Varo Bank Review 2024: Checking, Savings & Rates

Reviewed by Jazmin Castello - MBA
Fact check

The article is checked by our editorial team, Which includes entrepreneurs who are painfully aware of how overwhelming and challenging it is to start a business for the first time.

All products recommended by Bizreport are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

Varo bank

Cost Value


Customer Service


Ease of Use



  • App with a high rating
  • The call center is open seven days a week.
  • Access to a large surcharge-free Allpoint ATM network
  • There is no minimum balance requirement to open an account.


  • Customer service is not available 24 hours a day, seven days a week.
  • Offers checking and savings accounts
  • No monthly fees
  • Good APY on savings
  • Can offer advance when needed
  • No overdraft fees
  • It is an online bank
  • Insured by the FDIC
  • Has two main products
  • Does not need credit checks

Have you ever felt that visiting a physical branch just to open a bank account was too inconvenient? Well, you no longer have to do that when you have a Varo bank. This is an online bank that helps you enjoy many benefits that a  traditional bank offers without necessarily leaving your couch. From the Varo bank review, we find it a good choice for those who might have different needs. The bank offers the Varo bank account and the Varo savings account. It can be a nice way of growing your money considering it has a good APY too. We will look at more details about the bank below so that you can open an account with all the information in mind.

Varo Bank Product Offers

The Varo Bank offers these two main options for an account:

Varo Bank Account

The Varo bank account does not come with a monthly fee or a minimum balance requirement. As such, it should appeal to anyone who wants a low-maintenance bank account. This might not be what you get with some banks that also offer a Visa debit card. 

You can access your money across 55,000 Allpoint ATMs since the bank is part of the network. Well, the transactions you make at these ATMs are free from charges. This applies when accessing the bank account in the US, Mexico, Canada, Puerto Rico, Australia, and the United Kingdom. 

How about the foreign transaction fee? This bank will not charge you the foreign transaction fee when transacting abroad. Keep in mind that Visa is the one that determines the exchange rate if you have to do foreign transactions. 

People also like the Varo account because it can deposit your money early. This only applies when the bank receives a direct deposit notification just before the payday of a client. You can check its official website to understand more how this works. 

Take note that Varo bank does not allow overdrafts, so there are no overdraft fees. Make sure you keep track of your account balance to avoid inconveniences since there are no overdraft options. 

Varo bank account customers can also use the Varo advance feature to get cash advances. This feature makes it possible to have an advance of $100 with a  $20 fee and it has to be paid in 15 to 30 days. 

You will need to have at least $1,000 in qualifying direct deposits in the last 31 days and the account must also be 30 days old to get the advance. You can easily access the advance again when you clear a pending advance. 

Varo Savings Account

The Varo savings account is among the most desired accounts amongst other savings accounts from traditional banks. You get an impressive APY of 0.50%, which makes it a great choice. There are no requirements to meet to get this Annual Percentage Yield (APY), other than you have to maintain a $0.01 balance in the account. 

The good news is that you can also earn up to 3.00% APY if you can meet all the requirements that the bank needs. The conditions include having a balance of up to $5,000, receiving $1,000 in qualifying direct deposits and the balance cannot drop below zero the month or cannot rise over $5,000. Just like that, you can earn more APY. 

 To deposit cash, you have to use the accepted retailers just as you would do with the Varo bank account. 

With no minimum balance requirement or a monthly fee for the savings account, it should be a good choice for those getting into saving their money. 

The bank also offers two types of automatic savings programs. This is where the savings account is linked to the Varo bank account. The first program is Save Your Pay, which lets you have a percentage of each direct deposit that goes to the savings account. 

The second automatic savings option is the Save Your Change program. Here, each transaction is rounded up to the nearest dollar and the difference is what is sent to savings. It will be cents in most cases. 

The Varo savings account also offers unlimited withdrawals and transfers. However, external transfer limits exist. You are limited to a transfer of $5,000 per transfer and up to $10,000 per month. There are no wire transfers and the bank also does not offer joint accounts. 

Varo Bank Advantages

  • There are no fees, including the monthly fees, foreign transaction fees, and overdraft fees
  • There are no minimum balance requirements to keep the account open 
  • The bank has no credit checks before you can open the account 
  • The bank app is sleek and easy to use to access your money 
  • Saving is simple and can be automated to grow your money better 
  • Withdrawing the money is easy from 55,000 Allpoints ATMs 

Varo Bank Disadvantages

  • The client is only limited to a checking and savings account
  • You are charged for deposits 
  • A few complaints on the lack of joint accounts 
  • Some feel the saving rate could be better 

Varo Overview

Varo bank

5.0 stars

Best Overall Value

  • It is an online bank
  • Insured by the FDIC 
  • Has two main products
  • Does not need credit checks

Open Account

Varo Customer Reviews

“Love Varo! Been using it for years and its awesome! There are no fees, the Varo believe secured credit card has boost my credit by over 100 points. I am very pleased with this mobile bank and highly recommend to anyone!!”

Mendy Ortega

“I would recommend Varo Bank to any one great savings and the customer service is outstanding.”

Tracy Hillsman

“I have been with Varo for a few years! They have excellent customer service representatives who care and are well trained to handle any issue!!”


“Great bank. My sister and brother in-law switched and it has made life so much easier.”

Christina Shelton

Varo Bank Overview

Review of Varo

Overall Pricing and Value
Cost Value
Customer Support
Ease of Placing an Order
Included Features

Varo Bank has some interesting features which make it so favorable for different people. Below are some of the features of the bank you should expect to come by. 

Are There Any Fees?

