Those looking for an online banking service that’s both convenient and simple can consider Varo. This fintech bank is a national bank chartered by the Office of the Comptroller of the Currency (OCC) and is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. As the first fintech company in the United States to receive a national bank charter, Varo has the resources to offer customers a comprehensive suite of financial services.
Varo has a clean, easy-to-use mobile banking app that features the same features of traditional banks. Unlike other financial technology companies, Varo is directly regulated by the FDIC, so you can be confident in your banking experience. Varo doesn’t charge monthly maintenance fees, overdraft fees, or ATM withdrawal fees. You’ll also find a wide variety of automatic savings tools to help you stay on top of your finances.
Varo offers cash back at more than 90,000 retail locations nationwide, including grocery stores, gas stations, and department stores. Customers can also withdraw cash from more than 55,000 Allpoint ATMs. Varo customers can also access their paychecks up to two days early by using direct deposit. Varo also offers a debit card that you can use to make purchases with Apple Pay or Google Pay. Varo’s debit card also comes with Visa Zero Liability, so you won’t have to worry about owing money if you make an unauthorized purchase.
Varo also offers a savings account that pays a competitive interest rate. You can open a Varo savings account with no minimum balance, but the highest savings rate is available if you maintain a minimum of $5,000 in your savings account. Varo’s savings account also features a Save Your Pay tool, which automatically transfers a percentage of direct deposits to your savings account. The Varo app also features a savings calculator, which helps you track your savings.
Varo offers free checking accounts with no minimum balance requirements. The Varo debit card is contactless, and there’s a daily spending limit of $2,500. Varo offers customers access to ATMs and cash advances through the Varo banking app. Varo customers also have access to more than 55,000 Allpoint ATMs for surcharge-free cash withdrawals.
Varo Bank also offers a secured credit card. Varo Bank offers a variety of financial products, including checking and savings accounts, cash advance loans, and credit builder programs. Varo customers can also transfer money to other Varo users and use ACH bank transfers to pay bills. The bank’s online and mobile banking services are available round the clock. The Varo banking app features 256-bit AES encryption, so your account and your personal information are secure.
Varo offers a Visa debit card that can be added to your Apple Pay or Google Pay mobile wallet. Customers can also get cash back at store registers when they make debit purchases. Varo has an easy-to-use mobile banking app that allows users to manage their accounts anytime, anywhere. Varo also has a blog and offers automatic savings tools, including a savings calculator.
