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Banks like Varo

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

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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. But Varo doesn’t offer joint accounts or outgoing wire transfers, and to earn the highest APY on savings, you must meet deposit requirements. Here are six alternative online banks like Varo with their own unique strengths.

6 banks like Varo

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

Alternative for all-in-one banking

SoFi logo
9 Excellent
SoFi Checking and Savings
9 Excellent
$0 per month
$0
Up to 3.10%
Earn up to 3.80% 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 3.10% 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 3.10% APY on savings

Cons

  • No international wire transfers

Alternative for credit building

Current logo
9.2 Excellent
Current
9.2 Excellent
$0 per month
$0
4.00% on balances of $0.01 to $2,000
Set up a direct deposit of $1,500 or more and earn a $75 bonus. 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
9.6 Excellent
Revolut
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
9.4 Excellent
Mine debit card (formerly Fizz)
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 free checking

Chime logo
9.6 Excellent
Chime® Checking Account
9.6 Excellent
$0 per month
$0
N/A
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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 savings

OnePay logo
9.6 Excellent
OnePay Cash
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
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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 many online accounts, such as Chime, have banking partners that insure and back the accounts, which can limit what products they offer,.

Overall, Varo’s account has a strong cashback rewards program and a 3.75% high APY on the savings account when you meet direct deposit requirements. For balances under $5,000, you can earn 3.75% APY, and for those over $5,000, you’ll earn 1% 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 3.75% 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 460 Finder guides across topics including:
  • Personal finance
  • Banking
  • Auto loans
  • Insurance
  • Cryptocurrency and NFTs
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