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Varo Bank

varomoney.com
Summary

Varo Bank is a mobile-first financial institution offering a free online bank account with features like early direct deposit, high-yield savings, and instant money transfers. It also provides a debit card, cash advances, and tools for building credit, aiming to help users manage their money and improve their financial health.

Features
7/12
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Must Have

3 of 5

Instant P2P Transfers

Prepaid Debit Card (Cash App Card)

Early Direct Deposit

Commission-Free Stock Trading

Bitcoin Trading

Other

4 of 7

Fraud Monitoring & Security

High-Yield Savings

Instant Discounts & Offers

ATM Access & Fee Reimbursement

Round-Up Savings

Pay Over Time (Afterpay)

Customizable Card Designs

Pricing
Freemium
See all

Varo Bank Account (Free)

$0.00 monthly
  • Online Bank Account
  • No Monthly Fees
  • No Overdraft Fees
  • No Minimum Balance Fees
  • No In-Network ATM Fees (Allpoint)
  • Early Direct Deposit (up to 2 days early)
  • Free Debit Card
  • Cashback Rewards
  • Send Money with Varo to Anyone (free, instant)
  • Free Cash Deposits at CVS
  • Personalized Financial Insights
  • FDIC Insured
  • Fees apply to out-of-network ATM withdrawals ($3.50)
  • Fees apply to cash deposits at other Green Dot Network locations

High-Yield Savings Account

Custom
  • High APY Savings (up to 5.00% APY)
  • No monthly fees
  • No minimum balance required
  • Auto-Savings Tools
  • 5.00% APY is capped at $5,000 balance and requires qualifying direct deposits and positive balance conditions. Otherwise, 2.50% APY applies.

Cash Advance

Custom
  • Borrow up to $500
  • Zero interest
  • Simple, flat fees
  • Flat fee applies based on loan amount ($1.60-$40)
  • Requires Varo Bank Account with minimum qualifying direct deposit of $800 in current or previous calendar month
  • Only one outstanding advance at a time, must be repaid in full prior to requesting a new advance

Varo Believe Secured Credit Card

$0.00 monthly
  • Build credit as you spend
  • No annual fees
  • No interest
  • No credit check to apply
  • Automatic payments from secured account
  • Secured card, requires funds to be added to set spending limit
  • A variety of factors impact credit, not all factors are equally weighted
Rationale

Varo Bank offers a mobile-first banking experience with features directly aligning with the Cash App concept. It provides instant money transfers ('Varo to Anyone'), a free debit card, early direct deposit, and high-yield savings. While it doesn't offer stock or bitcoin trading, it covers several core banking and money management features, including fraud monitoring and ATM access. The 'Varo to Anyone' feature functions as a P2P transfer system, and the 'Free Debit Card' is a prepaid debit card linked to the account. The website explicitly mentions 'Early Payday' and 'High APY Savings'. It also highlights 'Security & FDIC Insurance' which covers fraud monitoring, and 'Find ATMs' with 'No in-network ATM fees'. 'Automatic Cashback' aligns with instant discounts/offers.

Links
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