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Banks like Varo

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

Bethany Hickey's headshot

By

Bethany Hickey

Edited by

Holly Jennings

Updated

Fact checked

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.

9 banks like Varo

Finder Score Fee Minimum deposit to open Annual Percentage Yield (APY)

Alternative for all-in-one banking

SoFi logo
Finder score
9 Excellent
SoFi Checking and Savings
Finder score
9 Excellent
$0 per month
$0
Up to 3.30%
Earn up to 4.00% APY on savings and $50 or $400 with direct deposit. Open a new SoFi Checking and Savings account by 31 December 2026, set up eligible direct deposit within 60 days, and maintain direct deposit for six months. T&Cs apply.
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Why we like it

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 3.30% APY on your savings balance and 0.50% on your checking. You can also 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.

Pros

  • Hybrid bank account with no fees
  • Variety of products and services
  • High FDIC insurance up to $2 million
  • Up to 3.30% APY on savings

Cons

  • No international wire transfers

Alternative for free checking

Chime logo
Finder score
9.6 Excellent
Chime® Checking Account
Finder score
9.6 Excellent
$0 per month
$0
N/A
ENDS SOON!
$300
$300
Visa Card Reward
1
Join Finder
2
Open a Chime® Checking account and receive a first payroll deposit of $200 or more
3
Receive card from Finder
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Why we like it

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.

Pros

  • No monthly fees and no opening deposit
  • Overdraft service Chime SpotMe
  • Secured credit card for credit building
  • 1.00% Annual Percentage Yield (APY), or up to 3.50% APY for Chime+ members on savings

Cons

  • No cashback rewards
  • No cash deposits
  • No joint accounts

Alternative for credit building

Current logo
Finder score
9.2 Excellent
Current
Finder score
9.2 Excellent
$0 per month
$0
4.00% on balances of $0.01 to $2,000
Get a $100 referral bonus by inviting your friends to join Current. Once the person receives the invite link, applies your unique referral code, and makes qualifying Eligible Payroll Deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $100. T&Cs apply.
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Why we like it

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% bonus on up to $2,000 within each pod. You can also earn cashback points with select merchants, and eligible users can apply for paycheck advances with no credit check or fees. On top of that, Current offers a secured card that's very similar card to Varo's Believe card — the Current Build card has no interest charges, annual fees or credit check, and it's backed by your Current account which sets the spending limit. However, both Varo and Current don't offer joint accounts.

Pros

  • No monthly fees and $0 opening deposit
  • Current Build card with 0% APR
  • Earn up to 4% bonus on savings
  • Accepts cash deposits at select retail locations
  • No fee Paycheck Advance feature

Cons

  • No joint accounts
  • $3 plus 3% on international ATM withdrawals

Alternative for travelers

Revolut logo
Finder score
9.6 Excellent
Revolut
Finder score
9.6 Excellent
From $0 per month
$0
5.50% on balances of $0+
4.50% on balances of $0+
4.00% on balances of $0+
Join Revolut and get $20. Make your first virtual or physical Revolut card payment to receive $20 credited to your Revolut account. T&Cs apply.
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Why we like it

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 4% and 5.5% APY on your balances in a High Yield Account, and between 3.25% and 3.75% APY in Savings, 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.

Pros

  • Free and paid plans available
  • Earn 4% to 5.5% APY on your balances in a High Yield Account
  • Earn 3.25% to 3.75% APY in Savings
  • Spend in over 150 currencies
  • Discounts on travel and wire transfers with paid plans

Cons

  • $10 to send or receive domestic wire transfer
  • May incur extra withdrawal fees with out-of-network ATMs

Alternative for young adults

Mine logo
Finder score
9.4 Excellent
Mine debit card (formerly Fizz)
Finder score
9.4 Excellent
From $5 per month
$150
N/A
Earn 1,000 points ($10 value) when you download the Mine app and enter code FINDER. T&Cs apply.
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Why we like it

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, it might 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.

Pros

  • 0% APR and no annual fees
  • No credit check
  • High cashback rewards with rotating offers

Cons

  • No overdraft services
  • No APY
  • Requires external bank account
  • Doesn't report to Equifax

Alternative for savings

OnePay logo
Finder score
9.6 Excellent
OnePay Cash
Finder score
9.6 Excellent
$0 per month
$0
3.35% on balances of $5,000 to $250,000
1.00% on balances of $0 to $4,999
1.00% on balances of $250,001+
For a limited time, earn 10% cash back at Walmart on your first purchase made within your first month, on up to $200 spent. T&Cs apply.
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Why we like it

Varo and OnePay Cash are very similar digital banking options, though One is a fintech with banking partners. Just like Varo, OnePay Cash offers a 3.35% APY on savings by meeting direct deposit or balance requirements. However, OnePay Cash's requirements are slightly easier to meet, only requiring direct deposit of $500 per month, or an average balance of $5,000. Varo requires a balance of at least $5,000 and direct deposit of at least $1,000 per month. Neither account has monthly fees or opening deposit requirements, and OnePay Cash also offers cashback rewards, though they're not as robust as Varo's 6%. Both Varo and OnePay Cash lack the ability to support joint accounts.

Pros

  • No monthly fees
  • All-one-account digital account
  • High 3.35% APY on savings
  • Easier deposit requirements than Varo

Cons

  • No joint accounts
  • Cashback not as good as Varo

Alternative for high-interest checking

Dave logo
Finder score
9.2 Excellent
Dave
Finder score
9.2 Excellent
From $0 per month
$0
4.00%
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Why we like it

Dave is a mobile app chock full of great features, including its very high 4.00% APY available on its Checking account if you have the paid membership (up to $5/mo). That rate is just slightly lower than Varo's 5% APY. Dave also has the ExtraCash account, budgeting features, Goals for savings, and savings round-ups. Like Varo, Dave doesn't offer joint accounts but accepts cash deposits at Walgreens and CVS locations for a $4.95 retail deposit fee.

Pros

  • Up to 4.00% APY on Checking with paid membership
  • $0 opening deposit
  • Budgeting tools
  • Goals and savings round-ups

Cons

  • Paid membership fee for most perks
  • No joint accounts

Alternative for rewards

Juno logo
Finder score
9.6 Excellent
Juno
Finder Award
Finder score
9.6 Excellent
$0 per month
$0
5.00% on balances of $20,000 to $250,000
3.00% on balances of $0 to $20,000
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. T&Cs apply.
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Why we like it

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.

Pros

  • Up to 5% cash back at brands you pick
  • No monthly fees or opening deposit
  • Earn 3% to 5% savings rewards
  • Large ATM network

Cons

  • No joint accounts
  • No wire transfers
  • Requires direct deposit for best earnings

Alternative for joint checking

Honeydue logo
Finder score
Not scored yet
Honeydue Joint Banking
Finder score
Not scored yet
$0 per month
$0
N/A
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Why we like it

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.

Pros

  • Designed to be a joint account
  • No monthly fees or overdraft fees
  • Connect external bank accounts to app
  • Custom visibility on transactions and balances

Cons

  • No cashback rewards
  • No savings interest
  • No cash deposits
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MUST READ: New account creation paused
Juno is experiencing issues with its banking service provider, and has paused new account creation for the time being

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 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.

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
Holly Jennings's headshot
To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings as part of our fact-checking process.
Bethany Hickey's headshot
Written by

Banking editor

Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

Bethany's expertise
Bethany has written 491 Finder guides across topics including:
  • Personal finance
  • Banking
  • Auto loans
  • Insurance
  • Cryptocurrency and NFTs
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