All Varo Savings Accounts begin earning 0.50% APY, and you can qualify for the higher 5.00% APY,(1) by meeting the requirements listed below during each Qualifying Period.(2) Although there’s no minimum balance to open a Savings Account, there is a minimum balance to earn interest.*
- Get direct deposits totaling $1,000 or more;(3)
- Have $0.00 or more in both your Varo Bank Account and Varo Savings Account at the end of the Qualifying Period; and
- Make sure your Savings Account balance isn’t higher than $5,000 at the end of each business day.(4)
*Your minimum balance to earn interest varies based on the number of days in the calendar month. The minimum will be based on the average close-of-business-day balances for the month - varying by how many days are in the month:
If you don’t meet all of these requirements, you’ll still earn 0.50% APY on your entire Savings Account balance — that towers over the national average APY of 0.06%(5)!
When you qualify for 5.00% APY, you will earn the higher rate for that entire calendar month as long as you continue to meet the requirements through the end of the Qualifying Period. Otherwise, your APY will be 0.50% for the entire month. We’ll let you know if your rate changes.
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 upper right-hand corner. 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 April 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.
OR
- 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, GooglePay, 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)The balance in your Savings Account (including the accrual of interest) must not exceed $5,000 at the close of business each business day during the calendar month. Close of business is 6:00 pm MST/5:00 pm MDT, except on the last business day of the month, when it is 4:25 pm MST/3:25 pm MDT.
(5)Average Rate as of February 22, 2022, as found on fdic.gov/regulations/resources/rates