Save money effortlessly
Earn more with automatic savings tools and a
high interest Varo Savings Account.
Take the work out of saving
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.
Earn more with a super high APY
Get a Savings Account with one of the highest Annual Percentage Yields (APY) in the country. No fees or minimum balance to open.
Start earning 0.50% APY.^ Qualify to earn 3.00% APY^ on a balance of just a penny by meeting these three requirements:
- Receive total direct deposits of $1,000 or more each qualifying period**
- Keep a daily savings balance of $5,000 or less the entire calendar month
- Keep your Bank Account and Savings Account balances above or equal to $0.00 the entire calendar 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
3.00%
$30 earned per year
0.50%
$5 earned per year
0.06%
$0.60 earned per year *National Average
Start qualifying for Varo Believe.
Get a Varo Bank Account today!
Applying won’t impact your credit score.
FAQ
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.