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Varo
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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

  • No fees or minimum balances
  • Early payday
  • Two borrowing options
  • Credit-building card
  • Tax filing

Cons

  • No checks or wire transfers
  • No joint accounts

In this guide

  • Our verdict
  • Your reviews
  • Ask a question

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 feeFee details
Monthly service
$0
Opening deposit
$0
ATMs
  • Domestic: $0 with Allpoint, $3.50 out-of-network
  • International: $0
Debit card fees
  • Cash withdrawals: $0 with Allpoint, out-of-network fees may apply
  • Foreign transactions: 0%, though currency conversion fee may apply
  • Card replacement: $0
Overdraft or nonsufficient funds
$0
Wire transfers
Doesn’t allow wire transfers
Other fees
  • Paper statements: N/A
  • Account closure: $0

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.

Snag up to a 5.00% APY if you get qualifying direct deposits, plus automated savings tools. But you must open a Varo Bank account first.
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1 - 6 of 22
Product Finder Score Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Bonus offer Estimated total balance
Finder score
Traditional savings,Custodial account

3.60%

Up to $250,000
$0
$0
$1,036
Finder score
Savings app
Up to

4.50%

Up to $2.5 million
$1
$0
$1,045
Finder score
Traditional savings

4.10%

Up to $250,000
$0
$0
$1,041
SoFi logo
Finder score
Traditional savings,Checking
Up to

3.80%

Up to $250,000
$0
$0
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until January 31, 2026.
$1,038
NexBank HYSA through Raisin
Raisin logo
Finder score
Traditional savings

4.35%

Up to $250,000
$0
$1
Up to $500 bonus for new customers with qualifying deposits using promo code BOOST.
$1,043.50
Wealthfront logo
Finder score
Cash management account

4.00%

Up to $8M FDIC insurance
$1
$1
$1,040
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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.

Read the full Finder Score breakdown

A digital account with a $0 monthly fee, access to 55,000+ free Allpoint ATMs and no minimum balance required. This account gives you access to an optional savings account with yields as high as 5.00% APY.
1 - 5 of 20
Product Finder Score Fee Minimum deposit to open Annual Percentage Yield (APY) Bonus offer
Finder score
$0 per month
$0
Up to 3.80%
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until January 31, 2026.
Finder score
$5.94 per month
(can be waived)
$0
2.00%
Finder score
From $0 per month
$0
4.00% on balances of $0 to $1,000,000
Acorns logo
Finder score
From $3 per month
$0
N/A
Current logo
Finder score
$0 per month
$0
4.00% on balances of $0.01 to $2,000
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
loading

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.

Read the full Finder Score breakdown

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.

Read the full methodology of how we rate checking accounts.

Your reviews

4.4
★★★★★(0)
5
4
3
2
1

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.

0 of 0 reviews

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Bethany Finder

Banking editor

Hi there, looking for more information? Ask us a question.

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