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Banks like Varo

Close alternatives to Varo include Chime, SoFi, Revolut, Current, Juno and more.

Varo is an online FDIC-insured bank offering a checking and savings account with a ton of features, including cashback rewards, a high APY and barely any fees. It also offers a secured credit card called Varo Believe that doesn’t have an APR or annual fees and allows you to set the spending limit. But Varo doesn’t offer joint accounts or wire transfers, and to earn the highest APY on savings, you must meet deposit requirements.

As more fintechs and online banks enter the space, competition is fierce. Here are eight alternative online banks like Varo with their own unique strengths.

8 banks like Varo

Alternative for free checking

Chime® Checking Account

4.8
★★★★★

Finder score

See terms and conditions
Chime is a financial technology company, not a bank. The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.
To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
*Out-of-network ATM withdrawal and OTC advance fees may apply. View the Bancorp agreement or Stride agreement for details; see back of card for issuer.
Read review
When it comes to hassle-free checking, Chime takes the cake. It's a fintech company with banking services backed by its bank partners. Chime offers one checking account, a savings account and a secured credit card. Its checking account has no monthly fees, no opening deposit requirement, no foreign transaction fees, and fee-free overdraft. In addition, with direct deposit set up, you may qualify for Chime SpotMe, its unique overdraft service that covers purchases up to $200 with no fees. However, similar to Varo, it doesn't offer cashback rewards, accept cash deposits or allow joint owners.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
ATMs: Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
Deposit: Once the retailer accepts your cash, the funds will be transferred to your Chime Checking Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.
Mobile Deposit: Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member's direct deposit enrollment status.
Chime Savings Account: Chime Checking Account is required to be eligible for a Savings Account.
APY: The Annual Percentage Yield (“APY”) is variable and may change at any time. The disclosed APY is accurate as of May 22, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
Get Paid Early: Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
Credit Builder: The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
SpotMe: Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.

Alternative for all-in-one banking

SoFi Checking and Savings

4.5
★★★★★

Finder score

Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until June 30, 2024.
Go to site Read review
Just like Varo, SoFi is an online bank that's directly FDIC-insured. SoFi has a long list of products and services, including its all-in-one Checking and Savings account with no monthly fees, opening deposit requirement, overdraft fees or foreign transaction fees. If you set up direct deposit, you can earn up to 4.6% APY on your savings balance and up to 0.5% on your checking. You can also earn cashback rewards of up to 15% at select retailers and enjoy high FDIC insurance of up to $2 million. Alongside its banking products, SoFi offers personal loans, mortgages, student loan refinancing, credit cards, investing and much more. Similar to Varo, SoFi accepts cash deposits at Green Dot locations for a $4.95 fee.

Alternative for travelers

Revolut

4.8
★★★★★

Finder score

Get a $10 cash reward when you first use you card on a qualifying $1+ transaction.
Go to site Read review
Based in the UK, Revolut is a fintech company with banking services. Revolut is designed for globetrotters as it's a multi-currency account. You can in spend over 150 currencies and enjoy free exchange for over 25 currencies with monthly allowances. You can also earn between 3.25% and 4.25% APY on your savings balance, depending on your membership tier. Revolut is free to open, but its paid plans called Premium and Metal offer more international perks and cost between $9.99 to $16.99 per month. Revolut supports wire transfers, a perk Varo lacks, and the paid plans offer discounts on international wire transfers. However, just watch out for withdrawal limitations at out-of-network ATMs, as that can lead to extra fees.
Money loaded on your prepaid card is held at Metropolitan Commercial Bank and money in your Savings Vaults is held at Sutton Bank. Money at each bank is FDIC insured up to $250,000 in the event of Metropolitan Commercial Bank's or Sutton Bank's failure.
Securities products are not FDIC Insured, not bank guaranteed and may lose value.

*The Annual Percentage Yield (APY) is a variable rate and may change at any time. These APYs are accurate as of 16 March 2023. Monthly fees apply for Premium and Metal plans. Terms and Conditions Apply. Standard customers can earn up to 3.25%, while Premium and Metal customers can earn up to 4.25%. No minimum amount required. Savings Vault services provided by Sutton Bank, Member FDIC.

