Banking Checking Accounts

Varo Bank Review [2025]: Better Savings Than Checking

Varo Bank is an online bank that provides faster access to your paycheck and charges very minimal fees. This Varo Bank review will help you decide if this online bank is right for you, and which platforms to consider if not.

Updated July 7, 2025
Fact checked
Varo

Varo

OUR VIEW

Varo is an online bank that offers checking and savings accounts — the Varo Bank Account and Varo Savings Account, respectively. If you’re looking to keep your money with one online bank for both checking and savings, Varo is a solid option. The savings account's standout feature is the high 5.00% (as of 04/25/25) annual percentage yield you can earn if you meet certain criteria.

I personally love the idea of the Varo Savings Account, up to a point. Earning 5.00% (as of 04/25/25) APY on your savings is awesome, as it’s one of the top rates available today. But capping your earnings at that maximum rate to the first $5,000 in your account does limit how much your savings will grow.

It’s also a bit challenging to earn the maximum APY unless you’re able to receive enough in direct deposits every month to qualify. Since I can’t really set up direct deposit as a freelancer, this account wouldn’t work for me, but someone at a W-2 job likely wouldn’t have any trouble.

Pros

No minimum balance requirements
No monthly fees
Earn 5.00% (as of 04/25/25) APY with direct deposit
Automate saving with "Save Your Change" and "Save Your Pay" features

Cons

$5,000 balance cap for earning 5.00% (as of 04/25/25) APY is limiting for big savers
Can't access savings account without also opening Varo checking account
No physical branch access if you prefer in-person banking

We recommend Varo Bank for anyone looking for a streamlined online-only bank with accounts that have $0 monthly maintenance fees. We like that Varo offers checking accounts with a large fee-free ATM network, high-yield savings accounts, and early direct deposit1.

However, it's worth noting that Varo lacks physical branches, which may be a drawback for those who prefer in-person banking. Additionally, while Varo's savings rates are competitive, they may fluctuate and are not guaranteed. Overall, Varo Bank's accounts are a solid choice for those seeking a modern, mobile-first banking experience.

In this Varo Bank review, we look into how this bank works and what it offers to help you decide whether Varo is a good fit for you.

Varo Bank overview

Varo Money, Inc. is a legitimate financial technology company that was founded in 2015.

Accounts/services Checking, savings, cash advance
FDIC insurance Varo Bank, National Association is a member FDIC (Cert. #59190)
Customer reviews 4 out of 5 stars on Trustpilot
Key benefits
  • Early access to paychecks
  • High APYs on savings
  • Automated savings features
In-person access No branches; 40,000+ fee-free ATMs

Varo Online Bank Account details (checking)

APY Doesn't earn interest
Minimum balance for APY N/A
Minimum deposit to open an account $0
Monthly maintenance fees $0
ATM access A fee-free network of 40,000 ATMs with a limit of $1,000 cash withdrawals per day
Transaction limits Spending limit of $2,500 to $5,000 per day on your debit card, depending on account age and transaction history
FDIC-insured Yes, up to $250,000 per depositor

Varo High-Yield Savings Account details

APY Up to 5.00% (as of 04/25/25) on balances up to $5,000 with qualified direct deposits2.50% (as of 12/11/24) on balances over $5,000 or without direct deposits
Minimum balance for APY $0
Minimum deposit to an open account $0
Monthly maintenance fees $0
ATM access No ATM access with the savings account
Transaction limits No limit
FDIC-insured Yes, up to $250,000 per depositor

What we like about Varo Bank

  • Paychecks up to two days early with direct deposit: If you sign up for qualified direct deposits, Varo posts the money from your paycheck into your Varo Online Bank Account up to two days early. This makes it one of the best banks to get your payday money sooner.
  • High APY on your savings: The Varo High-Yield Savings Account pays you an annual percentage yield (APY) of up to 5.00% (as of 04/25/25) on balances up to $5,000 with qualified direct deposits. High-yield savings accounts (HYSAs) help you grow your money faster by earning interest on your cash.
  • Very few fees: Varo has no minimum balance requirement and doesn't charge monthly fees on its Online Bank Account or High-Yield Savings Account. There is no foreign transaction fee and no debit card replacement fee. Transfers to other Varo accounts and ACH bank transfers are also fee-free with Varo.
  • Large fee-free ATM network: You'll get a Varo Visa debit card with your Varo Online Bank Account. You can use this debit card to withdraw funds from more than 40,000 fee-free ATMs in the Allpoint ATM network.
  • Mobile check deposit: Varo Bank offers the convenience of mobile check deposits via its app, with deposit limits determined by the length of your account history and past activity. This feature provides an easier alternative to mailing checks.
  • Highly rated mobile app: Varo has a mobile banking app for iOS devices and Android devices. The app has ratings of 4.9 out of 5 on the App Store and 4.7 out of 5 on Google Play. Varo's mobile app makes it easy to track spending, sign up for account alerts, transfer money to and from external accounts, and instantly send money for free to anyone who also uses Varo.

