Varo believes in helping people achieve better lives and providing fair banking services to all. Varo is a hybrid bank that promises zero maintenance fees for accounts. They are the first consumer fintech company to receive a national bank charter from the Office of the Comptroller of the Currency. Varo Bank’s Savings Account offers appealing APYs to customers. Varo Bank does not require a minimum balance for new accounts and allows users to receive their paychecks up to 2 days earlier.
How is Varo Bank Better than Other Traditional Banks?
Varo is the first digital consumer bank in the US where you can save what you pay on monthly account fees. Although Varo offers core banking services such as savings accounts, there are several ways it sets itself apart from regular banks. You can set up an account with Varo in just a few minutes. As common with other digital banks, you can manage your account using a mobile app. There are also no monthly fees, maintenance fees, transfer fees, and balance requirements. Furthermore, you get high APYs to boost your savings goals.
Banking Services Offered by Varo Bank
Varo is focused on providing the key banking services that people look for the most without the fees and minimum balance requirements. Customers can enjoy early direct deposit As soon as an employer files payroll, Varo can give you access to your paycheck up to two days early. The Save Your Pay feature lets you automatically take a portion of deposits into your checking account and move it to a savings account. Save Your Change meanwhile rounds up your transactions to the nearest dollar and transfers the change to a savings account.
You can connect other accounts to your Varo account to make it easier to manage your money. Varo lets you deposit funds in more than 90,000 locations in the US through Green Dot Reload. It is also easy to set up push notifications for every deposit, withdrawal, and debit card purchase from your Varo account.
In terms of more traditional baking services, Varo offers some basic services with the convenience of mobile banking. You get a Visa debit card that will be linked to your Varo checking account. You can also withdraw funds from more than 55,000 Allpoint ATMs around the world.
How Much Does Banking with Varo Cost?
There are two types of accounts available at Varo. They have a high-yield savings account and a zero-fee bank account. To enjoy services from Varo, you need a Varo Bank account but the savings account is completely optional. The Bank account does not have any monthly fees, maintenance fees, ATM fees, foreign transaction fees, and transfer fees. You also don’t have to worry about meeting a specific balance requirement.
Varo Bank accounts offer some of the highest APYs available in the market. Your account can start earning at 3% APY and even up to 5% APY once you meet certain qualifications. There is no required minimum balance to create a savings account. In order to enjoy 5% APY, your balance should be above zero and have at least one direct deposit worth $1,000 and above.
Accessibility and Security
Varo didn’t create a mobile just for the sake of it. On the contrary, the mobile app offers more features than Varo’s online website. You can get the mobile app on the App Store or Play Store to access all the products and services we have detailed thus far.
Varo Bank, N. A is a member of the FDIC and all Varo accounts are insured for up to $250,000. Varo promises customers that their data is safe and encrypted and will not be sold to a third party. Visa Zero liability also ensures that customers’ spending is protected. If your card gets unauthorized charges, you won’t be held liable for them.
Customer Support
Varo has a customer support team based in Utah. You can email the support team at support@varomoney.com or call 1-877-377-8276. There are no details on customer support’s operating hours so it would be safe to bet that you can call them during typical business hours. Varo’s Help Center includes articles on various topics such as taxes, deposits, creating an account with Varo, security, and more.
Bottomline
Varo is a symbol of what online banking can deliver. They offer a few items that most online banks should be adding to their list of offerings. Most of Varo’s services have zero charges and customers are rewarded with high interest rates on their savings once they meet certain criteria every month. If you want a digital bank that offers excellent basic services but does not charge hefty fees, Varo Bank should be at the top of your list.