VVaro Bank Review 2022: Checking and Savings Account


Founded in 2015, Varo is one of many online banking platforms available to bankers who are ready to abandon physical stores today.

Like other online banks, Varo offers low-fee and high-interest savings and checking accounts, making it an attractive alternative to traditional banks. Unlike most competitors, the company also owns and operates its own regulated bank Varo Bank, NA, rather than partnering with supporting banks.

The bank does not provide small business banking, traditional credit cards, loans or investments. Therefore, if you are looking for a comprehensive financial institution, this is not a good choice. But its simple, stylish design and direct benefits make it very suitable for simple personal bank accounts.

Our Varo Bank Review provides you with all the information about the bank’s choice to decide whether it is suitable for your funds.

Varo account
Varo’s checking or expense account is called Varo bank account. If you want to become a member of Varo and access any of its financial products, this is the first stop. Once you open the spending account, you can access the savings account.

Varo Bank Account

Best for free online banking

main feature

  • No monthly maintenance fee
  • Cash deposit through Green Dot
  • Free withdrawals on more than 55,000 Allpoint ATMs

Varo’s FDIC insurance online bank account has no monthly maintenance fees or minimum balance, and no overdraft fees. After setting up direct deposit, you can get paid up to two days in advance. Unlike many online accounts, this account allows you to easily manage cash through a free ATM network for withdrawals and cash deposits through CVS, Walmart, or Walgreens Green Dot locations.

Varo Bank Account



Monthly fee

not any

ATM access

More than 55,000 Allpoint ATMs worldwide

Minimum opening amount


Minimum balance

not any

More information about Varo checking accounts

Varo’s checking account is very standard among online checking accounts. You hardly need to pay any fees, you can use a nationwide ATM machine and get your salary through direct deposit (depending on when the payer pays the salary) two days before the pay date.

A less common online account is the option to deposit cash at the counter at the Green Dot location, which you can find at CVS, Walmart, and Walgreens. This is a major advantage for people who work with a lot of cash and most online banks do not provide services.

The biggest benefit of opening a Varo bank account is that you can get additional benefits, including cash advances, credit building and shopping cash back.

Varo does not provide overdraft protection. This means that the transaction will be rejected if they treat your account as a negative number-which also means that there are no overdraft fees. Varo does not provide this kind of protection, but provides Varo Advance, which allows you to get an instant cash advance of up to $100 when you need it, at a cost of between $0 and $5.

Varo Savings Account

Best for automated high-yield savings

main feature

  • Must open a Varo bank account first
  • Automated savings tools
  • No minimum account opening deposit

Varo savings accounts don’t need fancy things to promote themselves: up to 3.00% APY and easy-to-set automatic savings provide savers with everything they need. That’s all there is no monthly fee. If you open a Varo bank account, you can also access its savings account, which is a high-yield account with automatic savings functions associated with your Varo bank account.

Varo Savings Account


At least 0.50% to 3.00%

Monthly fee

not any

ATM access

More than 55,000 Allpoint ATMs worldwide

Minimum opening amount


Minimum balance requirement

not any

More information about Varo Savings Account

You can open an account without a minimum deposit, and any balance of at least one cent will earn you 0.50% APY. In any month when you meet the following requirements, your rate will soar to 3.00% APY:

  • Direct deposits of US$1,000 or more.
  • Daily savings balance of $5,000 or less.
  • Positive bank account and savings account balances for the entire month.

Varo also provides two automatic savings tools to help you build a buffer without thinking:

Save your salary Allows you to automatically save the percentage of each direct deposit received.

Save your changes It is Varo’s rounding program that rounds every transaction you make to the nearest dollar and transfers the changes to your savings account.

Other Varo products

You can also get these benefits when you become a Varo member by opening a bank account.


With the Perks plan, when you pay with a Varo debit or credit card, you can earn cash back on purchases made by plan partners.

Perks transactions are limited to specific merchants, and you will check which transactions are available through the Varo app. The amount you can earn varies, but you can get up to 15% cash back on Perks transactions.

When the amount reaches $5, the reward will be automatically deposited into your bank account.


Instead of overdraft protection, Varo can help you get your next salary through Varo Advance. With this program, you can apply for up to $100 through the app when you need to make a purchase, and immediately advance cash to your bank account.

You are eligible for at least 30 days after becoming a reputable Varo customer, and you must have a direct deposit of at least $1,000 in the past 31 days.

