At a glance

4.3

Bankrate Score

Checking

Savings

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

Varo is best for consumers who want an online alternative to traditional banks, no fees, competitive APYs and digital tools for saving.

Highlights

Highly Rated App
No Min Balance
No Monthly Fees

Overall

Varo is a digital bank that prides itself on its technology and offers checking and savings accounts with unique online features.

Pros

Varo has no minimum deposit or balance requirements and charges no monthly fees.
The savings account offers a competitive APY.
Varo offers unique tools and features to help customers build their savings.

Cons

Cash deposits can only be made through third-party retailers, which may charge a fee.
Neither a money market account nor certificates of deposit are available.

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Varo Bank banking products

4.5

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

3.00%

4/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance for APY:

$1.00

5/5

The lowest deposit amount an account must have before it can earn interest.

Monthly service fee:

$0.00

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest balance an account must maintain in order to avoid a fee.

Access to funds:

Great

5/5

A procedure that allows an individual or organization to access and manage the funds of another account holder.

FEATURES

3.00% APY

APY last updated between 11/14 and 11/20.

$1 minimum balance for APY

$1 minimum deposit to open

Varo Bank savings overview

Varo offers an FDIC-insured high-yield savings account. You can earn a very competitive yield on the first $5,000 and then a competitive yield on the remainder.

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

The savings account offers a competitive APY.
There’s no minimum deposit requirement or monthly fee.
Automated tools help customers boost their savings.
People age 18 or older in all 50 states and Washington, D.C. can open an account with Varo.

Cons

Varo’s online savings account only offers the highest yield for balances of $5,000 or under.

Rate history for Varo Bank's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Varo Bank

APY

APY last updated between 11/14 and 11/20.

National average APY

How 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.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Varo Bank

APY

APY last updated between 11/14 and 11/20.

National average APY

How 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.

4.7

Bankrate Score

Compare top checking rates

Varo Bank checking overview

Varo’s online bank account has no monthly fee or minimum deposit or balance requirements, making it accessible to nearly everyone.

New account holders are automatically sent a Visa debit card, which can be used to withdraw money fee-free at tens of thousands of ATMs in the Allpoint network. With Varo’s early direct deposit feature, account holders have access to their funds up to two days early.

Varo customers also have access to Varo Cash Advance, a feature that gives customers up to $500 in cash directly in the bank’s app when they meet certain qualifications. The cash advance doesn’t charge interest, but there is a fixed fee depending on the amount of the advance. Customers have to pay back the amount within 30 days.

Varo Bank offers early direct deposit, which allows customers to receive their direct deposit up to two days early. Varo Bank customers also can send and receive funds using Zelle.

You’ll need to have at least $800 in direct deposits to have access to up to a $250 advance on your money. You have 30 days to pay the amount you borrow back.

Pros

There is no minimum deposit or balance requirement and no monthly fee.
Customers have access to over 40,000 Allpoint ATMs with a Visa debit card, which can also be used for purchases and other transactions.
The account comes with helpful financial features, including early direct deposit and advance cash.

Cons

Cash deposits can only be made through a third-party service and may come with a fee.

Compare Offer

Customer 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.

How Varo Bank compares to other banks

Compare different account types offered by Varo Bank. Annual percentage yields (APYs) shown were updated between Nov. 14, 2024 and Nov. 20, 2024.

Selected bank Varo Bank savings account Member FDIC Bankrate score Rating: 4.5 stars out of 5 4.5 Bankrate Savings rating = 4.5/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Barclays Bank savings account Member FDIC Bankrate score Rating: 4.9 stars out of 5 4.9 Bankrate Savings rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Nov. 14, 2024 and Nov. 20, 2024.
3.00%	4.50%
Minimum balance for APY
$1.00	$0.00
Estimated earnings Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$1,500	$2,250

Varo offers an FDIC-insured high-yield savings account. You can earn a very competitive yield on the first $5,000 and then a competitive yield on the remainder. 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.	The Barclays Tiered Savings Account offers a competitive yield on all balances. You don’t need a minimum deposit to open an account and like at most online banks, you won’t pay a monthly maintenance fee.

The savings account offers a competitive APY There’s no minimum deposit requirement or monthly fee Automated tools help customers boost their savings People age 18 or older in all 50 states and Washington, D C can open an account with Varo	Barclays allows you to earn a competitive yield on your savings. Barclays’ savings account doesn’t have a monthly service fee. Barclays doesn’t have a minimum opening deposit requirement.	N/A
Varo’s online savings account only offers the highest yield for balances of $5,000 or under	You can earn a higher yield at some other online banks.	N/A

Bankrate does not currently track additional product details for this bank.	APY offering: 4.50% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance for APY: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Good 4/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. A procedure that allows an individual or organization to access and manage the funds of another account holder. Bankrate does not currently track additional product details for this bank.

Learn more: The best banks of 2024

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Varo Bank APY APY last updated between 11/14 and 11/20. APY last updated between 11/14 and 11/20	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
11/05/2024	3.00%	0.56%
10/01/2024	3.00%	0.57%
09/03/2024	3.00%	0.61%
05/07/2024	3.00%	0.59%
04/02/2024	3.00%	0.58%
03/05/2024	3.00%	0.57%
01/02/2024	3.00%	0.58%
12/05/2023	3.00%	0.57%
11/21/2023	3.00%	0.61%

Varo Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about Varo Bank

Varo Bank banking products

Varo Bank savings overview

Pros

Cons

Rate history for Varo Bank's Savings account

Varo Bank checking overview

Pros

Cons

Customer experience

About Varo Bank

How Varo Bank compares to other banks

Review methodology

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