Varo Bank Review 2025
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Edited by
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At a glance
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 FeesHighlights:
Checking
Savings
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
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 Savings rating = 4.5/5
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 Savings rating = 4.2/5
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 which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
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.
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. The savings account comes with a robust annual percentage yield (APY) up to a certain balance, and the checking account comes with wide ATM access. Prospective customers ages 18 or older in all 50 states and Washington, D.C., can open an account with Varo.
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 on balances of up to $5,000.
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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
Varo Bank online savings account
Pros
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The savings account offers a competitive APY on balances up to $5,000.
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There’s no minimum deposit requirement or monthly fee.
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Automated tools help customers boost their savings.
Cons
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Customers must receive at least $1,000 in direct deposits and maintain a positive balance each month to earn interest.
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Varo’s online savings account only offers the highest yield for balances of $5,000 or under.
Varo Bank checking account
Pros
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There is no minimum deposit or balance requirement and no monthly fee.
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Customers have access to over 40,000 Allpoint ATMs with a Visa debit card.
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The account comes with helpful financial features, including early direct deposit and advance cash.
Cons
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Cash deposits can only be made through a third-party service and may come with a fee.
How Varo Bank compares to other banks
Compare different account types offered by Varo Bank. Annual percentage yields (APYs) shown were updated between March 18, 2025 and March 24, 2025.
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Selected bank
Varo Bank savings account
Bankrate score
4.0
Bankrate Savings rating = 4.0/5 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
Bankrate score
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. |
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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. |
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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 March 18, 2025 and March 24, 2025.
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| 2.50% | 4.15% | |
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Minimum balance for APY
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| $0.00 | $0.00 | |
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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.
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| $1,250 | $2,075 | |
| Varo Bank’s savings account earns a very competitive yield on balances of up to $5,000. After that, customers earn a lower rate. In order to earn interest, customers must receive at least $1,000 in direct deposits each month. | 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. | |
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N/A
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N/A
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Bankrate does not currently track additional product details for this bank.
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APY offering:
4.15%
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.
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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.
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Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | None |
| Non-sufficient funds fee | None |
| Monthly maintenance fee | None |
| Out-of-network ATM fee | $3.50 |
| Excessive transaction fee | None |
Customer experience
Customer support. Varo customers can reach a service representative by phone seven days a week. They’re available from 7 a.m. to 8:30 p.m. Eastern time. Live chat support is available 24/7.
Digital experience. Varo’s app receives high ratings from users on both iOS and Android devices. The app provides the same digital tools and features that customers can get through the website.
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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