Varo; Member FDIC Summary
Varo; Member FDIC Pros & Cons
Pros
Cons
Varo; Member FDIC at a glance
Fees
Security
Customer Service
Online and Mobile Experience
Features and Benefits
Advantages Over Traditional Banks
Varo is different from a regular bank. It offers online bank accounts and savings accounts, stripped down to the very basics to give you countless benefits without the downsides.
Here are the main reasons to choose Varo Bank over a regular bank:
- It takes only minutes to set up a bank account
- Open and manage your bank account using the Varo Bank mobile app
- No bank account maintenance fees whatsoever. That’s no monthly fees, no minimum balance requirements, and no transfer fees
- Extremely high savings annual percentage yields (APY) helping you save
Traditional Banking Services
Varo Bank doesn’t ignore traditional banking services. Varo offers the convenience of mobile banking with many of the same basic features offered by traditional banks. This makes it stand out when comparing the best online banks.
Traditional banking services include:
- Varo Visa® Debit Card. This is a regular debit card linked to your checking account. It is not a prepaid card.
- Fee-free withdrawals at 55,000+ Allpoint® ATMs worldwide.⁴
- Option of sending deposits and transfers from your bank account.
Interest Rates and Fees
Varo offers a no-monthly-maintenance-fee Bank Account and an optional Savings Account. The Savings Account currently starts at 1.00% APY. Customers can qualify for 3.75% APY on balances up to $5,000 in the following month by receiving $1,000 or more in qualifying direct deposits and ending the month with a positive balance in all Varo accounts. Balances above $5,000 continue to earn 1.00% APY. Varo states that these APYs are accurate as of July 1, 2026, and that rates may change at any time.
Varo’s main Bank Account does not charge monthly maintenance, minimum balance, or overdraft fees. In-network withdrawals at U.S. and Puerto Rico-based Allpoint ATMs are free, while out-of-network and international ATM withdrawals cost $3.50 per transaction, plus any third-party operator fees. Varo also charges $2.50 for over-the-counter cash withdrawals. Cash deposits are free at eligible stand-alone CVS locations, while other Green Dot retail cash deposits may carry a retailer service fee of up to $5.95. Optional borrowing products, including Varo Advance and Varo Line of Credit, carry flat fees disclosed before use.
Cutting-Edge Banking Services
Varo’s mobile-first banking experience includes early direct deposit, automatic savings tools, personalized cashback offers, a secured credit-building card, and optional borrowing products for eligible customers. The app is central to the experience: customers can track balances, receive real-time alerts, move money, view cashback offers, manage card controls, and access support. Varo also now offers Zelle® in the app for eligible customers.
Early direct deposit | Customers may receive employer or government direct deposits when Varo receives them, typically up to 2 days early. |
Varo Advance | Eligible users can access $20–$250 initially and may build up to $500 over time; Varo discloses a flat fee before acceptance and no interest. |
Varo Line of Credit | Eligible users can borrow $600–$2,000, with a flat fee and repayment in equal monthly installments. |
Varo Believe Card | A secured credit-building card with no credit check to apply, no interest, no annual fee, and reporting to all 3 major credit bureaus. |
Cashback | Cashback offers are available at participating merchants and vary by offer; the maximum cashback is $750 per calendar month. |
Cash deposits | Free cash deposits are available at eligible stand-alone CVS locations; other Green Dot retail locations may charge a service fee. |
Zelle® | Zelle® is available in the Varo app for eligible customers who meet account-age and deposit requirements. |
Customer Service
Varo support is available through the app and online help center. Customers can access a self-service chatbot 24/7, 365 days a year, including federal holidays. Live in-app chat is also available 24/7, but it is closed on federal holidays.
Phone support is available at 1-877-377-8276 from 7:00 AM to 8:30 PM ET daily, closed on federal holidays, for specialized issues such as adding a Varo card to a digital wallet, disputing a transaction, or logging in.
Email support is available for account applications and refund checks for closed accounts through Varo’s support site, Monday–Friday, closed on federal holidays, with responses generally within 2 business days.
Mobile Apps
Varo isn’t just another one of those banks that offers a mobile app; its mobile app actually has more features than its online platform. Downloading the Varo app on the App Store or Google Play can give you full access to all of the banking services and products described in this review.
Security
Varo takes your security seriously. All money in your Varo account(s) is FDIC insured up to $250,000 through Varo Bank, N.A. Member FDIC. Furthermore, Varo provides biometric authentication and two-factor authentication (2FA) in cases of suspected suspicious activity to ensure accounts stay secure. Varo promises never to sell your data and to keep you safe with powerful encryption and access control. Your spending is also protected, thanks to the Visa® Zero Liability, which guarantees you won’t be held responsible for any unauthorized charges on your debit card⁹
Conclusion
Varo Bank represents the next stage in online banking. It does a few things that all online banks should really be doing by now, namely: it charges no fees for most of its services and rewards users with high-interest rates for meeting a few basic conditions each month. In short, if you’re looking for an online/mobile bank account that does the basics well – and doesn’t charge you an arm and a leg for it – then it’s worth checking out Varo Bank.
Disclosure
1. A full list of Varo fees can be found here.
2. We give you access to your direct deposits from employer and government payers on the day we receive them, which is typically up to 2 days earlier than your scheduled pay date.
3. Annual Percentage Yield (APY) is accurate as of July 1, 2026. Start earning 1.00% APY, then qualify to earn 3.75% APY on your balance up to $5,000.00 next month by 1) Receiving direct deposit(s) totaling $1,000 or more; and 2) Ending the month with a positive balance in all your Varo Accounts. Rates subject to change at any time.
Anna Baluch is an insurance and finance expert at BestMoney.com. With over a decade of writing experience, she specializes in insurance, banking, mortgages, personal loans, and retirement planning. Her work has been featured in publications like Forbes, Newsweek, Fox Business, Credit Karma, Insurify, and Realtor.com. Anna holds a bachelor’s in marketing from Northwood University and an MBA from Roosevelt University. Her goal is to empower consumers to make smart financial decisions.
