Varo Review
Comprehensive review and analysis of Varo's digital banking services
Quick Facts
- Founded
- 2015
- Head Office
- United States
- Active Customers
- 4+ million
- Total Funding
- $482 million
- Employees
- 800+
- App Store Rating
- 4.6/5
Pros & Cons
Pros
- No monthly fees
- No minimum balance
- Early direct deposit
- High-yield savings
- No overdraft fees
- Cash advance feature
Cons
- Limited physical presence
- Cash deposit limitations
- Some features require qualifications
- US-only availability
Supported Countries
- United States
Fees
- Account Maintenance Free
- Minimum Balance None
- ATM Withdrawals Free at 55,000+ Allpoint® ATMs
- Overdraft Protection Up to $50 with no fees
- Foreign Transactions No foreign transaction fees
Overview
Varo has pioneered digital banking since 2015, becoming the first consumer fintech to receive a national bank charter in 2020. Their platform focuses on providing accessible, fee-free banking services with features designed to help customers build financial resilience.
Key Features
Banking Services
- Checking account
- High-yield savings
- Debit card
- Mobile banking
- Early direct deposit
- Bill pay
Savings Features
- High APY savings
- Auto-savings tools
- Save Your Pay
- Save Your Change
- Goal setting
- No minimum balance
Money Management
- Cash advance
- Overdraft protection
- Instant transfers
- Mobile check deposit
- Real-time alerts
- Spending insights
Additional Services
- Credit building
- Cash advance
- Perks program
- Financial education
- Budgeting tools
- Partner offers
Security Features
- Bank-level encryption
- Two-factor authentication
- Biometric login
- Transaction monitoring
- Fraud protection
- Instant card lock
Customer Support
- Phone support
- Email assistance
- Help center
- Chat support
- Educational resources
- Community forum
Verdict
Varo excels in providing comprehensive digital banking services with a focus on financial inclusion and customer success. Their combination of no-fee banking, high-yield savings, and innovative features makes them particularly valuable for customers seeking to build financial health.
While the platform has some limitations regarding cash deposits and physical presence, it offers excellent value through its fee-free structure and competitive savings rates. The national bank charter provides additional security and stability, making Varo a strong choice for Americans seeking a full-service digital bank.