Updated October 14, 2026 · VaultCue Editorial Team
ubank vs Varo Bank
ubank
Varo Bank
Higher score in this comparison
Where ubank and Varo Bank differ
| Compare | ubankReviewSee alternativesSee alternatives | Varo BankReviewSee alternativesSee alternatives |
|---|---|---|
| Headline rate | Not confirmed | 1% to 3.75% |
| Rate type | Not confirmed | Variable |
| Minimum deposit | Not confirmed | $0 |
| Deposit protection | Not confirmed | FDIC up to USD 250,000 |
| Access terms | Not confirmed | No minimum balance or deposit, no savings cap, access in the Varo app with free instant transfers |
| Monthly fee | Not confirmed | $0 |
Same on both: Account kind (Easy access).
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Our verdict on each
ubank
Ubank lists goal-oriented savings, Autosave, savings accounts and Shared Save accounts.
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 | ubank | Varo Bank |
|---|---|---|
| Cost | Not confirmed | 9.3 |
| Offer | Not confirmed | 9.0 |
| Trust | Not confirmed | 8.5 |
How they place
| Ranking | ubank | Varo Bank |
|---|---|---|
| Current and checking accounts | 791 of 885 | 120 of 885 |
| Savings accounts | 1317 of 1420 | 440 of 1420 |
Every fact side by side
| Fact | ubank | Varo Bank |
|---|---|---|
| Pricing model | Not confirmed | No monthly fee |
| Legal entity | National Australia Bank | Varo Bank, National Association |
| Headquarters | Australia | United States |
| Founded | 2008Lower | 2015 |
| Support channels | Not confirmed | Email, Chat, Phone, Help centre |
Everyday accounts
| Fact | ubank | Varo Bank |
|---|---|---|
| Licence type | Not confirmed | Bank |
| Currency conversion fee | Not confirmed | 0% |
| Features | Not confirmed | Free ATM, Digital only, No credit check |
| Local account details | Not confirmed | Us ACH |
| Free ATM withdrawals | Not confirmed | $0 |
| Transfer fee | Not confirmed | Free |
Where each stands against the rest
| Fact | ubank | Varo Bank | Median |
|---|---|---|---|
| Headline rate | Not confirmed | 1% to 3.75%above the median | 3.25 |
| Minimum deposit | Not confirmed | $0at the median | $0 |
| Monthly fee | Not confirmed | $0at the median | $0 |
Median across 658 listed accounts.
Pros and cons
ubank
Pros
- Ubank lists goal-oriented savings, Autosave, savings accounts and Shared Save accounts.
- The captured overview does not provide rates.
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
ubank
Who it suits
- Australia Ubank customers choosing goal-based, automatic or shared savings tools
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
Country by country
| Country | ubank | Varo Bank |
|---|---|---|
| Australia | Yes | No |
| United States | No | Yes |
Questions about each
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.
Is there a minimum deposit to open the savings account?+
The minimum deposit is $0, so you can start with a small balance. The account also has no savings cap, and Varo ranks first on minimum deposit among the brands compared.
Is my money protected and who regulates Varo Bank?+
Varo Bank, National Association is a US bank regulated by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, listed as FDIC cert 59190. Deposits carry FDIC up to USD 250,000, and the rate is paid on an easy-access basis of easy access.
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Related by the facts
ubank
Varo Bank