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Explore Varo Bank’s suite of bank accounts

A digital bank with no hidden fees, $0.01 opening deposits and instant cash advances.

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Varo
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 requirements, up to $100 in instant cash advances, early paychecks, tools to help you reach your savings goals and no fees — as long as you don’t use an out-of-network ATM.

What banking products does Varo Bank offer?

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Varo
Finder Rating: 4.7 / 5: ★★★★★
Varo

3.00% on $0.01 to $5,000 you must receive $1,000 in qualifying direct deposits + 5 qualifying purchases per month, otherwise 0.20%
$0
$0.01
The Varo savings account is a no-fee account designed to offer benefits to help people save more money.
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Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Varo
Finder Rating: 4.7 / 5: ★★★★★
Varo
N/A
$0
55,000 AllPoint ATMs around the world for free
$2.50
No monthly fees. No foreign transaction fees. No fees at 55,000+ Allpoint ATMs.
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Varo Bank only offers two accounts:

  • Varo Checking account. 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 bad credit or a negative ChexSystems report.
  • Varo Savings account. Earn up to 3% APY with this free savings account. But you must have an existing Varo Bank account to open.

How does Varo Bank compare to other banks?

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

Varo is part of the Allpoint ATM network, which gives Varo users free access to 55,000 ATMs nationwide. Unlike other banks, all of Varo’s accounts come with a debit card, so you always have easy access to your money.

Here’s how Varo Bank compares to other banks:

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.
  • Accepts cash deposits. Unlike most digital banks, Varo Bank accepts cash deposits. Simply visit one of 90,000 Green Dot locations nationwide, but fees may apply.

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 remote deposit any checks you receive through the mobile app.

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.
  • Debit card. Unlike most savings accounts, this one comes with a debit card for easy ATM withdrawals.

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 0.20%. But to earn its 3% APY, you’ll need to make at least five qualifying purchases with your Varo debit card, receive at least $1,000 in monthly direct deposits and keep your account balance below $5,000.

Overall banking

Pros

  • Varo Advance. Eligible customers can receive an instant cash advance of up to $100, ideal for times when money’s tight and you need extra help. Varo Advance is currently free to use until April 2021.
  • Daily customer service. You can reach Varo Bank customer support seven days a week by phone or email, except for federal holidays.
  • No hidden fees. Varo Bank offers transparent accounts that have minimal fees and $0 opening deposits.

Cons

  • Limited product selection. You won’t find any CDs or business accounts at Varo Bank.
  • No live chat. Unlike other digital banks, Varo doesn’t have a live chat function on its site.
  • No checks or wire transfers. You can’t write checks or send and receive wire transfers with Varo.

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
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 1.00%
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Chime Spending account
Finder Rating: 4.7 / 5: ★★★★★
Chime Spending 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.
Current
Finder Rating: 3.8 / 5: ★★★★★
Current
N/A
$0
over 55,000 free in-network ATMs
$0
Current connects your money to friends, family, brands, and experiences that matter.
Chase Total Checking®
Finder Rating: 3 / 5: ★★★★★
Chase Total Checking®
N/A
$0
Access to 16,000 ATMs and more than 4,700 branches nationwide
$2.50
Chase Total Checking is easy to use and gives you access to 16,000 ATMs and more than 4,700 branches. It offers a $225 signup bonus to new Chase customers
OnJuno
Finder Rating: 4.8 / 5: ★★★★★
OnJuno
Up to 1.20%
$0
more than 85,000 ATMs nationwide
$0
OnJuno embraces an open banking system for everyone, regardless of their age, location, or income.
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Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually)
$10
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings

0.61% on $0 to $24,999
0.25% on $25,000 to $99,999
0.15% on $100,000+
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
0.50%
$0
$0
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
0.40%
$0
$0
Take advantage of a high-interest online savings account with no fees, no minimums and more.
UFB Direct High Yield Savings
Finder Rating: 3.6 / 5: ★★★★★
UFB Direct High Yield Savings
0.20%
$0
$100
Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.
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Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Axos Bank High Yield Money Market account
Finder Rating: 4.1 / 5: ★★★★★
Axos Bank High Yield Money Market account
0.25%
$0
$1,000
Offers the security of traditional savings with the advantage of high interest rates and limited transactions.
Ponce Bank Money Market Deposit
Finder Rating: 4 / 5: ★★★★★
 Ponce Bank Money Market Deposit
0.51%
$0
$1
Ponce Bank Money Market Deposit account, offered through SaveBetter, has a $1 opening deposit and earns 0.51% APY.
Quontic Bank Money Market
Quontic Bank Money Market

0.40% on $150,000+
0.35% on $5,000 to $149,999.99
0.30% on $0 to $4,999.99
$0
$100
Competitive rates, no monthly fees, user-friendly online banking platform
CIT Bank Money Market
Finder Rating: 3.9 / 5: ★★★★★
CIT Bank Money Market
0.45%
$0
$100
A savings account with a higher-than-average rate and minimal fees.
UFB Direct Premium Money Market Account
Finder Rating: 2.9 / 5: ★★★★★
UFB Direct Premium Money Market Account

0.20% on $25,000+
0.10% on $0 to $24,999.99
$10 per month
(can be waived)
$5,000
Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.
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Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Quontic Bank CD
0.6%
0.75%
1%
1.11%
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
Radius Bank CDs
0.5%
0.5%
0.5%
0.5%
0.5%
Enjoy a low minimum deposit of $500 and earn 0.5% APY on your balance. Apply online for 1 year, 18 month and 3 year terms.
CIT Bank Term CDs
0.3%
0.3%
0.4%
0.4%
0.5%
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
Discover CDs
0.5%
0.5%
0.5%
0.55%
0.6%
Start saving with $2,500 and enjoy flexible terms from 3 months to 10 years with no account fees.
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Varo Bank reviews and complaints

Varo Money is an accredited business with the Better Business Bureau (BBB) where it’s earned an A rating for its financial stability and swiftness to respond to customer complaints. And it has a 4 out of 5-star customer rating, which is an unusually high score for a bank.

Customers love how modern Varo Bank is, saying it’s easy to use and straightforward. They also love that they never have to worry about hidden fees, and they receive paychecks up to two days early. You’ll find similar stories on Trustpilot, where Varo has a 4.7 out of 5-star customer rating based on 996 reviews.

The major complaint is that transfers from an external bank account can be slow, with some users reporting that it takes three to four days for money to reach their account.

Varo Bank customer service

Varo Bank provides customer service seven days a week. Service is available from 8 a.m. to 9 p.m. ET on weekdays and 11 a.m. to 7 p.m. ET on weekends. You can reach Varo Bank by:
  • Phone: 1-800-827-6526
  • Email: help@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 and no minimum balances. Plus, customers are eligible for a cash advance up to $100 when money’s tight. The only downside is that the bank doesn’t currently offer any CDs or business accounts. As always, compare bank accounts to find one that suits your needs.

Frequently asked questions

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