To see the APY, from the Home screen, select your Varo Bank Savings Account, then tap Account Details in the upper right-hand corner. You’ll see the APY you are earning under Current APY. You can also find the Interest Rates and APYs that we offer here or in the Savings Account Agreement.
APY is a percentage that reflects the amount of money you could earn on an account in a year, based on the interest rate and how frequently interest is compounded (meaning interest is added to the principal, so you also earn interest on interest). It helps give you a better idea of what you could earn on an account than looking at the interest rate alone.