Last Updated: 04/18/2025
SuperMoney User Recommendation Score +60
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Highlights
Community Rating
APY (Annual Percentage Yield)
Minimum Opening Deposit
Minimum Balance to Earn APY
Number of Reviews
Varo Savings Account Review
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
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Varo savings account FAQ
Are savings accounts from Varo federally insured?
Does Varo offer a signup bonus?
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?
What fees does Varo savings account charge?
What features and perks does Varo savings account offer?
- 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?
What is the customer support email for Varo savings account?
How do people rate the customer service and user experience of Varo savings account?
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.
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