7 Banks Like Varo [2025]

When was the last time you went to a physical bank branch? The last time you interacted with a teller? The last time you used one of those cool drive-thru vacuum tube thingies that many banks had in the ‘90s?

It’s a digital world now and most industries, banking included, have adjusted to this plugged-in reality. If you’re like me, you likely do a lot of — if not all of — your banking digitally.

Varo is an online-only bank that offers many appealing features, such as high interest rates on savings accounts, no hidden fees, access to Zelle, and more. But while it might be a good choice for some people, other online financial institutions — such as Ally and Chime®¹ <p>Chime is a financial technology company, not a bank. Banking services&nbsp;and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A. The secured Chime Credit Builder Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A.</p> — have similar offerings that might be a better fit for your needs.

How we evaluate products

In compiling this list of the best online banks like Varo, we determined areas that may be essential to users drawn to digital banking. These areas included the availability of different account types, account minimums, fees, automated savings features, checking features such as early direct deposit and overdraft protection, customer service and consumer sentiment, and ATM access. We selected banks most similar to Varo overall and on an individual account level, with some being ideal for a small subset of potential customers and some offering more broad appeal.

Keep in mind that we are not ranking these online banks in a certain order and did not review all available options. Note that some options on our list may be current or past FinanceBuzz partners.

The 7 best online banks like Varo

• Chime
• Current
• One
• Axos
• Ally
• Revolut
• Capital One

Best online banks like Varo comparison

Bank	Best for	Features similar to Varo
Chime®1 <p>Chime is a financial technology company, not a bank. Banking services&nbsp;and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A. The secured Chime Credit Builder Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A.</p>	Digital security	Early direct deposit2 <p> Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.</p> Automated savings Overdraft coverage Cash back3 <p>Eligibility requirements and limits apply. See the Chime app for details. <a href="https://www.chime.com/chime-deals-terms/">Terms and Conditions</a>.</p>
Current4 <p><b>Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC.</b> The Current Visa®️ Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa®️ secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa®️ secured charge card. Independent approval required.</p>	Rebuilding credit 5 <p>Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.&nbsp;</p>	Early direct deposit6 <p>Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer's submission of deposits.</p> Offers secured credit card Overdraft coverage7 <p>Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to <a href="https://current.com/overdraft_protection_terms_of_service/" target="_blank" rel="noopener noreferrer">Fee-free Overdraft Terms and Conditions</a>. Individual Current Accounts only.</p>
One	Frequent Walmart shoppers	Early direct deposit8 <p>Direct deposit may be available up to 2 days in advance, but depends on when your employer sends paycheck data.</p> Overdraft coverage Cash back
Axos	Checking accounts	Early direct deposit9 <p>Faster access to funds is based on a comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct Deposit and earlier availability of funds are subject to payer’s support of the feature and timing of payer’s funding.</p> Cash back with CashBack Checking
Ally	Money market or CD accounts	Early direct deposit Automated savings Overdraft coverage
Revolut10 <p>The Revolut USA Prepaid Visa® and Prepaid Mastercard® are issued by Metropolitan Commercial Bank pursuant to a license from Visa U.S.A. Inc. for Visa cards, and Mastercard International for Mastercard cards, and may be used everywhere Visa or Mastercard are accepted. Banking services are provided by Metropolitan Commercial Bank, Member FDIC, and are subject to the terms of a Cardholder Agreement. “Metropolitan Commercial Bank” and “Metropolitan” are registered trademarks of Metropolitan Commercial Bank © 2014.</p> <p>A note from Metropolitan Commercial Bank: Funds in your Revolut Prepaid Card Account are held at an FDIC insured institution. Your funds will be held at or transferred to Metropolitan Commercial Bank, an FDIC-insured institution. While there, your funds are insured up to $250,000 by the FDIC in the event Metropolitan Commercial Bank fails if specific deposit insurance requirements are met and your card is registered. See fdic.gov/deposit/deposits/prepaid.html for details. FDIC insurance does not protect your funds in the event of Revolut’s failure or from the risk of theft or fraud.</p>	International travelers	Automated savings Cash back
Capital One	Traditional banking with digital perks	Early direct deposit Overdraft coverage

Chime®

Chime® is a financial technology company, not a bank, that offers many of the same features as Varo. You can open a checking and savings account with no monthly fees¹¹ <p>There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.</p> and earn 2.00% (as of Sept. 9, 2024) APY¹² <p class="">The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.&nbsp;</p> on your savings. Note that you can’t open a standalone savings account — you can only open a savings account with a checking account.¹³ <p class="">Chime Checking Account is required to be eligible for a Savings Account.<br></p>

Comparatively, Varo currently provides 5.00% (as of 12/11/24) on up to $5,000 in savings and 2.50% (as of 12/11/24) on any remaining balance after you meet certain requirements.