What Varo Bank could improve

  • No interest on Varo Online Bank Account's balance: While the Varo High-Yield Savings Account pays interest, the Varo Online Bank Account, which acts as Varo's checking account, doesn't pay interest on your balance. This is a difference commonly found between checking and savings accounts.
  • No physical locations: As an online-only bank, Varo has no physical locations or branches you can go to for in-person help. This can be a drawback for people who prefer in-person banking.
  • Daily limits on ATM withdrawals and debit card use: The Varo Online Bank Account offers a debit card that has a daily limit of $1,000 per day in ATM withdrawals and of $2,500 to $5,000 per day in debit card transactions, depending on account age and transaction history.

Account to consider instead

5.0
info
Financebuzz awards badge

2025 award winner Best Checking and Savings Combo

SoFi Checking and Savings Benefits

  • Limited-Time Offer: Earn up to a $300 bonus and up to 4.00% APY on Savings (3.80% APY2with +0.20% APY Boost) for 6 Months on new accounts with direct deposit. Terms Apply.3
  • No account, overdraft, or monthly fees4
  • Get your paycheck up to two days early5
  • Access additional FDIC insurance up to $3 million6
Open an account with SoFi® here

Varo customer service

Varo provides customer service via phone, live chat, and email. Its contact information is:

  • 1-877-377-8276
  • help@varomoney.com

The call center is open seven days a week, from 7 a.m. to 8:30 p.m. ET Monday through Sunday. It is closed on federal holidays.

Live chat is available 24/7, which is somewhat uncommon and a nice feature to see in an online bank.

Varo alternatives

Varo isn't the only online banking platform that's heavy on the perks and light on the fees. Here are two we'd recommend if you're not convinced Varo is right for you.

Chime® vs. Varo

With a host of features similar to Varo's checking account, including early access to your paycheck7 and the ability to make cash deposits8 (which isn't often found with online bank accounts), we'd call it a tie between Chime9 and Varo in many ways. However, we'd choose Chime over Varo specifically for spending beyond your balance when funds are tight.

While Varo's Cash Advance feature isn't terrible, it isn't that great, either, because it charges fees. Chime will let you overdraw your account by up to $200 with SpotMe Overdraft Coverage using your Chime debit card10, with no fees whatsoever. Your SpotMe limit depends on your payment activity with Chime, but you only need to have $200 in qualifying monthly direct deposits to be eligible to use the feature at all. If you're living paycheck to paycheck and need an option to help you get to your next payday without costing you more, choose Chime over Varo.

Visit Chime or read our full Chime review.

SoFi® vs. Varo

SoFi is another platform that has more in common with Varo than many other institutions, and the two are especially similar when you look at savings features. You can earn up to 5.00% (as of 04/25/25) APY on the first $5,000 in your Varo Savings account when you receive at least $1,000 in monthly direct deposits. After you exceed that amount, or if you can't meet the direct deposit requirement, you can earn 2.50% (as of 12/11/24) APY. While this rate isn't bad, it's not all that competitive with the best savings accounts.

This is why we'd prefer the SoFi Checking and Savings account for savings, especially if you're interested in earning a strong rate on all of your money (plus checking) and/or can't meet the direct deposit minimum. SoFi just requires that you schedule direct deposits at all to unlock up to 3.80% APY on savings balances with qualified direct deposit. You can also earn up to 0.50% (as of 01/24/25) APY on checking balances with direct deposit, so this choice should be easy if you would find Varo's deposit requirements or balance maximum restrictive.11 SoFi also has early paychecks5, decent fee-free overdraft coverage12, and no fees going for it4.

Visit SoFi or read our full SoFi Checking and Savings review.

How to open a Varo Online Bank Account

If you're ready to open a Varo Online Bank Account, you'll be glad to hear it's easy. In fact, it's all done through the mobile app.

