Varo Savings Account review

Varo Savings Account rounds out the list because it suits a narrow but common case: a saver with less than $5,000 who already lives in a banking app. The account starts at 1.00% APY on every dollar, and moves to 3.75% APY on balances up to $5,000 in the next month once you receive $800 or more in direct deposits and end the month with a positive balance in all Varo accounts. Anything above $5,000 still earns 1.00%. There are no minimum balance, annual or monthly maintenance fees. Save Your Pay can send up to 100% of a direct deposit straight to savings, and Save Your Change rounds up purchases. You need a Varo Bank Account to open savings, cash deposits work at CVS, and Varo says there is no hard credit check to apply. Above $5,000, almost any other account here pays more.

Who it is for

smaller savers who bank in an app

Price

$0 monthly maintenance fees, no minimum balance; 1.00% APY, or 3.75% on the first $5,000 with $800 in monthly direct deposits.

There are no minimum balance, annual, or monthly maintenance fees.
Quoted from the vendor pricing page on November 13, 2026.

Key features

• 1.00% APY on every dollar from opening, as of October 5, 2026
• 3.75% APY on balances up to $5,000 with $800 or more in monthly direct deposits
• Save Your Pay moves up to 100% of a direct deposit into savings
• Save Your Change rounds up debit card purchases
• Cash deposits at CVS and in-network ATM withdrawals

Strengths and weaknesses

• Strength: No minimum balance, annual or monthly maintenance fees
• Strength: Automatic saving from each paycheck
• Strength: No hard credit check to apply
• Weakness: The 3.75% rate stops at $5,000 and the rest earns 1.00%
• Weakness: Needs a Varo Bank Account and a positive balance in all Varo accounts to qualify
• Weakness: Lowest base rate on this list

Key facts

• Base APY: 1.00% (as of October 5, 2026)
• Qualified APY: 3.75% on balances up to $5,000
• Monthly fee: $0
• Requirement: $800+ monthly direct deposits

Where it ranks

Varo Savings Account is No. 9 in our Best Savings Accounts verdict.