This company offers a debit card with customizable safety features like daily balance updates, real-time transaction alerts, and protection from unauthorized charges. It doesn’t charge overdraft fees and will decline a purchase if funds aren’t available. But, if you qualify, the SpotMe feature allows eligible members to overdraft by up to $200 as long as you have a monthly direct deposit of at least $200.

Like Varo, Chime has a secured credit card you can use to help build your credit. Getting it requires a Chime checking account.¹⁴ <p>The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.&nbsp; To apply for Credit Builder, you must have an active Chime® Checking Account.</p>

Visit Chime® | Read our full Chime review

Current

Current is a financial technology company offering Spend, Save, and Invest (crypto) accounts as well as paycheck advances of up to $750.¹⁹ <p>Cryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements). Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.</p> ⁴ <p><b>Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC.</b> The Current Visa®️ Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa®️ secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa®️ secured charge card. Independent approval required.</p> ⁷ <p>Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to <a href="https://current.com/overdraft_protection_terms_of_service/" target="_blank" rel="noopener noreferrer">Fee-free Overdraft Terms and Conditions</a>. Individual Current Accounts only.</p>

The savings account lets you break up funds into pods for specific goals like a vacation or emergency fund. You’ll get a boost of up to 4.00% (as of Aug. 1, 2023) APY on pod balances up to $2,000 ($6,000 total across all pods) by meeting two requirements every 35 days: having $500 in eligible paycheck deposits with at least one equaling a minimum of $200.²⁰ <p>Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.<br></p> Balances over $6,000 don’t earn interest.

The spending account features a linked debit card that can help you build credit through everyday purchases, and it doesn’t require a credit check.⁵ <p>Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.&nbsp;</p> You can only access the money in your Current spending account, so you can’t overspend, and purchases earn points when you use the debit card at certain retailers.

Visit Current | Read our full Current review

One

One is a financial technology company that offers a mobile banking app and debit card. It provides up to 3.75% APY in interest on savings if you meet requirements like setting up a monthly direct deposit of $500 or more and keeping a $5,000 daily balance.²¹ <p element-id="440">3.75% annual percentage yield (APY) applies to the Savings balance of One Cash customers who either (i) received $500 or more of <a href="https://support.one.app/hc/en-us/articles/360053046053-Direct-deposit">Direct Deposits</a> in the previous month or (ii) have a total daily account balance of $5,000 or more. 3.75% APY is also earned on Pay Autosave balances without these deposit or balance requirements. In all instances 3.75% APY is limited to a total Savings balance of up to $250,000. All other Savings balances will earn 1.00% APY. APYs are as of 12/20/2024, but may change at any time before or after account opening.</p>

Like Varo, One offers cashback on some purchases when you use its debit card. After setting up a direct deposit, you can get 3% back on Walmart purchases, but only up to $50 per year.²² <p class="">As of 2/2/25, but subject to change at any time, without notice, in One's sole discretion. To be eligible for 3% cash back, at the time of purchase, customers must (i) have received $500+ of <a href="https://support.one.app/hc/en-us/articles/360053046053-Direct-deposit" style="background-color: rgb(255, 255, 255);">Direct Deposits</a> in the previous month, or (ii) have a total One Cash balance of $5,000+. This offer applies to purchases at U.S. Walmart locations and on <a href="https://www.walmart.com/" style="background-color: rgb(255, 255, 255);">Walmart.com</a> only and may not be combined with other One Cash offers for cash back at Walmart. <a href="http://one.app/rewards-terms" style="background-color: rgb(255, 255, 255);">Terms Apply</a>.</p> Other brands may provide up to 5% cash back through One’s Debit Rewards program.

Other notable features include early pay, no account minimums or fees, and a credit builder option.

Visit One Cash | Read our full One review

Axos

Axos offers several checking account options without monthly fees or minimum balances. Its Rewards Checking provides up to 3.30% APY if you meet extensive requirements.²³ <p>APY means Annual Percentage Yield. APY is accurate as of June 7, 2024. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $0.</p> Higher APYs require using Axos investment accounts or paying Axos loans.

Its high-yield savings account only earns up to 0.61% (as of 01/11/25) APY. The money market account is even lower, earning just 0.25% (as of 01/11/25) on all balance tiers, while all Axos CDs pay a low 0.20% (as of 01/11/25).

