Varo offers consumers a high-yield savings account with an annual percentage yield (APY) of 1.20%. However, that could be increased to 5% for consumers who meet certain criteria. To qualify for the 5% APY, consumers must have USD 1.000 or more in direct deposits from paychecks, pensions, or government benefits like Social Security and unemployment.
Consumers will need an account balance greater than or equal to USD 0 at the end of the qualifying period and not have more than USD 5.000 in their Varo Savings Account at the close of business each business day during a calendar month.
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