance Requirements
- 1.61% None
- 2.80% No more than $50,000 plus qualifying activities (see left)
How our interest rates stack up for a $1,000 savings balance
- 2.80% $28 earned per year
- 1.61% $16 earned per year
- 0.09% $0.90 earned per year 0.09% *National Average
Your bank should help you save
You can do better than an APY that’s next to nothing.
What’s APY?
APY is a percentage rate that shows the total amount of interest paid on an account. It’s based on the account’s interest rate and how often the balance compounds for a 365-day period.
Whatever the balance, still no monthly fees.
There’s no minimum balance requirement to open a Varo Savings Account, and you start earning high-interest with your first deposit. Plus, a Varo Savings Account has no fees.
We’ll automatically save for you
Automatic savings tools transfer money from your Varo Bank Account to your Varo Savings Account.
Save Your Pay takes a percentage of your Varo Bank Account direct deposits and automatically transfers it to your Savings Account (you choose the percentage).
Save Your Change rounds up every transaction to the nearest dollar and transfers that amount from your Varo Bank Account to your Savings Account.
All Rights Reserved by Varo © 2020
Varo Money, Inc. | NMLS #: 1547251 | Licenses | NMLS Consumer Access
^Varo Annual Percentage Yield (APY) is accurate as of April 1, 2020. This rate is variable and may change. No minimum balance required to open account. Balance in Savings Account must be at least $0.01 to earn interest.
*Source: FDIC, January 2019: fdic.gov/regulations/resources/rates/
Bank Account Services provided by The Bancorp Bank. Your deposits are FDIC insured to at least $250,000 through The Bancorp Bank; Member FDIC. The Varo Visa® Debit Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc and may be used everywhere Visa debit cards are accepted.
See the Varo Bank Account Agreement and Varo Savings Account Agreement for terms and conditions.