Varo

Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure

Explore Varo Bank’s suite of bank accounts

This digital bank claims no hidden fees, plus $0 opening deposit and mini cash advances.

No reviews yet. Write a review
Varo Bank has a checking and savings account, but it packs a punch with its features. As an account holder, you’ll enjoy no minimum balance, no monthly fees, up to $100 in cash advances that you can order in app, early paychecks and cash back on debit or credit card purchases.

However, the Varo Savings account won’t earn the maximum APY if you hold more than $5,000 in the account, and you’ll pay $2.50 for out-of-network ATMs. See if this bank’s perks are worth using for your banking needs.

What banking products does Varo Bank offer?

1 - 1 of 1
Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee Offer
Varo
Finder Rating: 4.7 / 5: ★★★★★
Varo
N/A
$0
55,000 AllPoint ATMs around the world for free
$2.50
Earn $30 bonuses every time a friend signs up for an account and deposits at least $20 in one transaction
No monthly fees. No foreign transaction fees. No fees at 55,000+ Allpoint ATMs.
loading

Compare up to 4 providers

1 - 1 of 1
Name Product Annual Percentage Yield (APY) Fee Minimum deposit to open Interest compounding Offer
Varo
Finder Rating: 4.7 / 5: ★★★★★
Varo
Up to 5.00%
$0
$0
Daily
The Varo savings account is a no-fee account designed to offer benefits to help people save more money.
loading

Compare up to 4 providers

Varo Bank only offers two accounts:

  • Varo Checking. This low-fee checking account features early direct deposits, no monthly or overdraft fees and a $0 opening deposit. It’s also a second-chance checking option for those with poor credit or a negative ChexSystems report.
  • Varo Savings. Earn up to 5% APY with this free savings account, although you must have an existing Varo Bank account to open this savings account.

How Varo Bank compares to other banks

Varo is a digital bank founded in 2015. It’s the first mobile-only bank to receive an official banking charter from the US government. Although it has one checking and savings account, its banking charter means that it’s on its way to offering a full suite of products for consumers.

Varo stands out from competitors because it doesn’t run credit checks and regularly approves customers with a poor banking history. If you haven’t been able to qualify for a regular bank account, Varo Bank could help you rebuild your banking history.

In terms of accessing your funds, Varo is part of the Allpoint ATM network, giving Varo users free access to 55,000+ ATMs nationwide. See how Varo compares to other banks’ overall and individually for its checking and savings accounts.

Overall banking

Pros

  • Varo Advance. Eligible customers can receive a cash advance of up to $100 in the Varo Bank app, ideal for times when you need a few extra dollars until your next paycheck. Advances up to $20 are free, and there’s a maximum $5 fee on advances of $21 to $100. Funds must be repaid within 30 days.
  • Minimal fees. Varo Bank accounts have minimal fees and low or no opening deposit.
  • 55,000+ fee-free ATMs. Use one of the Allpoint ATMs nationwide to access your money without paying a fee. You will pay $2.50 per transaction if you go out of network.
  • Daily customer service. You can reach Varo Bank customer support 24 hours a day, seven days a week by phone, email or chat, except for federal holidays.

Cons

  • Limited product selection. You won’t find any CDs or business accounts at Varo Bank.
  • No checks or wire transfers. You can’t write checks or send and receive wire transfers with Varo.

Checking accounts

Pros

  • Minimal fees. Varo Bank doesn’t charge any fees for maintenance, overdrafts, transfers, foreign transactions and card replacements. There’s also a $0 opening deposit.
  • Early payday. Receive your paycheck and government benefits up to two days early when you enroll in direct deposits.
  • Earn up to 6% cash back. Use your Varo debit or credit card at participating retailers to get up to 6% cash back on your purchase.

Cons

  • Non-network ATM fees. Although Varo Bank is part of one of the largest ATM networks in the country, you’ll pay $2.50 if you need to use an out-of-network machine.
  • No checks. This account doesn’t come with checkwriting privileges, but you can deposit any checks you receive through the app.
  • Complicated cash deposits. Varo Bank accepts cash deposits at one of 90,000 Green Dot locations nationwide, but fees may apply.

Savings accounts

Pros

  • No fees. Varo‘s savings account has no fees, so you can put all your money toward your savings goals.
  • Two ways to automate savings. Sweep your spare change into savings when you make a purchase or have part of your paycheck moved to savings.

Cons

  • Checking account required. You’ll need to open a Varo Checking account first before you can open Varo‘s savings account.
  • Strict APY rules. The base APY is 2%. But to earn its 5% APY, you’ll need to receive at least $1,000 in monthly direct deposits and keep your account balance below $5,000.

Compare Varo with leading bank accounts

Use this table to see how Varo Bank accounts stack up against the competition.

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee Offer
Axos Bank Rewards Checking
Finder Rating: 4.2 / 5: ★★★★★
Axos Bank Rewards Checking
1.25% on balances of $0 to $50,000
$50
ATM fees reimbursed at any ATM nationwide
$0
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
HSBC Premier Checking
Finder Rating: 2.7 / 5: ★★★★★
Bonus
HSBC Premier Checking
0.01% on balances of $5+
$0
Free to use at all ATMs in the US
$0
Get a $500 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by February 15, 2023, and set up qualifying direct deposits into the new account totalling at least $10,000 per month for three consecutive months. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.

