Varo bank account review

- 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.
Best for: Anyone in need of a free, rewards digital checking account.
Pros
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No fees or minimum balances
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Early payday
-
Two borrowing options
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Credit-building card
-
Tax filing
Cons
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No checks or wire transfers
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No joint accounts
Who is the Varo bank account best for?
Varo is a digital bank account 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 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’s integrated with Zelle so you can perform peer-to-peer payments, features online banking and its own companion app, and you can get your paycheck up to two days early.
With a Varo account, you may also qualify for a cash advances from $20 to $250 to help with unexpected events, or just when you need to borrow some extra cash. 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. It’s nice option to have for those tight times when you just need a little extra cash. Varo also works with many other cash advance apps if you want other options.
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 0.41%, 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
Where Varo bank account falls short
Like most online banks, Varo’s biggest downfall is the lack of branch access and in-person support. But compared to other online banks, such as American Express, which offers 24/7 phone support, Varo’s customer support is limited.
Varo offers in-app chat support between 8 a.m. to 4:30 p.m. MT and weekday phone support at 1-877-377-8276 (1-877-377-VARO). Most issues will need to be resolved through chat support, as the customer phone line is limited to issues logging in with the Varo app, filing a dispute or activating your digital wallet.
And unfortunately, Varo doesn’t offer joint bank accounts, perform wire transfers or accept ATM deposits. You’re limited to depositing cash at Green Dot ATM locations, but it’ll cost $4.95 to $5.95 per 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
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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 experience
Varo Money is accredited with the Better Business Bureau (BBB) and holds a solid A rating. Unlike most other banks and fintechs, Varo has pretty good reviews on its BBB profile, holding a 3.86-star rating out of over 400 customer reviews — most banks hold a 1-star rating.
Varo also holds a similar rating on Trustpilot, with most reviews being 5 stars. 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.
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.

Bethany Finder
Banking editor
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