Its Axos One® Checking & Savings account bundle, however, offers up to 4.86% APY on Savings and 0.51% APY on Checking. ²⁴ <p>The Annual Percentage Yield (APY) is accurate as of 10/31/2024. The base and promotional interest rate and corresponding APY for Axos ONE Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE Savings is variable and is set at our discretion. Axos ONE Savings is a tiered variable rate account. Axos ONE Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.</p> <p>Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below. The Axos ONE Checking account will earn a base rate of 0.00% APY. The Axos ONE Savings account will earn a base rate of 1.00% APY.</p> <p>Axos ONE accounts are eligible to receive a promotional APY for each statement cycle the criteria are met. To receive the promotional APY on both Axos ONE Checking and Axos ONE Savings, the Axos ONE Checking account must meet both of the following requirements during the statement cycle:</p> <p>Your Axos ONE Checking account has received qualifying direct deposits of at least $1,500 in total.</p> <p>The average daily balance of your Axos ONE Checking account is greater than $1,500.</p> <p>If the above requirements are met:</p> <p>The Axos ONE Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met.</p> <p>The Axos ONE Savings account will earn a promotional rate of up to 4.86% APY for the statement cycle in which the requirements are met.</p> <p>A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. Qualifying transactions must post and clear the account by the 25th of the month to count towards the monthly qualification cycle. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Both accounts must be in an open and active status on the date the interest is paid to receive the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.</p> The Axos One® bundle comes with no overdraft fees, no maintenance fees, and no minimum initial deposit or balance fees.

This bank may be a good option if you keep your money primarily in a checking account and have an investment account or loan through Axos, too, but you can likely find much higher interest rates with a competitor.

Visit Axos | Read our full Axos Bank review

Ally

Ally is another online-only bank offering more traditional banking options, such as money market accounts, certificates of deposit (CDs), and spending (checking) and savings accounts. It also offers credit cards, some loans, and investment accounts.

Its checking account, which pays up to a 0.25% (as of 01/1/25) APY, has no monthly maintenance or overdraft fees. You can use the MoneyPass and Allpoint networks to access more than 75,000 ATMs nationwide, and Ally provides $10 each cycle in other ATM charge refunds. However, Ally doesn’t accept cash deposits.

It offers a better 3.80% (as of 1/8/25) APY on all balance tiers for its high-yield savings account, which has no fees or minimums. I currently keep some of my savings in this Ally account and enjoy the simplicity and helpful savings tools it provides. The bank also offers competitive interest rates on its money market and CD accounts.

Overall, Ally may be a good option if you’re looking for a bank like Varo but want to earn higher interest rates on balances over $5,000.

Read our full Ally review

Revolut

Revolut is a financial technology company that offers a savings account and a linked debit card through an app. Unlike other apps, Revolut is designed for international users and allows money to be sent or received in over 70 currencies and 160 countries.

Standard accounts are free, but Premium or Metal plans cost $9.99 and $16.99 a month and come with added features. Examples include discounts on international transfer fees and travel insurance benefits. Accounts earn up to 3.25%-4.25% (as of 07/01/24) APY depending on the account type.

Revolut also offers investment accounts, budgeting tools, and cash back when you shop online through certain retailers.

Visit Revolut

Capital One

Capital One is the only bank on our list with physical locations, with under 300 branches in seven states. It offers traditional bank products like checking and savings accounts, CDs, credit cards, and loans.

Its 360 Checking account pays a little interest (0.10% (as of 01/11/25) APY) and has no monthly fees or minimum balance requirements. This account provides access to over 70,000 ATMs nationwide, but ATMs in the MoneyPass or Allpoint networks can’t accept cash deposits. However, you can visit CVS or Walgreens to put money in your checking account without a fee, which gives Capital One an advantage over some online-only competitors.

The 360 Performance Savings account offers a better 3.70% (as of 02/07/25) APY without monthly fees or minimum balance requirements. You could earn even more with one of the Capital One 360 CDs.

Visit Capital One | Read our full Capital One 360 review

How to choose an online bank

As you search for a new bank or banking app, keep the following in mind to make the most of your banking experience.

Look for low or no fees

While some banks still charge monthly maintenance or minimum balance fees, many don’t. Research the bank’s account disclosures before signing up, and pay special attention to the fee schedule so you know what to expect. Watch out for any requirements to waive fees, such as overdraft charges.

Consider interest rates

You can generally find higher rates with an online bank than with a traditional brick-and-mortar bank. Look for an online bank that offers you a high APY on your savings and possibly even your checking account. That way, your emergency fund or vacation savings earn as much as possible while being easily accessible.

Review ATM accessibility

Except for Capital One, these Varo competitors don’t have branches, so make sure the available banking options suit you. While I don’t personally visit branches often, I do like having many free ATM options nationwide so I can take cash out of my online bank accounts in an emergency, even if I’m traveling. If you use cash a lot, you might want to pick one of these banks that takes those deposits as well.

FAQs

Bottom line

Many of Varo’s features — like high interest rates on savings balances, overdraft coverage, and credit-building tools — are found at many other online banks too.

Also, consider the banking access tradeoffs, such as no branches and limited deposit options, that come with even the best online banks.