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9 Banks Like Varo

Close alternatives to Varo include Chime, SoFi®, Revolut, Current, Juno and more.

Varo is an online FDIC-insured bank offering a checking and savings account with a ton of features, including cashback rewards, a high APY and barely any fees. It also offers a secured credit card called Varo Believe that doesn’t have an APR or annual fees and allows you to set the spending limit. But Varo doesn’t offer joint accounts or wire transfers, and to earn the highest APY on savings, you must meet deposit requirements. As more fintechs and online banks enter the space, competition is fierce. Here are nine alternative online banks like Varo with their own unique strengths.

9 banks like Varo

Alternative for free checking

Chime® Checking Account

4.8
★★★★★

Finder score

Refer a friend to Chime using your referral link, and if they complete a $200 direct deposit within 45 days of opening their new account, you both get $100.
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Fee$0 per month
Minimum deposit to open$0
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC.
ATMs: Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
Deposit: Once the retailer accepts your cash, the funds will be transferred to your Chime Checking Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.
Mobile Deposit: Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member's direct deposit enrollment status.
Chime Savings Account: Chime Checking Account is required to be eligible for a Savings Account.
APY: The Annual Percentage Yield (“APY”) is variable and may change at any time. The disclosed APY is accurate as of May 22, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
Get Paid Early: Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
Credit Builder: To apply for Credit Builder, you must have an active Chime® Checking Account.
SpotMe: Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.

Alternative for all-in-one banking

SoFi Checking and Savings

4.5
★★★★★

Finder score

Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
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on SoFi's secure site
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APYUp to 4.20%
Fee$0 per month
Minimum deposit to open$0
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Direct Deposit can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.20% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances(including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits.Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet

Our account fee policy is subject to change at any time.

SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms
See list of participating banks at SoFi.com/banking/fdic/receivingbanks


We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

Alternative for credit building

Current

4.6
★★★★★

Finder score

Get a $50 referral bonus by inviting your friends to join Current. Once the person receives the invite link and makes qualifying deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $50
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on Current's secure site
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APY4.00%
Fee$0 per month
Minimum deposit to open$0

Alternative for young adults

Fizz debit card

4.7
★★★★★

Finder score

Earn 1,000 points ($10 value) when you download the Fizz app and enter code FINDER.
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APYN/A
FeeFrom $4.17 per month
Minimum deposit to open$150

Alternative for high-interest checking

Dave

4.6
★★★★★

Finder score

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on Dave's secure site
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APY4.00%
FeeFrom $0 per month
Minimum deposit to open$0

Alternative for savings

One Cash

4.8
★★★★★

Finder score

Earn 10% cash back at Walmart, up to $20, on your first purchase. Limited time offer. Get 3% cash back on future purchases up to an additional $50 a year with eligible deposits.
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on One's secure site
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APYUp to 4.35%
Fee$0 per month
Minimum deposit to open$0
One is a financial technology company, not a bank. Banking services provided by Coastal Community Bank, Member FDIC.
Debit card rewards:
● Earn 10% cash back at Walmart, up to $20, on your first purchase. Limited time offer¹
● Get 3% cash back on future purchases, up to an additional $50 every year, with eligible deposits²
● Earn up to 5% cash back on select brands³
Early Pay: Get paid up to 2 days early. Direct deposit may be available up to 2 days in advance, but depends on when your employer sends paycheck data.
4.35% APY on Savings with eligible deposits: 4.35% annual percentage yield (APY) applies to the Savings balance of One Cash customers who either (i) received $500 or more of eligible direct deposits in the previous month or (ii) have a total daily account balance of $5,000 or more. 4.35% APY is also earned on Pay Autosave balances without these deposit or balance requirements. In all instances, 4.35% APY is limited to a total Savings balance of up to $250,000. All other Savings balances will earn 1.00% APY. APYs are as of 10/10/2024, but may change at any time before or after account opening.
ATM: Allpoint Network ATM transactions are fee-free for accounts with eligible direct deposits totaling at least $500 in the previous month. For all other ATM transactions the One ATM Fee will apply and third-party ATM fees may be incurred.
Overdraft Protection: Available with Direct Deposits totaling at least $500 in the previous month. You must be 18 or older to receive Overdraft Protection. When on, Savings Backup will be used before Overdraft Protection. Overdraft balance is due right away. Transactions eligible for Overdraft Protection are at the discretion of One and may exclude certain transactions (e.g., bill pay, global transfers). See terms for details.
¹Only available to consumers who open an account through Walmart.com, the Walmart app, one.app, or the One app from 8/8/24 - 10/31/24. Terms apply.
²To receive 3% cash back, eligible customers (at the time their purchase settles) must (i) have received $500 or more of eligible direct deposits in the previous month, or (ii) have a total account balance of $5,000 or more. 3% cash back is limited to up to $50 per year and applies only to purchases made at U.S. Walmart locations and on Walmart.com. This promotion may not be combined with other One promotions that offer cash back on purchases at Walmart. Terms apply.
³Cash back can be earned through the Debit Rewards Program. Individual offer details can be found in the One app. Terms apply.

Alternative for travelers

Revolut

4.8
★★★★★

Finder score

Get a $10 cash reward when you first use you card on a qualifying $1+ transaction. Terms & Conditions apply.
Read review
APYUp to 4.25%
FeeFrom $0 per month
Minimum deposit to open$0
Money loaded on your prepaid card is held at Metropolitan Commercial Bank and money in your Savings Vaults is held at Sutton Bank. Money at each bank is FDIC insured up to $250,000 in the event of Metropolitan Commercial Bank's or Sutton Bank's failure.
Securities products are not FDIC Insured, not bank guaranteed and may lose value.

*The Annual Percentage Yield (APY) is a variable rate and may change at any time. These APYs are accurate as of 16 March 2023. Monthly fees apply for Premium and Metal plans. Terms and Conditions Apply. Standard customers can earn up to 3.25%, while Premium and Metal customers can earn up to 4.25%. No minimum amount required. Savings Vault services provided by Sutton Bank, Member FDIC.

Alternative for rewards

MUST READ: New account creation paused
Juno is experiencing issues with its banking service provider, and has paused new account creation for the time being

Finder Award Juno

4.8
★★★★★

Finder score

Spend with the Juno debit card and earn 5% back on your favorite brands. Be it shopping on Amazon or ordering with Doordash, you decide.
Read review
APYUp to 5.00%
Fee$0 per month
Minimum deposit to open$0

Alternative for joint checking

Honeydue

APYN/A
Fee$0 per month
Minimum deposit to open$0

How Varo compares

Varo is a top banking option, and unlike many other online accounts, Varo is directly insured by the FDIC. You’ll find most online accounts such as Chime, Current and Honeydue all have banking partners that insure and back the accounts, which can limit what products they offer, though insurance coverage is typically the same.

Overall, Varo’s account has a strong cashback rewards program and a 5% high APY on the savings account when you meet direct deposit requirements. For balances under $5,000, you can earn 5% APY, and for those over $5,000, you’ll earn 3% if you direct deposit at least $1,000 per month. The Visa Varo Believe card is a debit-credit card that can build credit history, but you’ll need a Varo account and must manually transfer money to the Varo Believe card to use it. Overall, Varo is a competitive product but not the best choice if you need a joint account or a bank with physical locations.

Pros

  • Directly insured online bank
  • No monthly fees
  • Up to 6% cashback rewards with select brands
  • Up to 5% APY on savings

Cons

  • Requires Varo account for secured card
  • No joint accounts
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To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings as part of our fact-checking process.
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Written by

Editor, Banking

Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

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