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Online savings account

TURN YOUR MONEY INTO MORE MONEY. FASTER.

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. 

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Savings account features

Everything you need to reach your goals

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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 3.00% APY on everything else.¹

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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.

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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. 

THE HYPE IS REAL.²

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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.

FAQ
What’s the difference between an online savings and checking account?
Are high-yield savings accounts FDIC Insured?
What is the minimum balance for an online savings account?
Can I open a savings account online?
What is a savings account?
Answer

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.