It is interesting to see how the bank does not have many fees. Unlike some other banks, there are no monthly fees on the Varo bank account. Other than no monthly maintenance fees, there are no foreign transaction fees. You can transact with your card even while abroad at no additional cost. 

Cash deposits are not easy since Varo Bank does not have branches. The only way to make deposits is through retailers that are part of the Green Dot Network. Green Dot Network retailers include Walgreens, Target, 7-Eleven, and CVS. 

You can be charged up to $5.95 for depositing your money. There is still a limit on the amount you can deposit from a specific retailer. The common limits are from $500 to $1,000. 

There are no overdraft fees since there is no overdraft feature with the Varo bank account. 

Is My Money Safe?

Yes. Your money is safe as the funds are covered for up to $250,000 for each depositor against institutional failure, in this case, Varo bank. This is done through FDIC insurance to ensure that you feel comfortable when depositing your money with this online bank. 

Is It Worth It?

Yes. This financial institution is worth trying out because of its many features. It has no monthly charges and does not need a minimum monthly balance. So, you can always operate it within your limits. You also get good customer support and service if you run into some problems or simply want more information on its products. 

How Do I Open An Account?

Now that it seems interesting to have an account with the bank, the next thing on your mind is how you go about it. Since this is an online bank, you have to visit the official website to open an account. Click on the tab marked “OPEN ACCOUNT” and follow the onscreen instructions to open the account. 

By default, you will be opening a Varo bank account and adding a savings account later through the registration process. 

The customer will provide personal information such as full name, date of birth, SSN, and more during the signup process. Make sure that you fill in the correct information as it may need verifying at a later stage. 

Once you open an account, you are advised to download the Varo bank app to use it on the go. You do not always have to access the account from the website when the Varo app is available. 

Varo Bank Features

Varo Bank, an online bank, makes it easier for you to set up a checking account or savings account without necessarily visiting a physical branch. 

You will be issued a Varo bank Visa contactless debit card that you can use at 55,000 Allpoint ATMs with ease to access your money free. 

You also get more with the direct deposits you make to the account. You can be rewarded with various benefits that generally help stretch your paycheck, improve your credit, grow your money through savings, and more. 

The Varo bank features also include no credit check, no minimum balance, no monthly fees, and no overdraft fees. With no overdraft fees, you can only spend what you have to avoid having debts. 


The Varo bank comes with various options for bank accounts. Since it is easy to set up accounts online, it should be convenient for many. Also, setting up the accounts only requires basic information. 

You will like that you can save even more since there are automated options for saving your money. There is no doubt you would find it a great choice to use in growing your money. There is also the FDIC insurance that assures you of your money’s safety. 

Alternative to Varo

For affordable LLC formation services packed with features, consider these two alternatives:

Marcus by Goldman SachsVaro BankDiscover Bank
DetailRead Review Read Review Read Review

Open Account

Open Account

Open Account

Option 1:  Marcus by Goldman Sachs Online Savings Account

This is a great account you can use today. It is often considered high yielding because of the impressive APY you get compared to some competitors. Also, it is a member of the FDIC ensuring that your deposits are insured. It is also a bank account that can help you get personal loans at good rates compared to Varo bank, which does not offer loans. 

Option 2:  Discover Bank Online Savings

Coming from Discover, you are assured of your money’s safety, considering it has been around for a long time. The account also comes with some impressive APY that can be a good alternative to the Varo bank offer. The account does not have a monthly maintenance fee and can be a great choice for growing your money. 


You can consider Varo bank as an account you use for daily purchases because its card is accepted almost anywhere and withdrawals are free. However, it does not have all the products you would get with traditional banks. If you want more products, consider banks. However, the no monthly fee feature among the elimination of other fees should make the bank a great option for saving even more

Frequently Asked Questions (FAQs)

Is it hard to open a Varo bank account?

No. The bank will give you all the instructions to follow on its website. Simply follow the onscreen instructions to have the account set up correctly. Always use the correct information

Are there fees to withdraw in the Varo ATM network?

No. You will not have to pay anything to withdraw your money. However, you can be charged for using ATMs, not its network.

Does Varo bank do a credit check?

Varo bank does not do a credit check on you before you can open an account. Even those with poor credit can also open an account.

Is there a Varo bank app?

Yes. The bank offers an app you can be used to access and spend your money too. You will get download links of the app from the bank’s website. 

Does Varo bank guarantee safety?

The bank guarantees that your money will be safe even after depositing it into your account. It is still insured through the FDIC to protect your deposits even further.




Jazmin Castello holds a Master's degree in Business Management, owns two companies, and has also published a self-help book. When she is not working or writing, she likes to spend time with her family and to travel.

+ 6 sources

Bizreport Advisor adheres to strict editorial integrity standards avoids using tertiary references. We have strict sourcing guidelines and rely on peer-reviewed studies, academic research. To ensure the accuracy of articles in Bizreport, you can read more about the editorial process here.

  1. Nolo (2017). Our History. [online] Available at: [Accessed 20 May 2021].
  2. ‌Nolo (2017). About Us. [online] Available at: [Accessed 20 May 2021].
  3. (2021). Registered Agent Services. [online] Available at: [Accessed 20 May 2021].
  4. ‌ (2016). Nolo Reviews – 3.8 Stars. [online] Available at: [Accessed 20 May 2021].
  5. ‌Nolo (2011). Contact Us: Nolo. [online] Available at: [Accessed 20 May 2021].
  6. Nolo (2011). Customer Support – FAQs. [online] Available at: [Accessed 20 May 2021].

Help us rate this article

Thank you for your feedback

Keep in touch to see our improvement