Varo Savings Account

Varo Savings Account Review

Varo Savings Account is offered by Varo, a bank founded in 2015 and based in San Francisco, CA. Varo Savings Account are available in 50 states (and Washington, DC).

Key Takeaways

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 3.00%, which is much higher than the average interest rate for a savings account.
• $0 monthly fee. This account does not charge any monthly account fees.
• No minimum initial deposit. There is no minimum balance required to open an account online.

Varo savings account Pros & Cons

Varo savings account FAQ

Are savings accounts from Varo federally insured?

Yes, your deposits are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does Varo offer a signup bonus?

Varo savings account has a signup bonus of $0 with a $0.01 deposit.

What is the minimum initial deposit for Varo savings account?

What APY does Varo Savings Account offer?

Varo savings account offers a variable APY starting at 0.20% and ranging up to 3.00% (APY stands for annual percentage yield, rates may change).

What fees does Varo savings account charge?

Varo savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

Avoid the monthly fees by setting up a direct deposit of at least $1,000.

What features and perks does Varo savings account offer?

This savings account includes the following features:

• Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
• Mobile Banking Services - Varo savings account allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
• Nationwide ATM network - Conveniently transact at a nearby ATM.

Can you set up a direct deposit to Varo savings account?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for Varo savings account?

The customer support email for Varo savings account is help@varomoney.com.

How do people rate the customer service and user experience of Varo savings account?

Overall, Varo savings account is strongly recommended based on community reviews that rate customer service and user experience.