To open a Varo Online Bank Account, you do need to meet a few basic requirements, including:

  • Being a U.S. citizen or permanent resident
  • Being 18 or older
  • Having a valid Social Security number
  • Having an iPhone 5s or newer with iOS 10 or greater, or an Android device with access to the Google Play store and OS 5.0 Lollipop or greater

If you qualify, there are just a few steps required to complete the signup process:

  • Download the Varo app from the iOS or Android app store
  • Tap "Sign up"
  • Follow the on-screen prompts, which will ask for some basic information, including your Social Security number (SSN) as well as your driver's license details - or information from another form of personal identification if you don't have a license.

The entire process can be completed within five minutes, and there's a support email (help@varomoney.com) you can use to seek assistance if you run into trouble.

How to deposit cash into Varo

Varo, as with most online banks, doesn't have physical branches you can go to in order to deposit money. But you can still put cash into your account. You just have to go to a retailer in the Green Dot network to make your cash deposits. There are thousands of retailers participating in the Green Dot Network, including Family Dollar, Kmart, Kroger, 7-Eleven, Walgreens, CVS, and Dollar General.

When you visit one of these locations, go to a checkout cash register and tell them you want to add cash to your Varo Visa debit card. Although Varo won't charge you to do this, it's possible the store you're at will charge up to $4.95.

You can also purchase a MoneyPak at any Green Dot location to deposit between $20 and $500 in one transaction. Again, Varo won't charge a fee, but the MoneyPak itself does cost $5.95 to purchase. You'll also have to create a secure login at www.moneypak.com, verify your identity, and link your Varo Visa debit card to your account in order to add cash.

How to withdraw money from Varo

You have a few options for getting cash from your Varo Online Bank Account:

  • You can make purchases with your Varo Visa debit card: You can spend up to $5,000 a day with your Varo account. Although this won't give you physical cash, it does allow you to use the money in your bank account to buy the things you need.
  • You can withdraw money from an ATM: You can withdraw up to $1,000 at an ATM each day. There are no ATM fees for withdrawing from an Allpoint network ATM. If you use a non-Allpoint ATM, Varo will charge a fee of $2.50 for cash withdrawals.
  • You can do an over-the-counter cash withdrawal: This is something you can do at most traditional banks or credit unions using your Varo debit card. You'll have to ask for cash from the teller, and you may want to call ahead to make sure this particular financial institution allows these sorts of transactions. You'll be limited to withdrawing $1,000 a day using this method.

Other Varo fees

Overdraft fee $0 if you qualify for no-fee overdraft
Stop payment fee $0
ACH transfers $0
Incoming wire Wire transfers aren't available with Varo
Outgoing wire Wire transfers aren't available with Varo

FAQs

Is Varo a real bank?

Varo is a real and reputable bank. In fact, deposits made with Varo Bank are FDIC-insured, which means your deposits are protected up to at least $250,000.

Does Varo really pay early?

Yes, Varo may actually pay you early. If you receive your paycheck via direct deposit, Varo may be able to get you paid up to two days early. It does this by making your money available immediately after receiving notification from the Federal Reserve that your employer has started the direct deposit process. Most banks hold the funds during this time, but Varo doesn't. So if your company's payday is Friday, Varo will generally get the alert from the Fed on Wednesdays, which means you can get your money two days ahead of schedule.

Does Varo do a credit check?

Varo doesn't check your credit when you apply for a bank account so you don't have to worry about having a hard inquiry on your credit report or getting denied for an account due to a low credit score.

Does Varo Bank accept ACH?

Yes, Varo accepts ACH payments. Varo also allows ACH transfers with no fees.

Bottom line

If you're looking for a bank account that provides overdraft protection, helps you get your paycheck early, and charges minimal fees, the Varo Online Bank Account may fit the bill for you. The online bank's high-yield savings account is also worth considering, though you should keep the earning limits and requirements in mind and consider other accounts if they'll be a problem for you.

Although you need to accept daily spending and withdrawal limits and you have to be prepared for limitations on how you can deposit cash, these sorts of downsides are common to online banking and shouldn't bother most users.

You'll need to decide if the perks are worth the downsides, but we think the Varo checking account compares with some of the best checking accounts out there.

5.0
info
Financebuzz awards badge

2025 award winner Best Checking and Savings Combo

SoFi Checking and Savings Benefits

  • Limited-Time Offer: Earn up to a $300 bonus and up to 4.00% APY on Savings (3.80% APY2with +0.20% APY Boost) for 6 Months on new accounts with direct deposit. Terms Apply.3
  • No account, overdraft, or monthly fees4
  • Get your paycheck up to two days early5
  • Access additional FDIC insurance up to $3 million6
Open an account with SoFi® here