Varo Reviews, Rates and Fees
- Fee
- $0 per month
- Minimum deposit to open
- $0
Our verdict
A digital account with hard-to-beat perks like cashback rewards and no monthly fees.
Varo is an FDIC-insured digital bank account with no monthly fees, no opening deposit required, no overdraft fees and early payday access. This account also unlocks Varo's optional savings account, which earns up to a 5% APY when you meet direct deposit and balance requirements. Varo also doesn't charge any foreign transaction fees on its debit card, so globetrotters can enjoy that perk. There are also cashback rewards, up to 6% with select brands. But like most digital banks, you'll need to visit a participating retailer to make cash deposits, which will cost you per deposit.
Best for: Anyone in need of a free, rewards digital checking account.
Pros
-
No fees
-
Early payday
-
No credit checks or minimum balances
Cons
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Android app limitations
-
Expensive cash deposits
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No checks or wire transfers
Who is the Varo bank account best for?
Varo is a legitimate, FDIC-insured bank. In fact, it was one of the first online banks ever. Its digital account is great for nearly anyone — it’s a free, low-maintenance bank account with no opening deposit requirement. And with the lack of foreign transaction fees on its Varo Visa debit card, frequent travelers can spend with less stress internationally.
It’s also best for anyone looking for a high-yield account. While Varo checking doesn’t earn any interest, opening this account unlocks Varo’s optional savings account, which earns up to 5% APY, making it one of the best high-yield savings accounts.
What we like about the Varo bank account
Varo sets itself apart as one of the only digital banks that’s FDIC-insured directly rather than through a partner bank. This status means that Varo can offer more types of banking products compared to other digital banks.
While lacking physical locations, Varo has all the typical features of a modern bank. It features online banking, a mobile app, lending options, a high-yield savings account and early direct deposit.
Unlocks high APY savings account
A Varo bank account qualifies you for Varo’s savings account, which boasts a high 5% APY on balances up to $5,000. For balances over $5,000, you’ll earn 2.5% APY — still higher than the national average, which currently sits at 0.42%, as reported by the FDIC. The highest rate is for the lowest balance, so those just starting a savings account benefit most.
To qualify for the 5% to 2.5% rate, you have to set up direct deposit and deposit at least $1,000 per month and maintain a positive balance. Compared to other top high-yield savings accounts, this rate is among the best and has simple requirements to qualify.
Up to 6% cash back with top brands
Cashback rewards are something we typically see with credit cards, but Varo’s bank account offers them too. And it’s actual cash back — not points — that’s automatically deposited into your account once you reach $5 in rewards.
Some brands you can earn up to 6% cash back with include:
- Circle K
- Petsmart
- Nike
- Forever 21
- Little Caesars
- Kohls
- Popeyes
- Macy’s
Varo borrowing options
With a Varo account, you may also qualify for a cash advances from $20 to $250. The fee for the advances depends on the amount, from $1.60 to $20. There’s no interest rate, no required tip and you can choose a repayment time (up to 30 days). The maximum you can borrow with Varo’s advances depends on your account history, balance, direct deposit history and more. To qualify, you must receive at least $800 in qualifying direct deposits into your active Varo Bank Account.
And a new feature, Varo now offers personal lines of credit of amounts from $600 to $2,000. Varo states funding is instant after approval, there are no late fees, and surprisingly, there are no interest charges. Varo charges a single flat fee for the line of credit, ranging from $60 to $400 depending on the amount you borrow. Eligibility for this loan depends on your Varo activity, including direct deposits, account balances and on-time payments with other Varo lending options, and there is a soft credit check for the pre-approval process.
Varo also works with many other cash advance apps if you want other options.
Tax services
In the Varo app, you’ll see something called Column Tax Filing. Column Tax can be a free and easy option to file taxes; both federal and for all 50 states if you’re a Varo customer.
You can choose to file your taxes on your own, or opt into the paid service called Expert Assist. This is an optional service where you can pay to have your taxes reviewed and get tax advice.
