Varo is a simple digital bank account that doesn’t charge fees, run credit checks or put a hold direct deposits. It offers referral bonuses and free access to thousands of ATMs around the world. But you have to use a third-party service for cash deposits, which can be expensive and complicated.
Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
Expert review
Varo is best for those looking for a digital bank that offers speedy direct deposits and forgoes all fees — even for foreign transactions.
But the account doesn’t come with checkwriting privileges and depositing cash can be tricky.
How do I open a Varo checking account?
This mobile-first bank has a fully online application. To open an account, follow these steps:
Go to the provider’s site and follow the steps to apply.
From the Varo website, type in your email address.
Enter your full name, create your password and click Get Started.
Go to your email, find the six-digit code from Varo and enter it on the site.
Select and answer your security question and click Next.
Enter your residential address and phone number, and click Next.
Follow the prompts to verify your citizenship, submit your application and get the app.
Varo reviews your application and emails you in 24 to 48 hours. Once your application is approved, you can expect your Varo Visa Debit Card in the mail within seven to 10 business days.
To activate your card, call the automated phone service at 800-827-6526.
Eligibility
To sign up for an account, meet these requirements:
18 years old or older
A US citizen or resident with a physical address and Social Security number
You’ll also need to have a compatible device:
iPhone: iOS 10 or greater on the iPhone 5s or a newer model
Android: OS 5.0 Lollipop or greater, and access to the Google Play Store
Required information
The application will ask for the following information:
Personal and contact details
Physical address
Social Security number
A valid government-issued ID, such as a passport or driver’s license
What are the benefits of a checking account with Varo?
The Varo checking account is connected to an app and comes with a debit card that can be linked to digital wallets such as Apple Pay, PayPal and Venmo. It has robust budgeting tools and also boasts these benefits:
No fees. The bank doesn’t charge monthly, ATM, transfer or replacement card fees. If you’re traveling overseas, there are no foreign transaction fees on ATM withdrawals or debit card transactions.
No credit checks or minimum balances. Varo aims to make banking accessible to everyone, so it requires no credit check and no minimum balance.
Early payday. If you enroll in direct deposit, you could receive your paycheck or benefits up to two days early.
Overdraft protection. Varo blocks any transactions that would overdraw your account, so you’ll never pay overdraft fees.
Referral bonuses. Once you’re eligible for the referral program, you can earn $75 bonuses every time a friend signs up for an account and deposits at least $200 in one transaction. The limit for bonuses is $500.
Eligible for savings account. Current checking account holders can open a Varo Savings account and earn up to 5% APY.
Varo Perks. This program rewards you with cashback for everyday purchases when you use your Varo Visa debit card or Varo Believe credit card at participating retailers. The Perks program was announced in March 2021, but specific details about how much cashback you can earn have not yet been released.
Varo Bank’s ATM network and fees
Varo is part of the AllPoint network, which has 55,000 free ATMs worldwide. Just over 40,000 of them are in the US, and they’re often located in retailers like Walgreens, Target and CVS. To find one near you, open the Varo app and go to Move Money > Find an ATM.Varo charges no fees if you use an out-of-network ATM — but the ATM operator might.
What should I look out for?
The Varo checking account has its drawbacks, including:
No checks or wire transfers. Varo doesn’t offer checkwriting privileges or support wire transfers.
Complicated cash deposits. You can’t mail cash to Varo or make deposits in-person because there aren’t physical branches. Instead, you have to use a third-party money transfer service, which may impose its own fees.
Lack of live chat. While customer service is available via phone and email seven days a week, Varo doesn’t have a live chat function.
If you’re an Android user or rely on wires and large check deposits, you’ll want to keep looking. As always, compare your options when choosing a checking account.
Compare Varo Checking to other checking accounts
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How do I deposit and withdraw my money?
There are a few ways to move money around with Varo:
Direct deposit. Deposit a portion of your paycheck, government-issued benefits and other regular payments (like insurance refunds or Airbnb income) into your checking account.
Checks. If you’re an iPhone user, you can deposit mobile checks directly on the app. Varo can also mail paper checks on your behalf for free.
Cash deposits. Submit a cash deposit at 100,000 GreenDot retailers across the US, including participating 7-Eleven, Kroger, Kmart, Rite Aid, CVS, Walgreens and Walmart stores. You could pay up to $4.95 per deposit.
Electronic transfers. Transfer money from an external bank account via an ACH transfer. There’s a limit of $5,000 per transfer and $10,000 per calendar month.
Digital wallets. Top up your checking account with funds from digital wallets like Venmo, PayPal and Cash App.
ATM withdrawals. Dip your card in any AllPoint ATM for free. If you use an out-of-network ATM, Varo won’t charge a fee but the operator might.
Where can I earn cashback through the Varo Perks program?
When the Perks program was announced on March 24, 2021, participating retailers included the following businesses.
Advance Auto Parts
CVS
Forever 21
fuboTV
Grubhub
Home Depot
Kohl’s
Macy’s
McDonald’s
Sun Basket
Frequently asked questions
Varo‘s customer service team is available seven days a week:
Phone. Call 800-827-6526 from Monday to Friday, 6 a.m. to 9 p.m., and Saturday and Sunday, 8 a.m. to 6 p.m. PST.
Social media. The team is active on Twitter (@VaroMoney) and Facebook, so feel free to ask questions there.
You can deposit up to $1,000 a day, and a maximum of $10,000 per month. Some Green Dot locations may impose their own limits on the amount and frequency of deposits.
There’s a $2,500 daily limit for purchases made with the Varo debit card.
You can withdraw a maximum of $500 per day. This is the combined daily limit for ATM withdrawals, over-the-counter withdrawals and cash back at point of sale.
Yes. The Varo Savings Account offers a 5% APY on balances up to $5,000. To qualify for the rate, you’ll also need to use your Varo debit card to make at least five purchases, and have direct deposits totaling $1,000 or more per month.
If you fall short from meeting the requirements, you’ll earn a 0.20% APY. The account has no fees or minimum balances, and comes with two automatic savings programs: Save your Pay and Save your Change.
Yes. To turn off your debit card, log into the app and go to Accounts > Bank Account > Misplaced your Debit Card? Lock it. On Android, tap Lock your Varo Visa Debit Card.
Then, toggle the slider to lock or unlock your card. This will prevent anyone from using the card.
Yes. The account is currently FDIC-insured up to $250,000 through Bancorp. Varo just received its own banking charter, which means it will start moving all of its two million accounts away from Bancorp and under its own roof. Once this happens, accounts will be FDIC-insured through Varo instead of Bancorp.
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.
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