Varo Bank Review [2025]: Get Your Paycheck Early

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 <p>Early access to direct deposit funds depends on timing of the payer’s submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer’s scheduled payment date.</p> .

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.

Key takeaways

• We recommend the Varo Online Bank Account because it can provide access to paychecks up to two days early with qualified direct deposit.
• We like that the High-Yield Savings Account offers a high annual percentage yield (APY) of up to 5.00% (as of 12/11/24) on balances up to $5,000 with qualified direct deposits² <p class="">The product and annual percentage yield (APY) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your area. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. Always verify account details and availability with the financial institution before opening an account.<br></p> .
• We appreciate Varo's commitment to minimal fees - it has no minimum balance requirement, no monthly maintenance fees, and no foreign transaction fees.
• One potential drawback is that Varo, as an online-only bank, doesn't have physical branches for in-person banking.

Varo Bank overview

Varo Money, Inc. is a legitimate financial technology company that was founded in 2015. It's the parent company of Varo Bank, N.A., which offers checking and savings accounts that are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per account holder.

The Varo Online Bank Account, which acts as a checking account, enables you to receive your paycheck up to two days early with qualified direct deposits. The Varo High-Yield Savings Account helps you earn an APY of up to 5.00% (as of 12/11/24) on balances up to $5,000.

Varo also offers the ability to access cash advances up to $500 when you receive at least $800 in qualifying direct deposits, but you'll pay a flat fee each time you use this service, and these fees aren't small ($1.60 to borrow $20 until your next paycheck and $50 to borrow $500, for example). Depending on your banking history with Varo and other factors, you'll qualify for a credit limit of between $20 and $250 to start, if you're eligible.

Varo Online Bank Account details

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 12/11/24) on balances up to $5,000 with qualified direct deposits; 2.50% (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 12/11/24) 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.

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

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 a few we’d recommend if you’re not convinced Varo is right for you.

Chime®

With a host of features similar to Varo’s checking account, including early access to your paycheck³ <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> and the ability to make cash deposits⁴ <p>Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.</p> (which isn’t often found with online bank accounts), we’d call it a tie between Chime⁵ <p class="">Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.&nbsp;<br></p> 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 card⁶ <p>SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. <a href="https://www.chime.com/policies/">SpotMe on Debit Terms and Conditions</a>.</p> , 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®

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 12/11/24) 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.⁷ <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> SoFi also has early paychecks⁸ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p> , decent fee-free overdraft coverage⁹ <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.&nbsp; The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking &gt; Savings &gt; Current APY or (ii) Banking &gt; Checking &gt; Current APY.&nbsp; Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.<br></p> , and no fees going for it¹⁰ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p> .

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

FAQs

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.

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.