Apple Savings vs. Varo Savings Account
Apple and Varo’s savings accounts both have no fees and no minimum balance requirements. However, because Varo Bank offers a 3.00% to 5.00% APY on savings compared to 4.40% APY with Apple, Varo may or may not help you earn more, depending on your balance and account activity.
You can only earn the higher APY on balances up to $5,000 with Varo and must meet two requirements to qualify for the higher rate. To earn the higher yield, you must receive direct deposits totaling $1,000 or more and end the month with a positive balance in your Varo bank and Varo savings accounts.
Apple Savings vs. SoFi Savings Account
Though SoFi is widely known for loans, SoFi Bank offers the SoFi Checking and Savings Account¹ with a 0.50% APY on checking and 4.50%¹ APY on savings if you set up direct deposit or by depositing $5,000 or more every 30 days. Customers who don’t meet this criteria earn 1.20% APY on savings balances¹. The SoFi savings account has no fees³ or minimum balance requirements.
A unique benefit of SoFi’s account is it offers FDIC insurance up to $2 million² through its network of participating banks—higher than the standard $250,000 FDIC coverage limit. Unlike Apple, SoFi offers a welcome bonus of up to $300, depending on your direct deposit amount.
Apple Savings vs. Sallie Mae Bank SmartyPig Account
Like Apple Savings, Sallie Mae Bank’s SmartyPig Account is a fee-free savings account with an above-average APY. The SmartyPig Account earns 4.25% APY on all balance tiers, slightly higher than Apple.
One unique benefit of this account is its referral program. You can earn a $10 reward for each friend you refer who opens a SmartyPig account and contributes at least $25 within 30 days of receiving the invite. The reward will be deposited into your SmartyPig account within 90 days.
¹SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
²SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be Insured up to $2M through participation In the program. See full terms at SoFl.com/banklng/fdlc/terms See list of participating banks at SoFl.com/banking/fdlc/recelvlngbanks
³Sofi account fee policy is subject to change at any time.
