Varo Bank: Mobile Banking

Editor's Review

Varo is a mobile banking app designed to help you manage your money more effectively and build credit safely. 🏦 It offers a range of features, including no monthly fees¹, fast access to cash⁸, and tools to help you build your credit². All while being FDIC-insured, ensuring your money is protected up to $250,000. 🛡️

Key Features and Benefits:

Protect Your Money:

Varo ensures that every dollar you deposit stays with them, rather than being passed on to a third-party bank. Your Varo Bank Account is FDIC insured up to $250k per depositor, per ownership category, giving you peace of mind. 😌

Keep More of Your Money:

One of the standout features of Varo is its commitment to eliminating fees. There are no monthly fees, no minimum balance requirements, and no overdraft fees¹. Plus, you have access to over 40,000 fee-free Allpoint® ATMs¹⁰. Varo also provides auto-saving tools and a high-yield savings account that offers up to 5% APY⁴, helping you grow your money faster. 📈

Get Money Faster:

Varo allows you to get paid up to 2 days early³ when you set up direct deposit. Need a little extra cash? You can borrow up to $500 over time with their advance program⁸. Sending and receiving money is also quick and easy with Varo to Anyone. You'll also receive a contactless Varo Bank Debit Card when you sign up, making transactions seamless. 💳

Build Your Credit:

The Varo Believe credit-building card is a unique offering. Once you qualify², there’s no security deposit required, and no APR or annual fee². This card is designed to help you build your credit history responsibly. Note that credit building may take time, and individual results may vary. ⏳

Additional Information:

Varo is transparent about their fees, which you can review on their website: www.varomoney.com/no-hidden-fee-bank-account. The high-yield savings account requires meeting certain criteria, such as receiving direct deposits totaling $1,000 or more and maintaining a positive balance in all your Varo Accounts. 💰

In summary, Varo is a comprehensive mobile banking solution that combines convenience, security, and financial growth opportunities. Whether you’re looking to avoid fees, save money, access funds quickly, or build credit, Varo offers a range of tools to help you achieve your financial goals. 🎉

Features

• FDIC-insured bank accounts

• No monthly or overdraft fees

• 40,000+ fee-free ATMs

• High-yield savings account

• Early access to paychecks

• Credit-building card with no security deposit

• Cash advances up to $500

• Instant money transfers

Pros

• No monthly, minimum balance, or overdraft fees

• Extensive fee-free ATM network

• High-yield savings account up to 5% APY

• Early access to direct deposits

• Credit-building card with no security deposit

Cons

• Out-of-network ATM fees apply

• High-yield APY requires meeting specific criteria