Varo Bank Review 2023
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At a glance

Checking
Savings
About Bankrate Score
Overview
Varo is best for consumers who want an online alternative to traditional banks, no fees, competitive APYs and digital tools for saving.
Highlights
- Digital Leader
- No Min Balance
- No Monthly Fees
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

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 = 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 = 4.7/5
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 = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Overall
Varo is a digital bank that prides itself on its technology and offers checking and savings accounts with unique online features.
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.
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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.
Varo Bank banking products
FEATURES
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 9/25/2023
Varo Bank savings overview
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.
Pros
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The savings account offers a competitive APY.
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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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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Varo BankAPYAPYNational average APYHow do we get this data?
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

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 = 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.
Bank experience
Varo customers can reach a service representative by phone seven days a week. They’re available 8 a.m. to 9 p.m. Eastern time, weekdays, and 11 a.m. to 7 p.m., weekends. Inquiries can also be sent by email.
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.
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.