Our verdict
Varo is an FDIC-insured digital bank account with no monthly fees, no opening deposit required, no overdraft fees, early payday access and Zelle integration for peer-to-peer payments. 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.
- $0 monthly fees and no opening deposit
- Unlocks savings account with up to 5% APY
- 0% foreign transaction fee
- 6% cash back with select brands
- No physical locations
- $4.95 to $5.95 fee for cash deposits
- No wire transfers
- No joint accounts