Varo Bank
Strengths
- A real chartered bank in a neobank shell — direct FDIC insurance, not pass-through.
- Believe card builds credit with zero fees and a documented 40+ point average lift.
- Strong savings automation with a 3.75% rate reachable on modest balances.
Weaknesses
- The 3.75% APY is capped at $5,000 and requires $1,000/mo in direct deposits — above the cap it drops to 1.00%.
- Varo Advance fees ($1.60–$40) can quietly add up for paycheck-to-paycheck users.
- No Zelle, no joint accounts, no branches.
$0/mo
$0 — no monthly, minimum balance or overdraft fees. Watch: $3.50 out-of-network ATM fee; Varo Advance charges flat fees ($1.60–$40).
None — adult account (18+). No joint accounts.
1.00% APY standard; 3.75% APY on the first $5,000 with $1,000+/mo in direct deposits and positive month-end balances (1.00% above $5,000). Save Your Pay and Save Your Change automation.
Card lock, real-time alerts, biometric login, Visa zero liability.
Yes — direct: Varo Bank, N.A. holds its own national bank charter (the first US fintech to get one), Member FDIC.
No investing. Varo Believe secured Visa: no annual fee, no interest, no credit check, reports to all 3 bureaus — average 40+ point increase after 3 months of on-time payments. Varo Advance (cash advance up to $500) carries flat fees: use sparingly.
Free credit score tracking in-app; light educational content.
24/7 in-app chat; phone 7 days a week (7am–8:30pm ET).
United States only.