• APY: 0.2% - 3%
  • ATM fee: $2.50 for out of network ATMs
  • Monthly fee: N/A
  • Daily withdrawal limit: $750
  • Minimum deposit: N/A

2022 Varo Bank Reviews, Features, Fees, Alternatives

  • APY: 0.2% - 3%
  • ATM fee: $2.50 for out of network ATMs
  • Monthly fee: N/A
  • Daily withdrawal limit: $750
  • Minimum deposit: N/A

Best For

Exclusively Online Banking


  • Fully online, fast, and reliable
  • It is very easy to get started with Varo


  • Varo does not apply fees for most of its services.

Ever since its start in 2015, Varo has been a pioneer in the world of online banking. They’re an amazing fit for anyone who is looking for an exclusively online bank that offers easy handling of day-to-day financing from the palm of your hand.

If you are interested in opening a bank account or savings account with this type of bank, then this article is just what you need. Sit back, relax, and take a look through our Varo Bank reviews, where you’ll learn all the important features and products this bank has to offer, including:

  • Account options
  • Cash accessibility
  • Additional features
  • Customer reviews
  • Security policy

And more.

What Do You Need to Know About Varo Bank?

Varo offers banking and saving products without monthly fees or minimum balance requirements—If that isn’t good enough already, you also don’t have to worry about withdrawing cash, since Varo has wide ATM coverage. Like most mobile banking companies, though, Varo does not have a physical branch. If you need to deposit cash in person, you would need to do so through a third-party retailer.

Varo is a new player in the banking world, but they are growing rapidly. According to other Varo reviews, the bank already has more than one million clients, and that number looks like it’s going to keep rising.

Varo Bank Account Reviews

Just like any other bank, Varo offers a number of options regarding accounts. Let’s take a look at some of the most popular ones and see what they offer.

Classic Varo bank account review

The best thing about having an account with Varo is that they don’t charge any hidden fees like other banks. Varo charges no fees for maintenance, foreign transfers, and debit card replacement, and never asks for any minimum amounts. Even though they’re an online bank, Varo boasts a network of over 50,000 ATMs, all of which are accessible with your debit card. On top of all that, Varo offers a $50 bonus for referring any new clients.

Varo savings account review

Varo’s savings account option offers numerous benefits. You can earn anywhere from 0.20% up to 3% APY, for which you need to have as little as $0.01 in your savings. The account comes with two automatic saving features and zero monthly fees, or any other hidden fees.

Varo advance

This is a great option that Varo offers to their customers in any time of need. If you are in urgent need of some quick extra cash, you can ask Varo for a deposited loan of up to $100, which will be credited directly to your Varo app. This is great for anyone who has unexpected expenses or is in between paychecks. Varo Advance comes with a small fee up to $5, and the advance needs to be settled within 30 days. According to Varo banking reviews, this is the most popular option offered by the bank.

How to Access Your Money

Accessing funds is always the main interest of clients when it comes to mobile banking, so let’s see how Varo handles withdrawing and deposits.

Deposit options

Although it may seem daunting, direct deposits to your Varo account are actually easy and straightforward. All you need to do is take a photo of your paycheck with the Varo app’s check deposit feature, and boom! Money in the bank. Literally.

Withdrawal options

What we, the writers behind this Varo bank review, know is that the only thing easier than depositing money is withdrawing it. Every client is given a Varo Visa debit card which can be used to pay bills, and any cash can be withdrawn from any of their 55,000 ATMs. If you lose your debit card, you can simply lock it from your app, and Varo will provide you with a new one ASAP free of charge.

Overview of Varo Bank’s Additional Features

  • Free ATM network: Varo’s ATMs are everywhere, and withdrawals come without any added fees.
  • Good APY: Most Varo online bank reviews agree that this is one of the best features offered by Varo. If you meet their requirements, you can earn up to 3% in APY.
  • No fees or balance requirements: Varo will not ask you to pay any added fees or have a minimum balance in your account.
  • Early paycheck with direct deposit: Transferring your paycheck has never been easier. Simply snap a pic with the Varo app, and your cash is in your Varo account within seconds.
  • Automated savings: Varo offers 2 ways in which you can save.
  1. Save your pay – You decide what percentage of each payment you receive goes into your savings.
  2. Save your change – Each checking transaction is rounded to the nearest full dollar, with the funds remaining deposited into your savings.

Pros and Cons

Let’s take a quick look at some of the strongest and weakest points of Varo.


  • Fully online, fast, and reliable.
  • According to other Varo reviews, they are an extremely safe online banking platform, with all of your banking data protected by 256-bit AES encryption. You can bank from the comfort of your favorite armchair with a sound peace of mind.
  • It is very easy to get started with Varo. Simply download the app on your Android or Apple device, provide the information needed, and you’re all set.


  • We said that Varo does not apply fees for most of its services, however there are certain fees for cash deposits through third parties. On top of that, there are monthly limits for both deposits and transfers.
  • Customer service support could be better—To be quite honest, it was difficult to find a Varo review where customers were not complaining about this. Customer service is not available 24 hours, and clients said that when you do manage to get in touch with them, they take quite some time to resolve the issue.

Varo Bank Customer Reviews

If you are having second thoughts about trusting Varo with your money, the hundreds of verified customer Varo bank reviews out there should help put your mind at ease. Most customer review websites, including Better Business Bureau (BBB), Trustpilot, and others, score Varo high in most terms, except for those who faced customer support issues.

Despite their lack of customer service, most users agree that Varo is slowly becoming a leader in the online and mobile banking world, highlighting its ease of access, no fees policy, and high APY as alluring features.

Privacy and Security

Being a member of Bancorp Bank, Varo takes security and privacy very seriously. All visa debit cards are issued by Bancorp, and thus have the highest degree of protection.

As far as online financial information is concerned, Varo protects clients by using 256-bit AES encryption, combined with thorough identity checks. This is one of the reasons why BBB Varo Bank Reviews awarded it with an A+ in trustworthiness.


Of course, Varo is not the only online banking solution out there. Let’s take a look at how they stack up against some competition:

Varo vs. Chime

This is what we’d call a neck-and-neck race, as both banks offer almost identical conditions; The only noticeable difference is that Varo offers an opportunity to earn much more through APY.

Read the full Chime bank review here.

Varo vs. Capital One

Known mostly for credit cards, Capital One offers a wider plethora of opportunities. However, what sets them apart from Varo the most is the chance to earn more funds through interest.


After all, is said and done, what is Varo bank?

We could summarize by saying that they’re just another online or mobile bank, but that would be selling them short.

Varo is a leader and innovator in the world of mobile banking, and the company supports this claim through amazing offers and a no-fees policy. Varo is a great bank for anyone who is busy and active in 2022, such as young people and those who are constantly on the go and need access to their money with no hassle.


Is Varo safe?

Yes. As a member of a greater conglomerate such as Bancorp, you can be assured that Varo takes safety and privacy very seriously. Most Varo banking reviews highlight safety as one of their best features.

Is Varo legit?

Absolutely. Varo is a fully legitimate bank, registered with all the corresponding bodies, and all deposits in Varo are FDIC insured.

Is Varo a real bank?

Of course it is. Apart from the fact that it does not have a physical branch, Varo operates just as any other bank would.


I learned a lot about finance after working for a digital marketing company specializing in investing and trading stocks, forex, etc. After that, I got exposed to other verticals such as wealth management and personal finance, which further improved my understanding of the financial world.