Varo Review
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Varo Reviews

Andrew Omalley


Andrew Omalley

Low-cost online bank accounts
Low-cost online bank accounts
About Varo

Varo is an online bank that has been operating since 2015. It offers a variety of banking services to people who are looking at alternative options to traditional banking. Varo was the first-ever fintech firm to get a full-service bank charter in 2020 from the federal government. It offers a couple of low-cost different account options, with a lot of extras available.









Varo Online Banking Review

Varo is one of the leading online banks on the market today. It has a low-cost structure which means that users are not constantly paying fees. There is a high-quality checking account and savings account available for you to use, with the latter having good APYs and minimal fees.

Varo Online Banking Highlights


3% - 5%


Max 2%


55,000+ nationwide



Pros & Cons

  • Good savings account APY
  • No monthly fees
  • Trusted online bank
  • No minimum deposit or account balance requirements
  • Not too many different account options
  • No physical branches

Account Type

  • Checking
  • Savings

Varo Checking Highlights


Max 2%

Varo Savings Highlights


3% to 5%


Account 1 Year 3 Years 5 Years
Varo Savings Account 3-5% 3-5% 3-5%

Features Benefits & Rewards

2-day early direct deposit

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
Account Type Key Features Bonuses
Varo Bank Account
  • No monthly fees
  • No minimum deposit or balance requirement
  • Offers advance cash and early direct deposits

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
Account Type Key Features Bonuses
Varo Savings Account
  • No monthly fees
  • No minimum deposit or balance requirement
  • APY up to 5% possible

Opening an Account With Varo

The process of opening an account with Varo is very easy to do. The process is completely online and can be fully finished within minutes. You can download the mobile app or go to the Varo website in order to start the registration process.

You just need to answer some standard questions and you will then receive a notification of your account approval very quickly usually. Standard info is required, such as full name, address, and date of birth. Once you get approval, you can then make a deposit and get started.

State Availability

Available in all states

Privacy & Security

Varo has a good reputation over the years for being a trustworthy online bank. It has gotten the seal of approval from the federal government and has a track record of treating its customers in the right manner.

All sensitive data that is shared with Varo is kept fully protected. This means that you can have peace of mind that the information won’t fall into the wrong hands. Your money will also be FDIC-insured, which adds an extra layer of comfort.

Customer Support

There is a very comprehensive help center in place at Varo, which can hold the key to many of the questions you might have. There is also a customer support team working to help resolve issues you might be having. Both phone and email support are options.

Varo has its support lines open 7 days a week during certain hours, which is ideal. When you do get a response, the replies tend to be top-notch and resolve the question at hand.

Phone Support
Mon - Fri
8am to 9pm ET
Sat - Sun
11am to 7pm ET

In Conclusion

Varo is one of the best online banking options on the market today. It has a great reputation and a solid range of products. With plenty of add-ons and a low-cost structure, it is the ideal entry point for a lot of people. Varo is also constantly looking at ways to improve its offering, which bodes well for the user base.


Does Varo charge monthly account fees?
No, Varo will not charge any monthly account maintenance fees.
Is there an overdraft fee you need to pay at Varo?
Varo does not currently charge an overdraft fee.
Are Varo bank deposits FDIC insured?
Yes, all of your bank deposits worth up to $250,000 will be subject to FDIC insurance at Varo.

Varo Disclaimer

You must be at least eighteen (18) years old to use Varo Products. By agreeing to this User Agreement you represent and warrant to us: (1) that you are at least eighteen (18); (2) that you have not previously been suspended, removed, or deactivated from Varo Products; (3) that you are a legal resident of the United States; and (4) that your registration and use of Varo Products is in compliance with any and all applicable laws and regulations.


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Andrew Omalley

Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.