The All-Digital Bank Launches 2.00% Initial Savings Rate, Over 15 Times the National Average
Varo Bank, the first all-digital, nationally chartered U.S. consumer techbank, announced that consumers can immediately start earning a 2.00% savings rate1, one of the highest annual percentage yields (APY) in the country – over 15 times the national average2.
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Opening a high-yield savings account is a simple way to minimize the impact of inflation. The Varo Savings Account now starts at a competitive 2.00% APY, which could increase to 5.00% APY2 for customers who qualify3, as announced earlier this year. Unlike traditional banks, the Varo Savings Account has no hidden fees 4 and no minimum balance requirement to open an account. There is a minimum balance required to earn interest.*
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“Varo Bank will continue to stand by our customers during these challenging economic times”, said Colin Walsh, Founder and CEO of Varo Bank. “The Varo mission is about helping people build financial resilience. An important part of this goal includes providing products and technology facilitating consistent positive cash flow balances. This rate increase is one of the ways we help our customers continue to save their hard-earned money despite the rising costs of basic necessities.”
Account holders can also grow their balance over time effortlessly by using Varo Bank’s automatic savings tools – Save Your Change and Save Your Pay, which is a convenient way to sweep money from qualifying purchases and transfer those funds into their savings account.
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