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Varo Bank: Online Banking

Traditional banking is dead. This app hands users financial control without the old-guard fees.

Key Figures

Downloads

5M+

User Rating

4.9/5

Total Ratings

233.5K

Publisher

Varo Money, Inc.

Evaluating essential functionalities for digital-first banking and financial empowerment.

Varo Bank: Key Feature Analysis

No-Fee Banking

This tool eliminates common banking fees such as monthly maintenance, minimum balance, and overdraft charges, significantly reducing financial burden for users.

Secured Credit Card for Credit Building

This tool offers a free secured credit card with no annual fees or credit check required, helping users build or improve their credit score as payments are reported to major bureaus.

High-Yield Savings Account

The app provides a high-yield savings account, offering up to 5.00% APY on eligible balances, enabling users to grow their savings more effectively.

Early Payday Access

It allows users to access their direct deposit paychecks up to two days earlier, enhancing financial flexibility and cash flow management.

Instant Cash Advances

The app provides instant cash advances of up to $500, offering quick access to funds with transparent flat fees and a manageable repayment period.

Varo Believe Line of Credit

The app offers a flexible line of credit ranging from $600 to $2,000, designed with simple flat fees and no interest or late penalties, promoting responsible credit usage.

Fee-Free ATM Network

It features access to a vast network of over 40,000 Allpoint® ATMs nationwide, allowing users to withdraw cash without incurring fees.

Easy Money Transfers

It allows users to send money quickly and securely to anyone using their phone number or email, even if the recipient is not a Varo customer.

FAQ

Frequently Asked Questions

Everything you need to know about Varo Bank: Online Banking

Does Varo Bank charge monthly fees or require a minimum balance?

No, Varo Bank does not charge monthly fees, minimum balance fees, or overdraft fees. This makes banking with Varo completely free.

Is money deposited with Varo Bank FDIC insured?

Yes, deposits with Varo Bank are FDIC insured up to $250,000. Varo Bank is a Member FDIC institution, backed by the U.S. Government.

Can I get paid early with Varo Bank?

Yes, Varo Bank offers early payday, allowing customers to receive their paycheck up to two days sooner with early direct deposit.

How much cash advance can I get from Varo Bank?

With Varo Bank, you can borrow up to $250 instantly by linking a qualifying account. Over time, you can access up to $500 in cash advances with direct deposit.

What is the annual percentage yield (APY) for savings accounts at Varo Bank?

Varo Bank offers up to 5.00% APY on the first $5,000 deposited in your account and 2.50% APY on additional balances, subject to qualifications.

What is the Varo Bank Line of Credit range?

The Varo Bank Line of Credit allows you to borrow between $600 and $2,000. It features a simple flat fee with no interest, late fees, or penalties.

Does the Varo Believe Card require a credit check or annual fees?

No, the Varo Believe Secured Credit Card does not require a credit check, interest, annual fees, or a minimum security deposit. It helps build credit.

Does Varo Bank offer fee-free ATM access?

Yes, Varo Bank provides access to over 40,000 fee-free Allpoint® ATMs. Fees may apply for out-of-network ATMs and 3rd-party ATMs.

Can I send money to non-Varo Bank customers?

Yes, you can send money to anyone using their phone number or email address, even if they are not a Varo customer. The service is fast, secure, and free.

Where can I make free cash deposits for Varo Bank?

Varo Bank allows free cash deposits at over 7,500 CVS® stores nationwide. This service is provided by Green Dot®.

The following screenshots and description are sourced directly from the app's official store listing and are the property of the app developer.

App Store

Screenshots

Varo Bank: Online Banking - See how the app's interface clearly displays the available balance and prominently features a notification for fee savings. — See how the app's interface clearly displays the available balance and prominently features a notification for fee savings.
Fee-Free Banking

Varo Bank: Online Banking - Discover the streamlined process for cash advances, highlighted by the 'Get a cash advance in minutes' prompt and the illustrative paper airplane icon. — Discover the streamlined process for cash advances, highlighted by the 'Get a cash advance in minutes' prompt and the illustrative paper airplane icon.
Instant Cash Access

Varo Bank: Online Banking - This view showcases the exciting 'YOU JUST GOT PAID!' notification and the detailed spending by category feature, offering users financial clarity. — This view showcases the exciting 'YOU JUST GOT PAID!' notification and the detailed spending by category feature, offering users financial clarity.
Early Payday Perks

Varo Bank: Online Banking - Explore the app's map interface for easily locating deposit points and the integrated search bar to find CVS® stores. — Explore the app's map interface for easily locating deposit points and the integrated search bar to find CVS® stores.
Convenient Deposits

Varo Bank: Online Banking - Observe the prominent display of a line of credit offering up to $2,000 and the intuitive 'Borrowing power' gauge that informs users of their potential. — Observe the prominent display of a line of credit offering up to $2,000 and the intuitive 'Borrowing power' gauge that informs users of their potential.
Flexible Credit Options

Varo Bank: Online Banking - See the 'EARN MORE WITH 5.00% APY' banner encouraging savings and the transparent 'Interest earned' amount, showcasing financial growth. — See the 'EARN MORE WITH 5.00% APY' banner encouraging savings and the transparent 'Interest earned' amount, showcasing financial growth.
High-Yield Savings

Varo Bank: Online Banking - This view highlights essential security options like the ability to 'Lock your card with your phone' and receive 'Real-time transaction alerts,' providing users with control and peace of mind. — This view highlights essential security options like the ability to 'Lock your card with your phone' and receive 'Real-time transaction alerts,' providing users with control and peace of mind.
Enhanced Security Features

Varo Bank: Online Banking - Users can review the comprehensive 'Disclosures' section, which presents numbered legal terms and conditions for full transparency. — Users can review the comprehensive 'Disclosures' section, which presents numbered legal terms and conditions for full transparency.
Transparent Terms

Description

We are a real bank, built for the digital age. Member FDIC, backed by the full faith and credit of the U.S. Government. ONLINE BANKING • Early payday³ • No monthly, minimum balance, or overdraft fees¹ • 40k+ fee-free Allpoint® ATMs⁴ • Up to 5.00% annual percentage yield on first $5,000, quals apply⁷ • 2.50% APY on additional balances • Auto-saving tools • Unlike many money apps, we’re a real bank INSTANT CASH ADVANCES • Borrow up to $250 today by linking a qualifying account² • Work up to $500 cash advances over time with direct deposit² • Flat fee per cash advance • 30 days to repay LINE OF CREDIT • From $600 to $2,000, quals apply⁵ • No interest, late fees, or penalties • Simple flat fee • Payment periods between 3 and 12 months FREE SECURED CREDIT CARD⁶ • No credit check, interest, annual fees, or min security deposit • Reported to Equifax, Experian, & TransUnion • Quals: Must have an active Varo Bank Account in good standing & incoming deposits of $200 or more in the past 31 days SEND MONEY • Use recipient’s phone number or email address, even if they aren’t a Varo customer • Fast, secure, and free! DOWNLOAD NOW! • Signup in less than two minutes with no impact on your credit