Updated September 29, 2026 · VaultCue Editorial Team
Current vs Varo Bank
Current
Higher score in this comparison
Varo Bank
Where Current and Varo Bank differ
| Compare | CurrentReviewVisitVisit | Varo BankReviewSee alternativesSee alternatives |
|---|---|---|
| Headline rate | 0.25% to 4%Higher | 1% to 3.75% |
| Minimum deposit | $0.010 | $0Lower |
| Access terms | Savings Pods accessible on demand in the mobile app, no notice period, up to three pods | No minimum balance or deposit, no savings cap, access in the Varo app with free instant transfers |
Same on both: Rate type (Variable), Deposit protection (FDIC up to USD 250,000), Monthly fee ($0), Account kind (Easy access).
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Key differences
- Minimum deposit is lower at Varo Bank: $0 vs $0.010.
- Headline rate is higher at Current: 0.25% to 4% vs 1% to 3.75%.
- Support channels: only Varo Bank offers Phone.
Our verdict on each
Current
Current is a set-aside account for a teen in the US who wants a pot they can reach from the phone. The minimum deposit is $0.01 and the variable rate runs 0.25% to 4%, so the pay on savings can move as the provider adjusts it.
Varo Bank
Varo Bank suits people who want a free digital bank account and an easy-access savings balance without a minimum deposit. It charges a monthly fee of $0, pays a variable rate of 1% to 3.75% and holds deposits under FDIC up to USD 250,000.
Score breakdown
| Area | Current | Varo Bank |
|---|---|---|
| Cost | 9.1Monthly fees on the easy-access account run at $0, transfers cost $0 - no bank transfer fees and conversion 3%. | 9.3Higher |
| Offer | 8.7 | 9.0Higher |
| Trust | Not confirmed | 8.5 |
How they place
| Ranking | Current | Varo Bank |
|---|---|---|
| Savings accounts | 27 of 1420 | 440 of 1420 |
| Online banks | 10 of 402 | 134 of 402 |
Every fact side by side
| Fact | Current | Varo Bank |
|---|---|---|
| Pricing model | No monthly fee | No monthly fee |
| Legal entity | Finco Services, Inc. dba Current | Varo Bank, National Association |
| Headquarters | United States | United States |
| Founded | Not confirmed | 2015 |
| Support channels | Chat, Email, Help centre | Email, Chat, Phone, Help centreCovers more |
Everyday accounts
| Fact | Current | Varo Bank |
|---|---|---|
| Licence type | Not confirmed | Bank |
| Currency conversion fee | 3% | 0%Lower |
| Audience | Teen | Not confirmed |
| Features | Free ATM, Digital only, No credit check | Free ATM, Digital only, No credit check |
| Local account details | Us ACH | Us ACH |
| Free ATM withdrawals | $0 | $0 |
| Transfer fee | $0 - no bank transfer fees | Free |
Where each stands against the rest
| Fact | Current | Varo Bank | Median |
|---|---|---|---|
| Headline rate | 0.25% to 4%above the median | 1% to 3.75%above the median | 3.25 |
| Minimum deposit | $0.010above the median | $0at the median | $0 |
| Monthly fee | $0at the median | $0at the median | $0 |
Median across 658 listed accounts.
Pros and cons
Current
Pros
- Deposits are covered by FDIC up to USD 250,000, which is the detail a new saver should check.
- The stated audience is teen, and the account kind is easy access.
- Pods open on demand in the mobile app with no notice period, so a set-aside stays flexible.
Cons
- The 0.25% to 4% range has a low floor, so a pod can earn very little for stretches.
- Support runs on chat, email and help centre, so there is no phone line for urgent questions.
- Currency conversion costs 3%, which makes it a weak base for holding travel money.
Varo Bank
Pros
- A monthly fee of $0 applies, matching the site median of €0
- The savings account takes a minimum deposit of $0 and pays a variable rate of 1% to 3.75%
- Transfers are free and the ATM allowance is $0
Cons
- The savings rate is variable, so the 1% to 3.75% range can move
- The service is digital-only, which needs a phone and app access for everyday banking
- It is a US bank licence, and the local payment detail is us ach
Who each suits
Current
Who it suits
- A teen in the US starting to set money aside, since the stated audience is teen.
- Anyone happy to manage saving in the app, since pods run on demand with no notice period.
- US savers paid in dollars, with transfers moving over us ach.
Who should look elsewhere
- Plazo ES, whose headline rate of 24.19% sits well above the 0.25% to 4% range here.
- AXI Card Tarjeta y Credito, listed at 21.59% if a higher headline number is the goal.
- PayPal Colombia, listed at 3.3%, for anyone shopping only on the headline rate.
Varo Bank
Who it suits
- You want a savings balance you can reach at any time from the app
- You want no monthly charge on the everyday account
- You want a bank rather than an e-money or payment institution
Who should look elsewhere
- You want a fixed-rate term deposit, since the rate here is variable
- You need branches or in-person service, as the service is digital-only
- You need euro or UK payment details, and the local detail is us ach
Current offers
Current
Current offer
Bonus
1% cash back on eligible Build Card purchases: 1% cash back
To earn Points you must receive at least one Eligible Payroll Deposit of at least $200 over a 35-day period and make Build Card purchases at retailers whose merchant code is in the selected categories in the app; points expire 365 days after they settle
Source, checked September 26, 2026
Country by country
| Country | Current | Varo Bank |
|---|---|---|
| United States | Yes | Yes |
Questions about each
Current
What does it cost to run a Current account?+
The monthly fee is $0 and the model is no monthly fee, so there is no standing charge to watch. Bank transfers are listed as $0 - no bank transfer fees. The cost that does apply is currency conversion at 3%, which matters if money is held or spent in another currency.
How do I move money in and out?+
Transfers run over us ach, so money moves through the US system. Bank transfers carry $0 - no bank transfer fees, and the minimum deposit is $0.01, so a small transfer is enough to open a pod and add to it later.
Varo Bank
What does Varo Bank charge each month?+
Varo Bank charges a monthly fee of $0 on the everyday account, which matches the site median of €0. Transfers are free and the ATM allowance is $0, so day to day banking costs nothing extra.
How much interest does the Varo savings account pay?+
The savings account pays a variable rate of 1% to 3.75%. Because the rate is variable, the range can move over time. The site median headline rate is 3%, so this sits at the higher end of typical savings listings.
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Related by the facts
Current
Varo Bank