When you choose to have your refund deposited directly into your Varo account, you can get it up to five days early. While you’re filing your taxes, simply put in your Varo bank account’s information so any refunds are sent directly to your account. Just keep in mind that Varo can only accept refunds that match the name on your account. If you’re filing jointly with a spouse, just be sure that your name appears as the primary or secondary filer on the return and matches the name under your Varo Bank Account.
Where it falls short
Like most online banks, Varo’s biggest downfall is the lack of branch access and in-person support. To make up for that, Varo does offer in-app chat 24/7, and live phone support at 1-877-377-8276 (1-877-377-VARO) from 8:00 AM to 8:30 PM ET.
And unfortunately, Varo doesn’t offer joint bank accounts or perform wire transfers. Varo does, however, offer fee-free cash deposits at 7,500 participating CVS Pharmacy locations, and cash deposits at Green Dot ATM locations, typically costing $4.95 to $5.95 per cash deposit.
Varo bank account fees and access
| Type of fee | Fee details |
|---|---|
Monthly service | $0 |
Opening deposit | $0 |
ATMs |
|
Debit card fees |
|
Overdraft or nonsufficient funds | $0 |
Wire transfers | Doesn’t allow wire transfers |
Other fees |
|
Compare Varo to other top bank accounts
Narrow down top bank accounts by account type, opening deposits, fees and more. Select Compare on up to four providers to see them side by side.
What is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
What is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
Customer reviews for Varo
| BBB accredited | Yes |
|---|---|
| BBB rating | A- |
| BBB customer reviews | 2.91 out of 5 stars, based on 179 customer reviews |
| Trustpilot score | 3.9 out of 5 stars, based on 3,183 customer reviews |
| App Store Score | 4.9 out of 5 stars, based on 233,500 customer reviews |
| Google Play Score | 4.7 out of 5 stars, based on 243,000 customer reviews |
| Customer reviews verified as of | 24 March 2025 |
Overall, customers are happy with the free checking and savings accounts, cashback rewards, knowledge and friendly representatives and early direct deposit. There were many reviews of customers citing they’ve been banking with Varo for years with no issues.
Similar to most online banks, the majority of negative reviews stem from poor communication or issues contacting customer service. However, this is common among fintechs due to their lack of in-person support and limited phone hours.
What do people on Reddit say?
Varo Bank: In the news
In March 2024, some Varo customer information was breached, and Varo has been accused of failing to protect customer information. Varo states its network did not experience a breach at all, and the data breach was outside source unaffiliated with Varo. In response, Varo reached out to its customers and offered to provide free credit monitoring services for two years through TransUnion and asked them to enroll, as reported by Banking Dive.
Checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.
All user-submitted reviews must meet our review guidelines. These set out our standards and expectations, including that the review is from by a genuine user of the relevant product or service and that it is honest, authentic and respectful. We explicitly prohibit fake or otherwise misleading reviews and we check all submissions, but we make no guarantee as to the authenticity of any published review or reviewer. Some reviews may be submitted (regardless of sentiment) in exchange for entry into any competition(s) for which we are the promoter.
Via customer survey commissioned by Finder
Any problems that I may have, the friendly bank associates always have me covered.
Via customer survey commissioned by Finder
They are on top of their hands for being an internet bank. They offer great products and are extending hands when needed.
Via customer survey commissioned by Finder
It's a good way to save up money and is easy to use
Via customer survey commissioned by Finder
Varo is a great company for saving, their APY rates are one of the best
Via customer survey commissioned by Finder
They are great service
Via customer survey commissioned by Finder
The savings has a good interest rate
Via customer survey commissioned by Finder
Varo has an amazing savings account with a decent percentage yield. The customer service is absolutely amazing as well.
Via customer survey commissioned by Finder
They can be difficult to reach at times, but when you finally do, they usually take care of you
Via customer survey commissioned by Finder
Varo is a great bank
Via customer survey commissioned by Finder
Varo provides a no hassle online sayings experience.
Bethany Finder
Banking editor
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