Varo Reviews

Account Types

Varo Bank Account

The main checking account option is the go-to for most people. It does not really charge any fees at all and provides you with no-fee access to more than 55,000 ATMs across the country.

You will receive a Visa debit card and you can get your wages up to two days early if you enact direct deposit. This account can be managed directly from your mobile device. There are fees in place if you want to make cash deposits to your account. Here are some of the key features of using this type of account:

• No overdraft fees
• No monthly account fees
• No minimum deposit or balance requirement
• No transfer fee
• No FX fees
• No ATM fee at 55,000+ locations
• FDIC insured up to $250,000

Varo Savings Account

There is one type of savings account that you can open at Varo. This allows you to start earning an APY of 3%, which can rise to 5%. The higher APY is activated if you get direct deposits of at least $1,000 in a given month and you need the month with a positive account balance in your savings and checking account. There are no fees charged and there is no minimum account balance needed. You won’t get a debit card with this account option.

A couple of useful account features see you instantly transfer a portion of your salary straight to your savings account from your checking account. You can also round up every transaction to the nearest dollar in your checking account and send the sum to your savings account. Here is a summary of the main features of a Varo savings account:

• FDIC insured up to $250,000
• No monthly fees
• APY starts at 3% and can rise to 5%
• No minimum deposit or balance requirement