Varo Bank Review 2024
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At a glance
Checking
Savings
About Bankrate Score
Overview
Varo is best for consumers who want an online alternative to traditional banks, no fees, competitive APYs and digital tools for saving.
Highlights
- No Min Balance
- No Monthly Fees
- Highly Rated App
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Varo is a digital bank that prides itself on its technology and offers checking and savings accounts with unique online features.
Pros
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Varo has no minimum deposit or balance requirements and charges no monthly fees.
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The savings account offers a competitive APY.
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Varo offers unique tools and features to help customers build their savings.
Cons
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Cash deposits can only be made through third-party retailers, which may charge a fee.
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Neither a money market account nor certificates of deposit are available.
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Varo Bank banking products
APY last updated between 5/7 and 5/13.
Varo Bank savings overview
There’s also no minimum opening deposit requirement nor a monthly fee. Varo also offers a much higher APY on savings accounts that meet certain criteria, including at least $1,000 directly deposited each month and a maximum daily balance of $5,000.
Two useful tools for savings come with the account: a Save Your Pay feature and a Save Your Change feature. Save Your Pay automatically takes a percentage that you set from each directly deposited paycheck and transfers it to your savings, while Save Your Change rounds up transactions made from the checking account and transfers the spare change to savings.
A Varo checking account is required to open a Varo savings account.
In February 2024, Varo had a promotion where you can get your tax refund up to five days earlier, according to its website.
Pros
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The savings account offers a competitive APY.
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There’s no minimum deposit requirement or monthly fee.
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Automated tools help customers boost their savings.
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People age 18 or older in all 50 states and Washington, D.C. can open an account with Varo.
Cons
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Varo’s online savings account only offers the highest yield for balances of $5,000 or under.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Varo BankAPYAPY last updated between 5/7 and 5/13.APYAPY last updated between 5/7 and 5/13.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank experience
Varo customers can reach a service representative by phone seven days a week. They’re available from 8 a.m. to 4:30 p.m. Mountain time during the week.
Varo’s app receives high ratings from users on both iOS and Android devices. The app provides all of the account access, tools and features that customers can get through the website. It also gives customers the ability to lock their cards instantly should they be lost or stolen.
About Varo Bank
Founded in 2015, Varo Bank is a digital bank that seeks to provide banking services to those who historically have had difficulty accessing them due to financial inequality. In 2020, Varo became the first fintech company to receive a full-service bank charter from the federal government.
Varo only offers a few deposit products, but they come with plenty of extras, including no monthly fees, minimum balance requirements or transfer fees, early direct deposit, a cash advance feature and top-notch digital tools.
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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