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:
Varo has stripped banking down to the features people need most, without bogging its users down with high fees and balance requirements.
Here are Varo’s top banking features and 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.
Traditional banking services include:
Varo offers two types of accounts: a no-fee online Bank account and high-yield savings account. To access Varo’s services, you must set up a Varo Bank Account. The Savings Account is optional. As mentioned earlier, Varo doesn’t charge any monthly account maintenance fees. That means: no monthly fees, no transfer fees, no foreign transaction fees, no ATM fees (as long as you use Allpoint® ATMs) and no minimum balance requirements.
Earn one of the highest Annual Percentage Yields (APY) in the country with a Varo savings account5. Start earning 3.00% APY, and then you may qualify to earn 5.00% APY6.
Varo’s Utah-based customer service team is available 7 days a week during business hours, by chat, phone, and email.
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.
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 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.
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.
Bank Account Services provided by Varo Bank, N.A. Member FDIC. Visa® Debit Card is issued by Varo Bank, N.A. pursuant to a license from Visa U.S.A. Inc and may be used everywhere Visa debit cards are accepted.
1 Early access to direct deposit funds depends on the timing of the payer’s submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer’s scheduled payment date.
2 There is no fee assessed by Varo Bank for cash deposits. However, a retail service fee of up to $5.95 applies.
3 To qualify, you’ll need to have at least $1,000 in direct deposits to your Varo Bank Account or Varo Savings Account combined within the last 31 days. Your Varo Bank Account must be open and active, and the daily balance at close of business must be equal to or greater than $0.00. You are limited to taking out one Advance per calendar day, even if you repay in full on the same calendar day.
4 There is no fee to withdraw money from any Allpoint® ATM. There is a $2.50 ATM cash withdrawal fee assessed by Varo Bank for all non-Allpoint® ATM transactions (out of network transactions). The ATM operator may charge an additional fee.
5 Based on national average as of October 1, 2022 as found on www.fdic.gov/resources/bankers/national-rates.
6 Annual Percentage Yields (APYs) are accurate as of December 1, 2022. Rates may change at any time without prior notice, before or after the account is opened.
7 The requirements must be met within the Qualifying Period which begins on the first calendar day of the month and ends at close of business (4:25 pm MST/ 3:25 pm MDT) on the last business day of the month.
8 Qualifying direct deposits are electronic deposits of your paycheck, pension or government benefits (such as Social Security or unemployment) from your employer or government agency. Tax refunds and government stimulus payments, Person-to-Person payments (such as Venmo), and funds deposited using a Varo routing number, are not considered a direct deposit.
9 You must notify your financial institution immediately of any unauthorized use. For specific restrictions, limitations and other details, please contact Varo Bank