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Varo Bank
varomoney.comSummary
Ask questionsVaro Bank is a mobile-first financial institution offering online bank accounts, debit cards, and various lending products. It focuses on providing fee-free banking, early access to paychecks, and tools for building credit and saving money.
Features5/12
See all5/12
Must Have
3 of 5
Instant P2P Transfers
Prepaid Debit Card (Cash App Card)
Early Direct Deposit
Commission-Free Stock Trading
Bitcoin Trading
Other
2 of 7
Fraud Monitoring & Security
Round-Up Savings
High-Yield Savings
Pay Over Time (Afterpay)
Instant Discounts & Offers
Customizable Card Designs
ATM Access & Fee Reimbursement
PricingFreemium
See allFreemium
Varo Advance
Custom
- Borrow $20-$500 instantly
- No credit check
- No late fees
- 0% APR
- Only one outstanding advance at a time
- Must be repaid in full prior to requesting a new advance
- Requires Varo Bank Account with minimum $800 qualifying direct deposit in current or previous calendar month
- Repay within 30 days
Varo Line of Credit
Custom
- Borrow $600-$2,000
- Single flat fee
- Instant funding once qualified
- Affordable monthly payments
- No late or prepayment fees
- 0% interest
- Only one VLOC advance at a time
- Eligibility based on Varo account activity and credit score
- Repay over 3-12 months
Rationale
Varo Bank offers several features that align with the Cash App concept. They provide instant peer-to-peer transfers through 'Varo to Anyone', a free Visa debit card, and early direct deposit up to two days faster. Additionally, they emphasize fraud monitoring and security, and offer a 'Save Your Change' feature which is a round-up savings tool. While Varo offers banking services, loans, and credit building, it does not explicitly offer commission-free stock trading or bitcoin trading, which are key 'must-have' features for Cash App.
