Updated September 29, 2026 · VaultCue Editorial Team
SoFi vs Varo Bank
SoFi
Varo Bank
Higher score in this comparison
Where SoFi and Varo Bank differ
| Compare | SoFiReviewSee alternativesSee alternatives | Varo BankReviewSee alternativesSee alternatives |
|---|---|---|
| Access terms | Online-only direct bank, no physical branches; SoFi Savings bundled with SoFi Checking | No minimum balance or deposit, no savings cap, access in the Varo app with free instant transfers |
| Headline rate | Not confirmed | 1% to 3.75% |
| Minimum deposit | Not confirmed | $0 |
Same on both: Rate type (Variable), Deposit protection (FDIC up to USD 250,000), Monthly fee ($0), Account kind (Easy access).
We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.
Key differences
- Varo Bank scores higher overall: 8.9 vs 8.7.
- Founded is lower at SoFi: 2011 vs 2015.
- Support channels: only Varo Bank offers Email, Chat, Phone.
Our verdict on each
SoFi
SoFi suits US savers who want an online savings balance held beside their checking account, with deposits covered by FDIC up to USD 250,000 and a variable interest rate. Because it is an online-only direct bank, the savings balance is managed from your own screen rather than a branch counter.
Varo Bank
Varo Bank suits people who want a free digital bank account and an easy-access savings balance without a minimum deposit. It charges a monthly fee of $0, pays a variable rate of 1% to 3.75% and holds deposits under FDIC up to USD 250,000.
Score breakdown
| Area | SoFi | Varo Bank |
|---|---|---|
| Cost | 9.1Monthly fee $0 and currency conversion fee 0%, against site medians of €0 and 0.5%. | 9.3Higher |
| Offer | 8.1 | 9.0Higher |
| Trust | 8.8Higher | 8.5 |
How they place
| Ranking | SoFi | Varo Bank |
|---|---|---|
| Current and checking accounts | 148 of 885 | 120 of 885 |
| Savings accounts | 537 of 1420 | 440 of 1420 |
Every fact side by side
| Fact | SoFi | Varo Bank |
|---|---|---|
| Pricing model | No monthly fee | No monthly fee |
| Legal entity | SoFi Bank, National Association | Varo Bank, National Association |
| Headquarters | United States | United States |
| Founded | 2011Lower | 2015 |
| Support channels | Help centre | Email, Chat, Phone, Help centreCovers more |
Everyday accounts
| Fact | SoFi | Varo Bank |
|---|---|---|
| Licence type | Bank | Bank |
| Currency conversion fee | 0% | 0% |
| Features | Free ATM | Free ATM, Digital only, No credit checkCovers more |
| Local account details | Us ACH | Us ACH |
| Free ATM withdrawals | $0 | $0 |
| Transfer fee | Outgoing domestic wire $30 per transfer; incoming wire $0 | Free |
Where each stands against the rest
| Fact | SoFi | Varo Bank | Median |
|---|---|---|---|
| Headline rate | Not confirmed | 1% to 3.75%above the median | 3.25 |
| Minimum deposit | Not confirmed | $0at the median | $0 |
| Monthly fee | $0at the median | $0at the median | $0 |
Median across 658 listed accounts.
Pros and cons
SoFi
Pros
- Deposits sit under FDIC up to USD 250,000, and the bank is listed as FDIC cert 26881
- The savings rate is variable and the account kind is easy access, so you can draw money out without a fixed term
- Cash machine use is listed under free atm, with an allowance of $0
Cons
- Support runs on help centre only, so no phone or email channel appears in the list
- Wire transfers come with Outgoing domestic wire $30 per transfer; incoming wire $0, so moving larger sums to someone else is not free
- The rate is variable, so what you earn can fall as well as rise
Varo Bank
Pros
- A monthly fee of $0 applies, matching the site median of €0
- The savings account takes a minimum deposit of $0 and pays a variable rate of 1% to 3.75%
- Transfers are free and the ATM allowance is $0
Cons
- The savings rate is variable, so the 1% to 3.75% range can move
- The service is digital-only, which needs a phone and app access for everyday banking
- It is a US bank licence, and the local payment detail is us ach
Who each suits
SoFi
Who it suits
- US residents who want savings and checking in a single place
- People who are happy to bank entirely online
- Savers who want a bank licence and insured deposits rather than a partner account
Who should look elsewhere
- XTB, if you hold UK pounds and want cover under FSCS up to GBP 85,000 rather than FDIC up to USD 250,000
- Plazo ES, whose fixed rate locks money away, when you would rather hold an easy access balance
- AXI Card Tarjeta y Credito, whose fixed rate suits readers who prefer a return locked for a set period
Varo Bank
Who it suits
- You want a savings balance you can reach at any time from the app
- You want no monthly charge on the everyday account
- You want a bank rather than an e-money or payment institution
Who should look elsewhere
- You want a fixed-rate term deposit, since the rate here is variable
- You need branches or in-person service, as the service is digital-only
- You need euro or UK payment details, and the local detail is us ach
Country by country
| Country | SoFi | Varo Bank |
|---|---|---|
| United States | Yes | Yes |
Questions about each
SoFi
How much does SoFi Savings cost to hold?+
Nothing is charged to keep the balance open. The monthly fee is $0, and the account model is no monthly fee. Money only becomes costly when you move it in certain ways, such as sending a wire rather than making a standard transfer.
Is my money safe with SoFi?+
It sits with a bank, and deposits are covered by FDIC up to USD 250,000, so the balance is protected up to that limit. The bank is listed as FDIC cert 26881, a certificate you can check against the insurer's register.
Varo Bank
What does Varo Bank charge each month?+
Varo Bank charges a monthly fee of $0 on the everyday account, which matches the site median of €0. Transfers are free and the ATM allowance is $0, so day to day banking costs nothing extra.
How much interest does the Varo savings account pay?+
The savings account pays a variable rate of 1% to 3.75%. Because the rate is variable, the range can move over time. The site median headline rate is 3%, so this sits at the higher end of typical savings listings.
Other options to compare
Other matchups
Related by the facts
SoFi
Varo Bank