Updated September 29, 2026 · VaultCue Editorial Team
Mercado Pago vs Varo Bank
Mercado Pago
Higher score in this comparison
Varo Bank
Mercado Pago vs Varo Bank: the differences
| Compare | Mercado PagoReviewSee alternativesSee alternatives | Varo BankReviewSee alternativesSee alternatives |
|---|---|---|
| Headline rate | 105%Higher | 1% to 3.75% |
| Minimum deposit | R$0 | $0 |
| Access terms | Money usable at any time, no IOF, accrues daily on business days, no minimum balance | No minimum balance or deposit, no savings cap, access in the Varo app with free instant transfers |
| Monthly fee | R$0 | $0 |
| Deposit protection | Not confirmed | FDIC up to USD 250,000 |
Same on both: Rate type (Variable), Account kind (Easy access).
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Key differences
- Mercado Pago scores higher overall: 9.3 vs 8.9.
- Mercado Pago is available in 2 more countries.
- Headline rate is higher at Mercado Pago: 105% vs 1% to 3.75%.
- Support channels: only Varo Bank offers Email, Chat.
Our verdict on each
Mercado Pago
Mercado Pago pays a headline rate of 105% on money that stays usable at any time, with a monthly fee of BRL 0 and a minimum deposit of BRL 0, which suits businesses and teens who want a balance that earns while it sits. The rate is variable, so the return can move.
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 | Mercado Pago | Varo Bank |
|---|---|---|
| Cost | 9.3A monthly fee of BRL 0 and a minimum deposit of BRL 0 on an easy access account. | 9.3 |
| Offer | 9.2HigherA headline rate of 105% on money that stays available, credited on business days with no minimum balance. | 9.0 |
| Trust | Not confirmed | 8.5 |
Where each is licensed and available
| Country | Mercado Pago | Varo Bank |
|---|---|---|
| United States | Not confirmed | FDIC FDIC cert 59190 |
Additional countries for Mercado Pago: 3. Additional countries for Varo Bank: 1.
How they place
| Ranking | Mercado Pago | Varo Bank |
|---|---|---|
| Savings accounts | 150 of 1420 | 440 of 1420 |
| Online banks | 35 of 402 | 134 of 402 |
Every fact side by side
| Fact | Mercado Pago | Varo Bank |
|---|---|---|
| Pricing model | No monthly fee | No monthly fee |
| Legal entity | Mercado Pago Instituicao de Pagamento Ltda. | Varo Bank, National Association |
| Headquarters | Brazil | United States |
| Founded | Not confirmed | 2015 |
| Support channels | Help centre, Phone | Email, Chat, Phone, Help centreCovers more |
Everyday accounts
| Fact | Mercado Pago | Varo Bank |
|---|---|---|
| Licence type | Not confirmed | Bank |
| Currency conversion fee | Not confirmed | 0% |
| Currencies | 2 | Not confirmed |
| Audience | Business, Teen | Not confirmed |
| Features | Digital only | Free ATM, Digital only, No credit checkCovers more |
| Local account details | Not confirmed | Us ACH |
| Free ATM withdrawals | Not confirmed | $0 |
| Transfer fee | Free | Free |
Money transfer
| Fact | Mercado Pago | Varo Bank |
|---|---|---|
| Delivery time | Instant | Not confirmed |
| Fee to send 1,000 | ARS 0 | Not confirmed |
Where each stands against the rest
| Fact | Mercado Pago | Varo Bank | Median |
|---|---|---|---|
| Headline rate | 105%highest quarter | 1% to 3.75%above the median | 3.25% |
Median across 658 listed accounts.
Pros and cons
Mercado Pago
Pros
- A headline rate of 105%, placed 1 of 473 on headline rate here.
- A monthly fee of BRL 0 and a minimum deposit of BRL 0, so nothing is listed to pay for holding the balance.
- Money stays usable at any time, accrues daily on business days, with no IOF charged on the balance.
Cons
- The rate is variable, so the return can move rather than being set in advance.
- Support runs on help centre and phone only, a narrower set of routes than a branch counter.
- The account is digital only, so there is nothing to visit in person.
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
Mercado Pago
Who it suits
- Businesses that park sales money in the account and want it to earn between payments.
- Teen users opening a first account: the audience is listed as business and teen and the minimum deposit is BRL 0.
- Anyone who needs a balance that can be spent on the same day it accrues interest.
Who should look elsewhere
- PayPal Colombia, listed at 3.3% on headline rate, for anyone who wants a far lower advertised figure.
- Readers who want a rate fixed in advance, since the rate here is variable. Plazo ES lists 24.19% and AXI Card Tarjeta y Credito 21.59% for a side-by-side check.
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
Mercado Pago
Current offer
Bonus
Cofrinhos yield 120% of CDI with Meli+: 120% of CDI on Cofrinhos
Active Meli+ subscription; Cofrinhos are part of the Mercado Pago account
Source, checked September 26, 2026
Country by country
| Country | Mercado Pago | Varo Bank |
|---|---|---|
| Argentina | Yes | No |
| Brazil | Yes | No |
| Mexico | Yes | No |
| United States | No | Yes |
Questions about each
Mercado Pago
What rate does Mercado Pago pay on the balance?+
The account pays a headline rate of 105%. The rate type is variable, so the figure can move rather than staying set for a term. Interest accrues daily on business days and the money remains usable at any time.
Is there a monthly fee to pay?+
The monthly fee is BRL 0 and the pricing model is no monthly fee, so there is no recurring charge to keep an eye on. Money also leaves without a listed charge, at ARS 0 per transfer.
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.
Other options to compare
Other matchups
Related by the facts
Mercado Pago
Varo Bank