Last Updated: 04/18/2025
SuperMoney User Recommendation Score +60
Strongly recommended5 total votes
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Highlights
Community Rating
Strongly recommended
APY (Annual Percentage Yield)
Up to 5%(Verified 04/16/2025)
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Minimum Opening Deposit
Starting at $0
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Minimum Balance to Earn APY
$0
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Number of Reviews
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
- >Save Your Pay: Set a percentage of your paycheck to go to savings each payday, automatically
- Save Your Change: When turned on, it automatically rounds up each spend amount to the next dollar and puts it into your savings
- High yield savings. This account offers an annual percentage yield of up to 5%*, which is much higher than the average interest rate for a savings account.
- No monthly maintenance fees. 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
| Pros | Cons |
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Varo savings account FAQ
Are savings accounts from Varo federally insured?
Yes, your deposits are insured 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 bonus of $0 .
What is the minimum initial deposit for Varo savings account?
There is no minimum deposit to open a Varo savings account.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Balance to Earn APY | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY* does Varo Savings Account offer?
Varo savings account offers an APY up to 5% (APY stands for annual percentage yield, rates may change). This is higher than the national average rate for savings accounts.
5.00% APY on up to $5k Savings qualifications: 1. $1,000 in qualifying direct deposits each month 2. Maintain a positive balance in your Varo Bank Account and Savings Account. Additional amounts past $5k balance in your Savings Account will earn 2.50% APY.
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.
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.
Varo Savings Account Disclosure: The Varo Visa® Debit Card is issued by Varo Bank, N.A. pursuant to a license from Visa U.S.A. Inc and may be used everywhere Visa debit cards are accepted. We give you access to your direct deposits from employer and government payers on the day we receive them, which is typically up to 2 days earlier than your scheduled pay date. Cashback is available on specific items or services purchased with your Varo Debit Card or Varo Believe Card at select brands/retailers. Offer details may vary, see the Perks tab for more details and current deals. The maximum Cashback that can be earned is two-hundred dollars ($200 USD) per calendar month. To open a Varo Savings Account, all you need is a Varo Bank Account. Applying won’t impact your credit score, plus there are no monthly fees, and no minimum balance required. Annual Percentage Yield (APY) is accurate as of December 11, 2024. Start earning 2.50% APY, then qualify to earn 5.00% APY on your balance up to $5,000.00 next month by: Receiving direct deposit(s) totaling $1,000 or more; and Ending the month with a positive balance in all your Varo Accounts. Rates are subject to change at any time.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Hours of Operation
Sunday
8:00AM - 6:00PM
Monday
6:00AM - 9:00PM
Tuesday
6:00AM - 9:00PM
Wednesday
6:00AM - 9:00PM
Thursday
6:00AM - 9:00PM
Friday
6:00AM - 9:00PM
Saturday
8:00AM - 6:00PM
Other Services by Varo
SuperMoney Net Recommendation Score
SuperMoney users strongly recommend this product, giving it a user recommendation score of +60, or 4.2 on a 5-point rating scale.
+60
-1000+100
No one recommends
Everyone recommends
Varo Savings Account Community Reviews
Would you recommend Varo Savings Account to your friends?
LR
Lorenzo R.
Sep 28, 2022
May or may not recommend
The so-called online bank is not reliable and makes the account application and opening processes difficult. One cannot open just one single account. It falsely claims one's identity cannot be verified, even with photo identification. It is good that there are lots of other financial institutions to choose from and not all the same and are not run by one particular individual. One can save himself some hassles and nonsense ...Show More
JK
Josefina K.
Dec 22, 2020
May or may not recommend
Great company to work with! This is the homestretch of my third automotive loan with Varo
They are prompt in closing out the loan and mailing you your car title!Great bank there to help when you need them most Helped me defer my payments during the pandemic and helped me get the loan in the first place Thanks'
SL
Stephanie L.
Dec 11, 2020
May or may not recommend
I was skeptical at first as I thought that it is too good to be true but eventually, I decided to open an account and I was blown away. The APY is astounding and my user experience is just one I will cherish for a long time. Thank you, Varo Savings!
TG
Trey G.
Dec 10, 2020
May or may not recommend
Oh, where do I begin with Varo ... I’ve been with them since 2018 when the company itself was fairly new. I am and have continued to be astounded by everything they offer, particularly the (APR) that competes amongst other top tier banks such as Goldman Sachs. Choosing a Varo savings account is more than an investment. It is an insightful decision that will grant you with top notch customer ...Show More
AO
Andrew O.
Oct 10, 2020
May or may not recommend
Would highly recommend the Varo Savings Account. For several years I had money just sitting in a regular savings account with a pretty dismal APY, earning practically no interest. I then decided to open a Varo Savings Account which has a very good APY, one of the best I've seen for any savings account actually, and it's an easy way to earn more money than you would with a different ...Show More
Showing 5 of 5 reviews
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