Alternative for credit building

Current

4.5
★★★★★

Finder score

Get a $50 referral bonus by inviting your friends to join Current. Once the person receives the invite link and makes qualifying deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $50.
Go to site Read review
Current is a fintech company that offers an all-in-one checking and savings account with no monthly fees, overdraft fees or opening deposit requirement. You can create three savings pods to keep your goals separate and earn up to 4% APY on up to $2,000 within each pod. You can also earn cashback points with select merchants. Current also offers a secured card called Current Build. The Card comes with no interest charges, annual fees or credit check, and it's backed by your Current account, which sets the spending limit — very similar to Varo's Believe card. However, both Varo and Current don't offer joint accounts.

Alternative for young adults

Fizz debit card

Earn 1,000 points ($10 value) when you download the Fizz app and enter code FINDER.
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Designed for college students but available to anyone 18 and up, Fizz offers a unique card that can build credit. With no credit check, no APR or monthly fees, and reporting to all three credit bureaus, it can help young adults start building a better credit history. Fizz requires users to have an external account with at least $150 in it and be at least 18 years old. Fizz's card offers very high cashback rewards from 25% to 100%, with merchants frequently found around college campuses, such as Starbucks, Chick-fil-A and Einstein Bros. Bagels. Varo has a similar product, but Varo's Believe card requires you to have the Varo account to qualify and for you to manually add funds to the Believe card to use it. But unlike Varo, you can't earn any APY with Fizz, since it's not a deposit account.

Alternative for rewards

Finder Award Juno

4.8
★★★★★

Finder score

Spend with the Juno debit card and earn 5% back on your favorite brands. Be it shopping on Amazon or ordering with Doordash, you decide.
Read review
Varo and Juno are neck-in-neck when it comes to rewards. With Juno's checking account, you can earn up to 5% cash back at five merchants you choose from its list of partners up to $500 to $6,000 per year, depending on your membership tier: Basic or Metal. Both tiers offer 3% to 5% savings rewards on your balance, ATM reimbursements and access to the Allpoint and MoneyPass ATM networks, which means a network of over 85,000 ATMs nationwide. However, like Varo, Juno doesn't support joint accounts or wire transfers.

Alternative for joint checking

Honeydue

Honeydue is a fintech company with a banking app specially designed for couples. The Honeydue app allows you to link external bank accounts and create a separate joint account called the Joint Cash account. You and your partner can customize the visibility of balances and transactions and even choose to hide certain transactions — such as that anniversary gift you don't want your partner to know you got. But besides its transparency feature, you can't earn APY on your balance or get cashback rewards like you can with Varo.

Alternative for high-interest checking

Dave

4.3
★★★★★

Finder score

Go to site Read review
Dave is a mobile banking app chock full of great features, including its very high 4% APY available on its Spend account — as long as you meet direct deposit requirements. It's just barely lower than Varo's 5% APY. Dave also offers cash advances, credit monitoring, budgeting features and cashback rewards of up to 15%. However, Dave costs $1 per month, while Varo doesn't have a monthly fee. Like Varo, Dave doesn't offer joint accounts but accepts cash deposits at Walgreens and CVS locations for a $4.95 fee.

How Varo compares

Varo is a top banking option, and unlike many other online accounts, Varo is directly insured by the FDIC. You’ll find most online accounts such as Chime, Current and Honeydue all have banking partners that insure and back the accounts, which can limit what products they offer, though insurance coverage is typically the same.

Overall, Varo’s account has a strong cashback rewards program and a 5% high APY on the savings account when you meet direct deposit requirements. For balances under $5,000, you can earn 5% APY, and for those over $5,000, you’ll earn 3% if you direct deposit at least $1,000 per month. The Visa Varo Believe card is a debit-credit card that can build credit history, but you’ll need a Varo account and must manually transfer money to the Varo Believe card to use it. Overall, Varo is a competitive product but not the best choice if you need a joint account or a bank with physical locations.

Pros

  • Directly insured online bank
  • No monthly fees
  • Up to 6% cashback rewards with select brands
  • Up to 5% APY on savings

Cons

  • Requires Varo account for secured card
  • No joint accounts

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