Offer value details
Varo presents Varo Bank, N.A. as a nationally chartered online bank and Member FDIC. This profile treats Varo differently from fintechs that hold user balances through partner-bank programs.
Qualification requirements
Varo lists 1.00% APY to start and a 3.75% APY tier on up to $5,000 for the following month after receiving qualifying direct deposits totaling at least $1,000 during the qualifying period and ending the month with positive balances in all Varo accounts.
Fees and costs
Varo's bank-account page lists no minimum balance, maintenance, overdraft, or account fees. Its fee disclosure still lists out-of-network ATM, over-the-counter withdrawal, retail cash-deposit, Advance, credit-builder, and line-of-credit fees that should be reviewed separately.
Availability
This U.S.-focused profile depends on Varo Bank account and Savings Account eligibility, identity verification, approval, and current account terms.
What to verify
- APY is variable and can change at any time.
- The higher APY tier requires qualifying direct deposits and positive-balance conditions.
- Only the Varo Bank Account and Savings Account are covered in this profile; Varo Advance, credit-builder, and line-of-credit products have separate costs and eligibility rules.
- Out-of-network ATM, over-the-counter withdrawal, retail cash-deposit, and optional product fees can affect real value.
Confirm current provider terms
Rates, rewards, fees, qualification rules, eligibility, and deadlines can change. Review the provider terms before applying.