SoFi Bank vs Varo Bank
Head-to-head comparison of SoFi Checking and Savings and Varo Savings Account, updated daily.
Varo Bank currently wins on APY: 5.00% vs 4.00%
| Feature | SoFi BankLive | Varo BankUpdated 1d ago |
|---|---|---|
| APY | 4.00% | 5.00%★ |
| Min opening deposit | $0 | $0 |
| Min balance for APY | $0 | $0 |
| Monthly fee | $0.00 | $0.00 |
| Insurance | FDIC | FDIC |
| Compounding | daily | daily |
| ATM access | Yes | Yes |
| Check writing | No | No |
| Mobile app | Yes | Yes |
| Editor rating | 4.7 / 5★ | 4.2 / 5 |
SoFi Bank verdict
SoFi remains one of our highest-rated picks for everyday savers in April 2026. The headline APY is gated behind a recurring direct deposit requirement, but for anyone who can route their paycheck through SoFi, it is one of the best risk-adjusted yields available from a fully insured U.S. institution. The bundled checking-and-savings product means you get a high APY without needing to maintain a separate account elsewhere.
Read full SoFi Bank review →Varo Bank 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.
Read full Varo Bank review →