Varo Savings Account

5 out of 5

Powered by: The Bankcorp Bank

At A Glance

As a popular mobile-only bank, Varo savings account offers a handful of benefits, including no fees, no minimum deposits on accounts, and high APY. Its base rate is 0.81% annual percentage yield, but you can get up to 2.80% APY when you keep a daily Savings Account balance up to $10,000.

Pros & Cons

Pros

  • No monthly fees
  • No fees for overdrafts of up to $50
  • Good annual percentage yield on savings
  • Get your paycheck early with direct deposit

Cons

  • Cash deposits are through a third-party service that charges fees.
  • No physical branch locations

Varo Savings Account Highlights

Minimum balance

No minimum balance requirement

Minimum deposit

No initial deposit requirement

Ongoing APR

Starting rate of 0.81% APR with the potential to earn up to 2.80% APR

Account fees

No account fees

Online and mobile banking

Online and Mobile banking avialble

FDIC insurance
FDIC Insured
Customer support

Phone, email, and 24/7 live chat

Promotion
No promotion available

Varo Savings Account Review

Expert's Take
Brooke Hayes - Spade Business Team
Brooke Hayes
December 3, 2020

Varo is a bank that has a competitive tiered APY for its Varo Savings Account. The bank offers several ways to save through its “Save Your Change” and “Save Your Pay” benefits. Your Varo savings account will come with a Varo Visa® debit card, so if you need cash, you can withdraw fee-free from one of their 55,000+ Allpoint® ATMs.

Unsure if a Varo savings account is right for you? Read on to learn more.

Where Varo Savings Account Shines

High APY: To earn 2.80% APY, you” need to meet these the following requirements in the same calendar month:

  • Make at least five Varo Visa® Debit Card purchases in each calendar month,
  • Receive total direct deposits of $1,000 or more in the same calendar month, AND
  • Keep a daily Savings Account balance up to $10,000. You read that right. We have a $10,000 daily maximum to earn our higher APY, but no minimum balance requirement.

If you don’t meet the requirement, you’ll still enjoy a competitive 0.81% APY.

No fees: With a Varo savings account, you’ll enjoy no monthly fees, overdraft fees, foreign transaction fees, or debit card replacement fees.

No minimum balance requirement. Varo doesn’t require a minimum balance. Plus, you’ll start earning high-interest with your first deposit.

Where Varo Savings Account Falls Short

No physical locations: At this time, Varo has no physical branches. Customers must use a third-party service that may impose their fees to make deposits.

Complicated cash deposits. Since Varo doesn’t have any physical locations, customers must use a third-party money transfer service, which may charge fees.

How To Access Your Money

Varo Bank Customers are provided with a Varo Visa® debit card that can be used as a credit card. Your Varo Visa® debit cards can be added to Apple Pay™, Google Pay™, and Samsung Pay™ virtual wallets.

Allpoint ®’s extensive network of 55,000 ATMs lets Varo customers have access to cash whenever they need it. The ATM locator in Varo’s mobile app will help you find machines in your area. You can request paper checks right through your app as well. Enter the recipient’s name and address, and it’ll arrive in the next three to nine business days.

Deposit options

Varo’s mobile check deposit feature lets you deposit your money with a few clicks of a button. You can deposit cash into your Varo Bank Account when you check out at thousands of Green Dot Network ® locations nationwide, including Walmart, CVS, Rite Aid, Walgreens, 7-11, Dollar General, Family Dollar, Albertsons, Safeway, Kmart, and Kroger. Although they can’t accept cash deposits directly into a Varo Savings Account, you can deposit cash into your Varo Bank Account then transfer it to your Savings Account in the Varo app. As a bonus, Varo lets you connect external accounts within its app to get a birds-eye view of all of your bank account balances.

Withdrawal options

To withdraw money from your Varo Savings Account, make an online transfer to your Varo Bank Account using the Mobile App. Keep in mind that federal regulations limit the number of transfers from the Varo Savings Account to six (6) per statement cycle.

Is Varo Savings Account Right For You?

Varo is suitable for customers who like online banking and can fulfill specific requirements to benefit from its highest yield. But you have to use a third-party service for cash deposits, which can be expensive and complicated. So if you prefer in-person banking and are turned off by third party services, you may want to bank elsewhere.

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