Varo Bank Review in 2024: Is Varo Right For You?

In recent years, the rise of digital banks has disrupted the traditional banking industry, providing customers with a new level of convenience and flexibility in managing their finances. One of the standout players in this space is Varo Bank, which offers a range of financial products and services through its user-friendly mobile app.

But is Varo Bank right for you? In this Varo Bank review, we’ll take a closer look at Varo Bank’s features, benefits, fees, competitors, its no-fee checking account and high-yield savings account to its cashback rewards program and overdraft protection, we’ll explore everything that Varo Bank has to offer. So, let’s dive in and see what this digital bank is all about!

What is Varo Bank? 

Varo Bank is a digital bank that offers a range of financial products and services through its mobile app. Founded in 2015, the bank is headquartered in San Francisco and is fully licensed and regulated by the Federal Deposit Insurance Corporation (FDIC).

One of the standout features of Varo Bank is its user-friendly mobile app, which allows customers to easily manage their finances from anywhere, at any time. The app offers a range of useful features, including the ability to deposit checks, transfer money, and view account balances and transaction history. In addition, the app includes a range of tools to help customers budget and save, such as automated savings plans and spending insights.

Varo Bank’s financial products include a no-fee checking account, a high-yield savings account, and personal loans. The bank also offers a cashback rewards program, which allows customers to earn cashback on eligible purchases made with their Varo debit card.

Features of Varo Bank 

Varo Bank offers a wide range of features and benefits that make it an excellent choice for anyone looking for a modern banking experience. 

Mobile app: Varo’s mobile app allows customers to manage their accounts and make deposits and transfers on the go. 
Budgeting tools: Varo Bank has a range of budgeting tools that make it easy to track your spending as well as set automatic savings goals, and stay on top of your finances.  
Checking accounts: Their no-fee checking account is completely free and comes with a debit card with no monthly service charges. You can also set up direct deposits, make payments, and transfer money with no fees. 
Savings accounts: Varo Bank also offers savings accounts, so you can save for the future. Their savings account also offers competitive interest rates and no minimum balance requirements. Varo’s high-yield savings account helps customers get the most out of their money with an annual percentage yield of up to 1.90%. 
Rewards Program: Varo Bank’s rewards program offers cash back on every purchase made with their debit card. 
Automated Savings: Varo’s automated savings feature makes it easy to save money by automatically transferring funds from your checking account to your savings account each month. 
Early Access to Paycheck: Varo customers can get early access to their paycheck up to two days before it’s scheduled to be deposited into their account. 
Free ATMs: Varo Bank offers access to over 55,000 Allpoint ATMs for free. 
Instant transfers: Money can be transferred instantly from one Varo Bank account to another. 
Financial education: Varo Bank provides free educational resources and tools to help customers learn and understand the basics of personal finance and money management. 

Varo Bank Referral Program 

Varo Bank offers a referral program that allows customers to earn rewards when they refer friends and family to open a Varo Bank account. To participate, customers must have an existing Varo Bank account. Customers can then share their referral link with friends and family via email, text, or social media.

When a referral opens a Varo Bank account using the customer’s unique referral link, both the customer and the referral will receive a reward. Customers can earn up to $100 in rewards for each successful referral. 

If you haven’t signed up for Varo yet, feel free to use our Varo referral link to earn a sign-up bonus. 

Varo vs Chime 

Varo Bank and Chime Bank are both online banking services that offer an alternative to traditional banking. Both banks provide a variety of banking and financial services, but there are some key differences between them.  

Varo Bank has a higher interest rate on its savings account, and it also offers a variety of other services such as investing, budgeting, and personal loans. It also has a higher minimum balance requirement than Chime Bank.  

Chime Bank, on the other hand, has more features, such as automatic savings and spending tracking. It also has no minimum balance requirement and allows users to link external accounts to their Chime Bank accounts.  

In terms of fees, Varo Bank is generally more competitive than Chime Bank. Varo Bank offers free ATM withdrawals, while Chime Bank charges a fee for some ATM withdrawals. Varo Bank also charges a monthly fee, while Chime Bank does not.  

Ultimately, which bank you choose will depend on your individual needs and preferences. Varo Bank is a great choice for those who are looking for higher interest rates and more advanced banking services, while Chime Bank is a great choice for those who need a basic online banking service and are looking for free ATM withdrawals. 

Varo vs SoFi 

Varo Bank and SoFi are both digital banking platforms that provide a range of banking services. Varo Bank is a mobile-first digital bank with no monthly fees and no minimum balance requirements. Varo Bank offers a full suite of banking products, including checking, savings, and loan accounts, as well as a debit card and access to ATMs. Varo also offers a cash management account, which provides a way to earn interest on your money, as well as an online marketplace for investing.  

SoFi is another digital banking platform that provides similar services to Varo Bank, but with a focus on personal finance. SoFi offers checking, savings, and loan accounts, as well as a debit card and access to ATMs. In addition, SoFi provides investment products, such as stocks, ETFs, and mutual funds, as well as access to personal financial advice.  

The biggest difference between Varo Bank and SoFi is the focus of their services. While Varo Bank is focused on banking, SoFi is more focused on personal finance and investing. However, both companies offer similar services, including checking, savings, and loan accounts, as well as access to ATMs and debit cards. 

Conclusion 

If you’re looking for a bank that offers a great range of features and benefits, then Varo Bank is definitely worth considering. Varo Bank is a great option for anyone looking for an online bank with no monthly fees and great savings account options. The mobile app is user-friendly and easy to navigate, and the customer service is top-notch. Varo also provides a great selection of financial tools and resources to help customers manage their money and make smarter financial decisions. All in all, Varo Bank is a great choice for anyone looking for a reliable online bank. 

So, what are you waiting for? Check out Varo Bank referral to sign up and get ready to be amazed!