Varo Bank


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Founded in San Francisco in 2015, Varo Bank was the first fintech company to receive a national bank charter from the Options Clearing House in 2020.

With over 4.2 million app downloads, Varo Bank is one of the leading digital banks today, giving everyone access to banking, regardless of their background.

They don't charge their customers any fees, only when they use out-of-network ATMs. This way, everyone can afford a bank account. Varo makes money by charging merchants a small percentage of each transaction when people pay them using their Varo Visa® Debit cards. Also, Varo earns a sort of a commission when people take advantage of Varo's partners' offers.

Currently, Varo is available only to U.S. citizens and permanent residents who are 18 or older with a valid social security number, and an iPhone or Android device, so they can run the Varo app.

Varo's offer:

  • Varo Bank Account,

is a no-fee, online checking, with an optional high-yield savings account. FDIC-insured, Varo's Bank Account features no fees, Varo-to-Varo instant money transfers, overdraft protection, and a Visa debit card.

Bank Monthly Service Charge Minimum Deposit to Open APY
Varo Bank Checking Account $0 $0 0.81% / 2.80%*