The cash advance amount and expenses are:

$20: $0 fee
$50: $3 fee
$75: $4 fee
$100: $5 fee
There is no interest on the prepayment, and you can automatically pay back within 30 days through the bank account in the app. Once you have repaid the prepayment, you are eligible to receive another prepayment.


Varo Brief is a credit builder credit card, only available to Varo Bank customers.

A secured credit card has no minimum deposit, no annual fee, and no interest. When you open the card, you will get a Varo Belgium account similar to a debit account. You can deposit any amount you want into your account, which will become the credit limit of your credit card.

Wherever Visa is accepted, use your card like any other credit card, and repay the balance before the due date to establish a credit history that Varo reports to the credit bureau.

Your Varo believes that the money in your account can protect your card from missed payments, but it will not get you out of trouble. Late payments will incur a late fee of $15, which may be reflected in your credit report and prevent you from using the card.

To qualify for Varo Trust Account, you must:

There are at least two direct deposits of at least $1,000 in the past 90 days.
There is no active Varo bank account with a negative balance in the past 90 days.
Even if you meet these requirements, you must apply for the card, but the application will not affect your credit score like applying for another credit card.

Varo bank fees

Like most online bank accounts, Varo tries to keep fees as low as possible. You do not need to pay monthly maintenance fees (no balance requirements), overdraft fees, foreign transaction fees, transfer fees between accounts, and any fees on Allpoint ATMs.

You can withdraw or deposit cash in your Varo bank account at the Green Dot location. Withdrawal is free, but you need to pay a deposit fee of US$2.50 and any Green Dot fees. Both withdrawal and deposit fees are US$4.95. You also need to pay $2.50 for withdrawals from ATMs outside the network (in addition to any fees charged by the ATM owner).

Varo Customer Experience

Although, by definition, pure online banking does lack the convenience of a physical location, Varo provides a real-time customer service hotline in the United States, available 7 days a week. If you don’t want to call, you can also send an email.

Varo’s customer service is available via phone or email.

Phone: 1-800-827-6526 Friday, 8 am to 9 pm Eastern time and Saturday to Sunday, 11 am to 7 pm Eastern time,
e-mail: [email protected]

However, compared with physical institutions, Varo is indeed affected by the lack of free cash deposits.

Although its network ATM provides good coverage in the United States, international ATMs within the network are limited to the following countries:

Puerto Rico
Varo’s app enjoys high ratings among Apple and Android users: Google Play Store has 4.7 stars, with over 40,000 reviews, and App Store with 4.7 stars, with over 14,000 reviews.

The app allows you to easily get a bird’s eye view of your bank account and works with Google and Apple Pay. Varo’s app also has a Perks tab, where you can find offers and services from Varo partners, and even work that can help you make money and save money.

Pros and cons of Varo

Varo Bank is a convenient and low-cost alternative to large physical banks, which may charge substantial fees in exchange for their services. However, it is not the right choice for everyone. Our pros and cons may help you determine if Varo is right for you.


  • No monthly fees or minimum balances, no overdraft fees, and no foreign exchange transaction fees
  • Early direct deposit
  • Cash advance option
  • Save 0.50% to 3.00% APY
  • Credit Builder Credit Card


  • Cash deposit fee
  • No small business banking or loans

Frequently Asked Questions (FAQ) about Varo

Below are our answers to frequently asked questions about banking with Varo.

Varo Bank is a legal bank that operates an online banking application supported by its own FDIC member national chartered bank Varo Bank, NA. Unlike most online banking platforms that rely on cooperative banks, Varo has its own financial institution, so you always Know that it is the person who does business with you.

Is Varo better than Chime?

Varo and Chime provide similar online banking services: each provides a checking account, a savings account, early paydays, cash advances, credit building accounts, free ATM networks, and automatic savings tools. Neither charge a monthly fee. Varo’s 3.00% APY is much higher than almost all competitors, including Chime’s 0.50%. Chime’s overdraft protection provides you with protection of up to $200 (compared to Varo’s maximum cash advance of $100), and there are lower eligibility requirements.

Who owns Varo Bank?

Varo is a San Francisco-based financial technology company that owns and operates the Varo bank account application and a member of Varo Bank, NA, FDIC. The company was co-founded by current CEO Colin Walsh (Colin Walsh); and Kolya Klymenko, the company’s former chief technology officer. According to Crunchbase, the company is funded by 24 investors, the most recent being The Rise Fund and Gallatin Point Capital.

Dana Sitar (@danasitar) has been writing and editing since 2011, covering personal finance, career and digital media. This report contains information from Jamie Cattanach, a former Penny Hoarder contributor.


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