Varo Bank Review – Online Checking And Savings Accounts

Varo Bank is an online banking platform offering checking and savings accounts to its customers. With a wide range of features available, Varo Bank provides the convenience of traditional brick-and-mortar banking with the added benefit of modern technology and 24/7 access. This review will examine the various aspects of Varo Bank’s services and how they compare to those offered by other banks. It will provide an overview of the fees associated with using their services, as well as a comprehensive look at customer service options and security protocols in place for protecting user data. Finally, it will also evaluate some additional benefits that may make Varo Bank appealing to potential customers.



Varo Bank is a leading online banking institution that offers checking and savings accounts for people throughout the United States. The bank’s goal is to offer customers an easy, secure way to manage their finances. Customers can access their account any time of day or night via the website or mobile app. Varo Bank has no monthly fees and offers competitive interest rates on deposits as well as free ATM withdrawals nationwide. Additionally, customers are able to transfer money between banks quickly through the Varo Money Transfer service. This review will provide an overview of Varo Bank’s products, services, customer support, and security measures.

Varo Bank provides its customers with a range of features designed to make managing their finances easier than ever before. For example, users have access to budgeting tools such as spending tracking and bill reminders which can help them stay on top of their financial commitments. Furthermore, they can use the automated savings programs to save a percentage of every purchase automatically without having to think about it each time. Finally, there are also options for overdraft protection so customers don’t get charged extra if they make an accidental mistake when making purchases from their account balance.


Features And Benefits

Following an overview of Varo Bank, this section will explore the features and benefits offered by the online banking system. The digital platform provides customers with access to a range of services including checking accounts, savings accounts, joint bank accounts, transfers between banks, and mobile deposits. Customers can easily manage their money on-the-go through the integrated mobile app which is available for both iOS and Android devices. Additionally, Varo Bank has no monthly fees or minimum balance requirements and offers competitive interest rates on its products.

Varo Bank also offers several tools that make it easier to reach financial goals such as budgeting calculators and automated saving plans. These tools allow customers to set up realistic budgets and track spending in order to better understand how they are managing their finances. Moreover, customers can transfer funds securely between external bank accounts using direct deposit or ACH payments without incurring any additional charges. Through these methods, users have greater control over their money while still being able to access all of Varo Bank’s convenient services.


Fees And Rates

Varo Bank offers competitive fees and rates for its online checking and savings accounts. There are no monthly service or minimum balance requirements, so customers can open an account with as little as $1. Varo also does not charge overdraft fees, foreign transaction fees, or ATM withdrawal fees. Furthermore, the bank provides a number of options to waive other potential charges such as check order fee and expedited delivery fee on their debit cards. The interest rate offered by Varo is significantly higher than most traditional banks; it currently stands at 0.81% APY for both the checking and savings accounts. Customers can also benefit from additional bonuses when they refer friends or family members to sign up for a Varo account.

In addition, Varo’s mobile banking app allows users to easily access their funds and move money between different accounts with just a few taps. This feature makes managing finances simpler and more efficient since customers do not have to pay any extra transfer fees in order to switch between different services offered by the bank.


Pros And Cons

Varo Bank offers a number of benefits to customers who open an online checking or savings account. One benefit is that the bank does not charge any monthly fees and has no minimum balance requirements. Additionally, all deposits are FDIC insured up to $250,000 and customers can access their funds 24/7 via mobile banking apps for iOS and Android devices. Varo also provides customers with free access to over 55,000 ATMs in its network as well as zero-fee transfers from linked external accounts.

One potential downside of using Varo Bank is that the company does not offer physical branches where customers can conduct transactions in person. In addition, there may be delays on transferring money between external banks which could affect individuals who need quick access to their funds. Furthermore, some services such as check writing require additional fees which could add up over time.


Customer Reviews

Overall, customer reviews of Varo Bank are overwhelmingly positive. Customers enjoy the low fees and competitive interest rates associated with their accounts. Furthermore, customers appreciate the convenience of being able to access their account from any device and manage transactions through a secure interface. The user-friendly mobile app is also highly rated by reviewers for its simplicity and easy navigation. Many customers have reported that customer service representatives are friendly and helpful when contacted about an issue or concern.

The majority of negative reviews focus on technical issues such as difficulties linking external bank accounts or delays in transferring funds between accounts. Most complaints appear to be addressed quickly by customer service reps, leading to improved experiences overall.



When considering alternatives to the Varo Bank, there are several options. Below is a list of five banking services that offer checking and savings accounts:

  • Ally Financial: Offers online-only bank accounts with no monthly fees, no minimum balance requirements, and competitive APYs on their high yield savings account.
  • Capital One 360: Provides customers with access to an extensive network of ATMs for free withdrawals plus excellent customer service.
  • Simple Bank: Features mobile check deposit capabilities, budgeting tools, and real-time notifications about transactions.
  • Chime Banking: No hidden fees or overdraft charges and they offer early payroll direct deposits up to two days earlier than most traditional banks.
  • Marcus by Goldman Sachs: Has no added costs when withdrawing cash from any in-network ATM worldwide as well as offers some of the highest rates available on CDs.

No matter what option you choose, it is important to research all terms and conditions before making a decision. When comparing different banking services, be sure to look at the interest rate offered on savings accounts as well as any additional features like mobile banking or rewards programs that may be beneficial for your needs.



The Varo Bank online checking and savings accounts offer a variety of features, benefits, fees, and rates to meet the needs of different customers. It has been generally well-received by many customers who have found it to be both convenient and cost effective due to its low fees and competitive interest rates. With this in mind, there are still some drawbacks that should be considered before opening an account with Varo.

For those looking for alternatives, there are other online banks such as Chime or Simple that offer similar services but may better cater to certain customer types depending on their individual preferences. Ultimately, when selecting an appropriate financial institution it is important to weigh all the pros and cons carefully based on one’s own specific circumstances.

In conclusion, Varo Bank provides a great option for those seeking an easy and affordable way to access banking services through a digital platform. Its user friendly interface makes managing finances simple while providing customers with valuable features like budgeting tools coupled with no minimum balance requirements or overdraft fees. For anyone considering switching from a traditional bank to an online provider, Varo Bank is worth researching further.

Scroll to Top