HSBC Premier Checking offers free global transfers and 24/7 customer support.
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00% on balances of $0 to $10,000
3.00% on balances of $0 to $10,000
$10
55,000+ free Allpoint ATMs worldwide
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards.
Chime Checking account
Finder Rating: 4.7 / 5: ★★★★★
Chime Checking account
N/A
$0
60,000+ fee-free ATMs
$2.50
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Bonus
BMO Harris Smart Money™ Account
N/A
$25
Unlimited transactions at 40,000+ ATMs nationwide
$3
Get a $300 cash bonus when you open a new account and have a total of at least $4,000 in qualifying deposits within the first 90 days. See terms and conditions
You’ll pay no monthly maintenance fee if you are under 25. It also offers no overdraft charges and no non-sufficient fund (NSF) fees.
loading

Compare up to 4 providers

Name Product Annual Percentage Yield (APY) Fee Minimum deposit to open Interest compounding Offer
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
$10
Monthly
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
CIT Savings Connect
Finder Rating: 5 / 5: ★★★★★
CIT Savings Connect
2.40%
$0
$100
Daily
Earn an impressive APY on your entire balance. This straightforward online savings account has no monthly service or account opening fees.
Bread Savings™ High-Yield Savings
Finder Rating: 4.3 / 5: ★★★★★
Bread Savings™ High-Yield Savings
2.15%
$0
$100
Daily
Earn competitive interest rates with this high-yield savings account you can open in just minutes. Member FDIC.
Axiom Bank high-yield savings account
Axiom Bank high-yield savings account
2.75%
$0
$1
Daily
UFB Elite Savings
Finder Rating: 5 / 5: ★★★★★
UFB Elite Savings
2.85%
$0
$0
Daily
Earn a 2.85% APY with no minimum deposit or balance amount with this no-monthly-fee savings account.
loading

Compare up to 4 providers

Name Product Annual Percentage Yield (APY) Fee Minimum deposit to open Interest compounding Offer
Ponce Bank High-Yield Money Market Deposit
Finder Rating: 4 / 5: ★★★★★
Ponce Bank High-Yield Money Market Deposit
2.50%
$0
$1
Daily
Ponce Bank Money Market Deposit account, offered through SaveBetter, has a $1 opening deposit and earns 2.5% APY.
UFB Elite Money Market Account
UFB Elite Money Market Account
2.85%
$10 per month
(can be waived)
$0
Daily
Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.
Quontic Bank Money Market
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank Money Market
2.00%
$0
$100
Daily
Competitive rates, no monthly fees, user-friendly online banking platform
mph.bank Money Market Deposit Account
mph.bank Money Market Deposit Account
2.75%
$0
$1
Deposits are FDIC insured through Liberty Savings Bank. It has no monthly fees. $1 minimum deposit.
SkyOne High-yield money market deposit account
SkyOne High-yield money market deposit account
2.75%
$1
Expedite your savings with APYs significantly higher than the national average.
loading

Compare up to 4 providers

Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
Barclays Online CDs
Finder Rating: 4.5 / 5: ★★★★★
Barclays Online CDs
N/A
2.70%
3.25%
$0
Get competitive rates on CD term lengths from 3 to 60 months. A reliable and secure way to see your money grow.
CIT Bank Term CDs
Finder Rating: 3.5 / 5: ★★★★★
CIT Bank Term CDs
0.30%
0.30%
0.50%
$1,000
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
Bread Savings CDs
Finder Rating: 3.8 / 5: ★★★★★
Bread Savings CDs
N/A
3.00%
3.65%
$1,500
With a $1,500 minimum deposit, you'll receive competitive interest rates and no hidden fees with this CD. FDIC insured.
Quontic Bank CD
Finder Rating: 5 / 5: ★★★★★
Quontic Bank CD
1.70%
2.50%
3.20%
$500
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
SkyOne CD
SkyOne CD
N/A
2.85%
N/A
$1
$1 minimum deposit. 24/7 online access. Federally insured by NCUA.
loading

Compare up to 4 providers

Varo Bank reviews and complaints

Varo Bank is an accredited business with the Better Business Bureau (BBB) where it’s earned an A rating for financial stability and swift responses to customer complaints. And customers rate Varo with a 4 out of 5 stars on the BBB site, an unusually high score for a bank.

Customers love how modern Varo Bank is, saying that it’s straightforward to use. They also love that they never have to worry about hidden fees, and they receive paychecks up to two days earlier than they would with other banks.

You’ll find similar stories on Trustpilot, where Varo keeps a 4.0 out of 5-star rating based on over 2,400 customer reviews.

The major complaint is that transfers from an external bank to the Varo account can be slow. Some users report that it takes three to four days for money to reach their account.

Varo Bank customer service

Varo Bank provides customer service 24 hours a day, seven days a week. Service is available from 8 a.m. to 4:30 p.m. MTN. You can reach Varo Bank by:

  • Phone: 1-877-377-8276
  • Email: support@varomoney.com

Bottom line

What Varo Bank lacks in quantity, it makes up for in quality. Both its checking and savings accounts have no monthly fees. Plus, customers are eligible for a cash advance up to $100 when money’s tight.

However, the bank doesn’t offer any CDs or business accounts. You also won’t earn the highest APY with Varo Savings if you keep more than $5,000 in your account. As always, compare other digital bank accounts to find the right one for you.

More guides on Finder

Go to site