9.6 Excellent
Fee | $0 per month |
---|---|
Minimum deposit to open | $0 |
Fee | $0 per month |
---|---|
Minimum deposit to open | $0 |
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.
9.6 Excellent
Fee | $0 per month |
---|---|
Minimum deposit to open | $0 |
Fee | $0 per month |
---|---|
Minimum deposit to open | $0 |
9 Excellent
APY | Up to 3.80% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
APY | Up to 3.80% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
9.2 Excellent
APY | 4.00% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
APY | 4.00% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
9.4 Excellent
APY | N/A |
---|---|
Fee | From $5.99 per month |
Minimum deposit to open | $150 |
APY | N/A |
---|---|
Fee | From $5.99 per month |
Minimum deposit to open | $150 |
9.2 Excellent
APY | 4.00% |
---|---|
Fee | From $0 per month |
Minimum deposit to open | $0 |
APY | 4.00% |
---|---|
Fee | From $0 per month |
Minimum deposit to open | $0 |
9.6 Excellent
APY | Up to 3.75% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
APY | Up to 3.75% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
9.6 Excellent
APY | Up to 3.50% |
---|---|
Fee | From $0 per month |
Minimum deposit to open | $0 |
APY | Up to 3.50% |
---|---|
Fee | From $0 per month |
Minimum deposit to open | $0 |
9.6 Excellent
Finder Award
APY | Up to 5.00% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
APY | Up to 5.00% |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
APY | N/A |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
APY | N/A |
---|---|
Fee | $0 per month |
Minimum deposit to open | $0 |
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 2.5% 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.
Ally and Capital One have similar APYs and no monthly fees, but Ally is online-only and Capital One has some physical locations.
See how to earn up to $1,500 when you open a new Capital One savings or checking account with qualifying deposits.
The $500 Axos Bank bonus is now expired, but you can still earn $50 per qualifying referral, plus up to $400 with a new business account.
Discover only offers a bonus on its savings account, and it has a high deposit requirement. See how to get it here.
Some of the best-rated mobile banking apps include SoFi, Chase, Discover and Wells Fargo. See our full list here.
Earn a checking account bonus of $200 by getting the Upgrade Card and making 3 qualifying transactions.
Fifth Third Bank currently offers a $325 checking account bonus when you open a new account and set up qualifying direct deposits.
Earn $25 with Varo by referring a friend. See the fine print on how to earn this bonus here.
One of PNC’s best bonus offers is its $400 direct deposit bonus. But if you don’t meet the criteria, there are other ways to earn cash.
SoFi offers several bonus offers, including a direct deposit bonus, welcome offers and referral bonuses. See how to snag up to $300.