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Varo Bank
varomoney.comSummary
Varo Bank is a digital bank offering fee-free checking accounts, high-yield savings, early direct deposit, cash advances, and credit-building tools. It aims to provide accessible and affordable banking services to its customers.
Feature Matches7/12
See all7/12
Must Have
3 of 5
Instant P2P Transfers
Prepaid Debit Card (Cash App Card)
Early Direct Deposit
Commission-Free Stock Trading
Bitcoin Trading
Other
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
PricingFree
See allFree
Free Bank Account
$0.00 one time
- No monthly fees
- No overdraft fees
- No minimum balance required
- No in-network ATM fees
- Free cash deposits at CVS
- Early direct deposit
- Automatic Cashback
- Fees apply to loans and out-of-network withdrawals & cash deposits.
Cash Advance
Custom
- Borrow money instantly once approved
- Unlock higher advances the more you bank with Varo
- Some of the lowest fees around
- No credit check or late fees
- Fees range from $1.60 - $40 based on loan amount.
- Initial limits range from $20-$250, work your way up to $500 over time.
- Only one outstanding advance at a time, must be repaid in full prior to requesting a new advance.
- Varo Bank Account, with minimum Qualifying Direct Deposit (QDD) of $800 in current or previous calendar month required.
Varo Believe Credit-Builder Card
Custom
- Build credit as you spend
- Automatic Cashback
- You must add money before using, money added sets the spending limit.
Rationale
Varo Bank offers a mobile-first banking experience with features like instant money transfers (Varo to Anyone), a free Visa debit card, and early direct deposit. While it doesn't offer stock or bitcoin trading, it provides other financial services such as high-yield savings, cash advances, and credit building tools. The website clearly highlights its core banking features and commitment to no hidden fees, aligning well with the mobile banking aspect of the Cash App concept.
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See allBest alternatives to [Product] in 2024?
Reddit·tech_enthusiast·2d ago·+142
I've been using Alternative A for 6 months now and it's been fantastic. The pricing is much better and the features are actually more robust than what [Product] offers.
Show HN: We built a better [Product]
Hacker News·startup_founder·5d ago·+89
After struggling with [Product]'s limitations, we decided to build our own solution.
It handles edge cases much better and the API is actually documented properly.
Check it out at our site.
[Product] vs Competitor B - which one should I choose?
Reddit·confused_buyer·Nov 30·+67
Honestly, after trying both, Competitor B wins hands down. Better customer support, cleaner interface, and they don't nickel and dime you for every feature.
Why we migrated away from [Product]
Hacker News·cto_mike·Nov 27·+234
The breaking point was when they changed their API without notice. We lost 3 days of productivity. Solution C has been rock solid for us since we switched.