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.
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 3.00% 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
“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.
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
“Neobank pioneer Varo Bank has become the first digital bank to join Zelle’s payment network. Surely this move represents a step forward for neobanks...”
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.