Varo and Current are both digital-first banking options focused on low fees and convenience. One leans on traditional banking strengths, while the other bets on tech-driven features. But if you like physical branch access, neither Varo nor Current is the right choice for you.
 |  | |
| Bonus | $100 referral bonus for new account + qualifying direct deposit. | Welcome/reward bonus for new users with qualifying payroll deposit; referral rewards also available. |
| Savings | APY up to 3.75% on up to $5,000 (with qualifying direct deposit) | Up to 4% boost on Savings Pods on up to $2,000 (with qualifying direct deposit and other conditions) |
| Checking |
|
|
| ATMs |
|
|
Varo and Current are both online-only banking options, but they take different approaches.
Varo Bank is a fully chartered, FDIC-insured institution. Founded in 2015, it became the first US neobank to earn a national bank charter, giving customers direct FDIC protection and access to simple, fee-free checking and high-yield savings accounts.
Current launched in 2017 and is a fintech company that partners with Choice Financial Group and Cross River Bank to provide FDIC insurance. It’s built more like a spending app, offering early direct deposit, instant spending insights and savings “pods” to help users manage money on the go.
Varo keeps things simple with a focus on strong savings rates, while Current leans into app-based money management. For either account, plan on setting up direct deposit to access the best perks, such as their highest offered savings rates.
Varo Bank offers a no-fee checking account and a high-yield savings account that earns up to 3.75% APY on balances up to $5,000 when you receive at least $1,000 in direct deposits each month. It doesn’t offer certificates of deposit (CDs) or money market accounts, but its savings rates are among the best for online banks.
Current provides a fee-free checking account and savings “Pods” that earn up to 4% savings bonus on up to $6,000 (up to $2,000 in each pod) with qualifying direct deposits. It also includes features like early direct deposit, instant spending insights and automatic savings tools, but no CDs or traditional savings accounts.
Neither Varo nor Current offers a full suite of traditional lending products, such as personal loans or credit cards. However, Varo offers cash advances, and Current offers credit-building products.
Varo Bank offers a small-dollar cash advance product called Varo Advance, which lets eligible customers borrow up to $250 instantly through the app, with no interest and a small flat fee, depending on the amount. It doesn’t currently provide credit cards, auto loans or personal loans.
Current provides a similar feature called the Current Build Card — a secured credit card that works more like a debit card. It offers credit-building features while only spending your own deposited funds. Current doesn’t offer personal or business loans, but the Build Card stands out for its simplicity and no-interest model.
Both Varo and Current are focused on day-to-day banking rather than wealth building, so investment options are limited.
Varo Bank currently does not provide investing services or brokerage features.
Current offers cryptocurrency trading options, but it does not offer traditional investing.
Both banks offer sleek, mobile-first experiences, but they shine in different ways.
Varo Bank keeps things simple with easy transfers, early direct deposit, savings automation and spending insights built into its app.
Current goes further with customizable savings Pods, instant spending alerts, early direct deposit and budgeting tools that make it feel more like a money-management app than a bank.
Both banks are pretty fee-friendly, but Varo has a slight edge for travelers since it has no foreign transaction fees.
Current keeps costs low too, especially for users who qualify for its Fee-Free Overdraft protection, which lets you overdraft up to a certain amount. However, eligibility for the service is based on direct deposit and banking history.
Users generally praise Varo’s reliability, fee-free structure and high-yield savings. Reviews on Trustpilot and Reddit highlight its easy app and responsive support, though some mention long check holds and occasional account freezes.
Current gets high marks for its sleek app, instant spending insights and early direct deposit. However, some users on Reddit and review sites report frustration with customer service and dispute handling.
Varo stands out for its high-yield savings account, early direct deposit and automatic savings tools, making it ideal for goal-oriented savers. While Current shines with innovative app features and instant spending tools, Varo offers stronger all-around value for everyday banking.
That said, both banks can be good fits depending on what you want. If you care more about hands-on money management and budgeting features, Current might suit you better. If you prefer higher yields and a simpler, no-fee experience, Varo is the stronger choice.
Varo is great for users who want a full-service, fee-free online bank with high-yield savings and early direct deposit.
Current is great for users who value a sleek app, real-time spending insights and fast access to their paycheck.
If you’re looking for other options, check out our best online banks guide for more choices. But here are three alternatives that offer similar features to Varo and Current.
BMO is a large bank with a variety of bonuses available, up to $1,500.
Offering up to $500 in checking bonuses, KeyBank’s bonuses are enticing. However, the bank doesn’t operate in all states.
Citizens Bank has some personal account bonus offers up for grabs; up to $3,000 if you can meet requirements.
U.S. Bank usually has some bank account bonuses on the table; compare the most recent offers up for grabs.
See how to earn up to $1,500 when you open a new Capital One savings, or up to $250 with a 360 Checking account.
SoFi, Capital One, Chase and Revolut have some of the best student bank accounts for savings, checking and building credit.
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.
Tracking the Fed funds rate from 1954 to now.
Instant sign-up bonuses with no deposit are not typically offered. However, these bank account bonuses have easy requirements.
