Varo Reviews, Rates and Fees

- Fee
- $0 per month
- Minimum deposit to open
- $0
Our verdict
A digital account with hard-to-beat perks like cashback rewards and no monthly fees.
Varo is an FDIC-insured digital bank account with no monthly fees, no opening deposit required, no overdraft fees and early payday access. This account also unlocks Varo's optional savings account, which earns up to a 5% APY when you meet direct deposit and balance requirements. Varo also doesn't charge any foreign transaction fees on its debit card, so globetrotters can enjoy that perk. There are also cashback rewards, up to 6% with select brands. But like most digital banks, you'll need to visit a participating retailer to make cash deposits, which will cost you per deposit.
Best for: Anyone in need of a free, rewards digital checking account.
Pros
-
No fees
-
Early payday
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No credit checks or minimum balances
Cons
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Android app limitations
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Expensive cash deposits
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No checks or wire transfers
Who is the Varo bank account best for?
Varo is a legitimate, FDIC-insured bank. In fact, it was one of the first online banks ever. Its digital account is great for nearly anyone — it’s a free, low-maintenance bank account with no opening deposit requirement. And with the lack of foreign transaction fees on its Varo Visa debit card, frequent travelers can spend with less stress internationally.
It’s also best for anyone looking for a high-yield account. While Varo checking doesn’t earn any interest, opening this account unlocks Varo’s optional savings account, which earns up to 5% APY, making it one of the best high-yield savings accounts.
What we like about the Varo bank account
Varo sets itself apart as one of the only digital banks that’s FDIC-insured directly rather than through a partner bank. This status means that Varo can offer more types of banking products compared to other digital banks.
While lacking physical locations, Varo has all the typical features of a modern bank. It features online banking and its own companion app, and you can get your paycheck up to two days early.
Unlocks high APY savings account
A Varo bank account qualifies you for Varo’s savings account, which boasts a high 5% APY on balances up to $5,000. For balances over $5,000, you’ll earn 2.5% APY — still higher than the national average, which currently sits at 0.42%, as reported by the FDIC. The highest rate is for the lowest balance, so those just starting a savings account benefit most.
To qualify for the 5% to 2.5% rate, you have to set up direct deposit and deposit at least $1,000 per month and maintain a positive balance. Compared to other top high-yield savings accounts, this rate is among the best and has simple requirements to qualify.
Up to 6% cash back with top brands
Cashback rewards are something we typically see with credit cards, but Varo’s bank account offers them too. And it’s actual cash back — not points — that’s automatically deposited into your account once you reach $5 in rewards.
Some brands you can earn up to 6% cash back with include:
- Circle K
- Petsmart
- Nike
- Forever 21
- Little Caesars
- Kohls
- Popeyes
- Macy’s
Cash advances
With a Varo account, you may also qualify for a cash advances from $20 to $250 to help with unexpected events, or just when you need to borrow some extra cash. The fee for the advances depends on the amount, from $1.60 to $20. There’s no interest rate, no required tip and you can choose a repayment time (up to 30 days). The maximum you can borrow with Varo’s advances depends on your account history, balance, direct deposit history and more. It’s a nice option to have for those tight times when you just need a little extra cash.
To qualify, you must receive at least $800 in qualifying direct deposits into your active Varo Bank Account.
Varo also works with many other cash advance apps if you want other options.
Tax services
In the Varo app, you’ll see something called Column Tax Filing. Column Tax can be a free and easy option to file taxes; both federal and for all 50 states if you’re a Varo customer.
You can choose to file your taxes on your own, or opt into the paid service called Expert Assist. This is an optional service where you can pay to have your taxes reviewed and get tax advice.
When you choose to have your refund deposited directly into your Varo account, you can get it up to five days early. While you’re filing your taxes, simply put in your Varo bank account’s information so any refunds are sent directly to your account. Just keep in mind that Varo can only accept refunds that match the name on your account. If you’re filing jointly with a spouse, just be sure that your name appears as the primary or secondary filer on the return and matches the name under your Varo Bank Account.
Where it falls short
Like most online banks, Varo’s biggest downfall is the lack of branch access and in-person support. To make up for that, Varo does offer in-app chat 24/7, and live phone support at 1-877-377-8276 (1-877-377-VARO) from 8:00 AM to 8:30 PM ET.
And unfortunately, Varo doesn’t offer joint bank accounts, perform wire transfers or accept ATM deposits. You’re limited to depositing cash at Green Dot ATM locations, but it’ll cost $4.95 to $5.95 per deposit.
Varo bank account fees and access
Type of fee | Fee details |
---|---|
Monthly service | $0 |
Opening deposit | $0 |
ATMs |
|
Debit card fees |
|
Overdraft or nonsufficient funds | $0 |
Wire transfers | Doesn’t allow wire transfers |
Other fees |
|
Compare Varo to other top bank accounts
Narrow down top bank accounts by account type, opening deposits, fees and more. Select Compare on up to four providers to see them side by side.
What is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
What is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
Customer reviews for Varo
Overall, Varo’s reviews are pretty great. Here’s a breakdown of how this bank scores across BBB, TrustPilot and other popular customer review platforms.
Similar to most online banks, the majority of negative reviews stem from poor communication or issues contacting customer service. However, this is common among online banks due to their lack of in-person support.
BBB accredited Yes BBB rating A- BBB customer reviews 2.98 out of 5 stars, based on 181 customer reviews Trustpilot score 3.8 out of 5 stars, based on 3,038 customer reviews App Store Score 4.9 out of 5 stars, based on 233,500 customer reviews Google Play Score 4.7 out of 5 stars, based on 242,000 customer reviews Customer reviews verified as of 06 February 2025 What do people on Reddit say?
Varo Bank: In the news
In March 2024, some Varo customer information was breached, and Varo has been accused of failing to protect customer information. Varo states its network did not experience a breach at all, and the data breach was outside source unaffiliated with Varo. In response, Varo reached out to its customers and offered to provide free credit monitoring services for two years through TransUnion and asked them to enroll, as reported by Banking Dive.
Checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Bethany Finder
Editor, Banking
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