Varo Money Inc., a San Francisco-based mobile banking startup, has raised the annual percentage yield on its savings account to 2.8 percent, which it claims is the highest in the industry.

The rate increase is for customers with a balance of up to $50,000, have a qualifying direct deposit on file of up to $1,000 per month and use their debit card at least five times per month, according to a press release.

For accounts with balances over $50,000 or accounts that do not otherwise meet the qualifications, that portion will be paid at 2.12 percent. The accounts are provided by The Bancorp Bank, with FDIC insurance up to $250,000.

Varo, which was granted preliminary approval in August 2018 for a national bank charter by the Office of the Comptroller of the Currency, charges no fees or overdraft charges and has no minimum balance requirement. The mobile app is available for download on iOS or Android. The bank was founded in 2015 and has raised $144 million led by Warburg Pincus and the Rise Fund.