All Varo Savings Accounts begin earning the Standard Rate of 3.00% APY (Annual Percentage Yield). In order to qualify for the Elevated Savings Rate (5.00% APY on your first $5,000 of savings and 3.00% APY on the rest),(1) you must meet these 2 requirements during the same Qualifying Period:(2)
- Receive direct deposit(s) totaling $1,000 or more (3); and
- End the month with a positive balance in both your Varo Bank Account and Savings Account.
If you qualify this month, you will earn the 5.00% APY for next month. You’ll continue to earn 3.00% APY on any additional balance above $5,000.00. If you don’t meet the requirements, you’ll still earn 3.00% APY on your entire Savings Account balance — that towers over the national average APY of 0.24%!(4)
No fees, no minimum balance required.*
*Interest is paid in whole cents only after rounding at the end of each interest payment period (usually monthly). If your balance has accrued less than a penny of interest at the end of the month (after rounding), you won’t receive an interest payment.
You can always see the rate you are currently earning in the app. From the home screen, select your Varo Savings Account, then select Account Details in the middle of the page. Your rate will be listed under Current APY.
The fine print (see the Varo Savings Account Agreement for full terms and conditions):
Rates are variable and may change, and your Savings balance must meet our minimum monthly average balance requirements to earn interest.
(1) Annual Percentage Yield (APY) is accurate as of December 1, 2022. Rates may change at any time without prior notice, before or after the account is opened.
(2) The Qualifying Period begins on the first calendar day of the month and ends at close of business (4:25 pm MST/ 3:25 pm MDT) on the last business day of the month. Your eligibility is determined separately each month.
(3) A qualifying direct deposit means either:
- A direct deposit made at Varo Bank, N.A. at bank routing number 124303201, by Automated Clearing House (ACH) transfer consisting of payroll, pension, or government benefit payments from an employer or a government agency. The recipient’s name associated with such deposits must match the name of the Bank Account or Savings Account holder.
- Payroll transfers made to the Debit Card via Visa Direct, from Uber, Lyft, DailyPay, DoorDash, and Postmates.
These deposit transactions into your Varo Bank Account are NOT considered qualifying direct deposits:
- ACH Transfers made using your Varo Bank Account number and routing number, including:
- Transfers from an account held in your name at another bank, brokerage firm, or other financial institution whether from the Varo Bank Account holder or a third party; or
- Transfers from digital wallets or Peer to Peer (P2P) services, including, but not limited to, PayPal, Venmo, Square, and ApplePay Cash.
- Non-Payroll transfers made to the Varo Visa® Debit Card via Visa® Direct from digital wallets or P2P services, including, but not limited to, PayPal, Venmo, Cash App, Zelle®, Google Pay, Facebook, or other similar transfers.
- Cash deposits made via Third Party Money Transfer Services, including but not limited to the Green Dot® Network.
- Mobile Deposit of checks via the Varo Bank Mobile App.
- Varo-to-Varo Transfers received in the Varo Bank Account.
- Tax refunds from State and Federal Tax Boards, or from the IRS.
- Government stimulus payments.
- A direct deposit made by ACH transfer to your old Varo Bank Account or Varo Savings Account at bank routing number 031101169.
(4) Based on National Average Rate as of November 21, 2022, as found on fdic.gov/resources/bankers/national-rates/.