11 Online Banks Offering Unbeatable Perks for the Savvy Saver

10. Varo Bank

Varo Bank is for people who want to kick their savings into high gear. The biggest headline here: you can earn up to 5.00% APY on savings (if you meet certain monthly direct deposit and balance requirements; double check for the latest terms). There’s no monthly fee or minimums—just sign up, move your money, and start earning. Varo jumps ahead of the pack with fast early direct deposits and a beginner-friendly budgeting app that shows you exactly where your money is going. You’ll manage everything from your phone, and the app’s clear categorization makes hitting savings goals feel less overwhelming. No physical branches, and if you regularly need to deposit cash, you may want to look elsewhere. But for tech-savvy savers who crave juicy rates with a modern interface, Varo delivers.