Varo Savings Account
A mobile-first neobank with a tiered APY structure that rewards small, active accounts.
APY
5.00%
on first $5,000 with qualifying activity
Editor rating
4.2 / 5
Insurance
FDIC
Cert #59190
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Editor's Verdict
Varo offers the highest headline APY on our list, but the conditions are strict: you need direct deposit, qualifying debit card spend, and the rate only applies to the first $5,000. For users who can meet those conditions on a small emergency fund, Varo is mathematically the best option. For larger balances, look elsewhere.
By HYSA Compare Editorial Team · APY verified on 2026-04-06T00:00:00.000Z
Pros
- + 5.00% APY tier — highest on the list
- + Mobile-first experience
- + No fees
Cons
- − Bonus tier capped at first $5,000
- − Requires direct deposit AND debit card use to qualify
- − Lower APY on balances over $5k
Account details
- Institution type
- NEOBANK
- Minimum opening deposit
- $0
- Min. balance to earn APY
- $0
- Monthly fee
- $0.00
- Compounding
- daily
- ATM access
- Yes
- Check writing
- No
- Mobile app
- Yes