Varo Bank review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
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.
Key facts
- Best for
- A free app-based account with a variable savings rate and no minimum deposit.
- Headline rate
- 1% to 3.75%↗
- Rate type
- Variable↗
- Minimum deposit
- $0↗
- Deposit protection
- FDIC up to USD 250,000↗
- Access terms
- No minimum balance or deposit, no savings cap, access in the Varo app with free instant transfers↗
- Monthly fee
- $0↗
- Account kind
- Easy access↗
- Legal entity
- Varo Bank, National Association↗
- Headquarters
- United States↗
- Founded
- 2015↗
- Support channels
- Email, Chat, Phone, Help-centre↗
- Pricing model
- No monthly fee
- Official website
- varomoney.com
Pros and cons
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
- Support runs on email, chat and phone and the app is digital-only
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 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
Fees and FX
The everyday account runs on a no-monthly-fee model, with a monthly fee of $0. The savings account asks for a minimum deposit of $0 and carries no savings cap, and access runs through the app with free instant transfers. The transfer fee is free and the ATM allowance is $0. The currency conversion fee is 0%, against a site median of 0.5%.
The company behind it
Varo Bank, National Association is a US bank founded in 2015 and headquartered in the United States. It holds a bank licence from 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. Support runs on email, chat and phone.
How Varo Bank compares
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Where Varo Bank is available
- Available
- United States
- Licence in United States
- Office of the Comptroller of the Currency (OCC), checked September 26, 2026
- Licence in United States
- Federal Deposit Insurance Corporation (FDIC) (59190), checked September 26, 2026
- Licence in United States
- FDIC (FDIC cert 59190), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
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.
Can I manage the account without a branch?+
Yes, the service is digital-only, so everything runs through the Varo app. Access terms in the app come with free instant transfers, and support runs on email, chat and phone if you need help.
Does Varo Bank charge for currency conversion?+
The currency conversion fee is 0%, which is at the low end of the site range where the median is 0.5%. Local transfers use us ach, so the account is built around US payments rather than euro or UK ones.
Who does this account suit?+
It suits people who want an easy-access savings balance of easy access alongside a free everyday account. It is a bank licence, not an e-money or payment institution account, and there is no credit check on the account.
Sources
- banks.data.fdic.gov/bankfind-suite/bankfind/details/59190 checked September 26, 2026
Backs: Headquarters, Legal entity, Licence type, Licences
“CERT=59190; NAME=Varo Bank, National Association; WEBADDR=www.varomoney.com; ACTIVE=1”
- support.varomoney.com/hc/en-us/articles/360000334946-How-... checked September 26, 2026
Backs: Support channels
“Chatbot ... Chat Live, in-app support ... Phone Call 1-877-377-8276 ... Email Visit varomoney.com/support”
- varomoney.com/about-us checked September 26, 2026
Backs: Deposit protection, Founded
“We were founded in 2015 in San Francisco, California by Colin Walsh.”
- varomoney.com/no-hidden-fee-bank-account checked September 26, 2026
Backs: Features, Currency conversion fee, Transfer fee
“40,000 fee-free US ATMs ... Sign up for a free Varo Bank Account in less than two minutes. It's free, easy, and there's no credit check required.”
- varomoney.com/privacy-legal/fees checked September 26, 2026
Backs: Free ATM withdrawals, Pricing model, Monthly fee
“Withdraw cash at 40,000+ U.S. and Puerto Rico-based Allpoint ATMs - Free”
- varomoney.com/savings-account checked September 26, 2026
Backs: Access terms, Account kind, Headline rate, Minimum deposit, Rate type
“There are no minimum balance, annual, or monthly maintenance fees.”
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Term.
Related by the facts
Varo Bank
A free app-based account with a variable savings rate and no minimum deposit.