Varo review — rated 4.3/5 from 16,840 reviews. Best for high-apy mobile banking from a real chartered bank.
The first consumer fintech to become a chartered national bank. Varo is offered by Varo Bank, N.A. (Member FDIC) and currently holds an average rating of 4.3 out of 5 across 16,840 user reviews. It falls into the Neobanks category and tends to be the strongest fit for high-apy mobile banking from a real chartered bank.
Editorial grade: A- (composite score 85/100).
Monthly fee: $0/month. Minimum to open: $0. Current APY: Up to 5.00%. Rates and promotional offers change often, so we re-verify every listed number on a rolling schedule and stamp the review with the date of the most recent check.
Our money-app reviews weight cost (25%), accuracy and reliability (25%), data security (20%), usefulness (20%), and customer support (10%). We install the app on a personal device, link real bank accounts, and track whether it measurably improves behavior over a 30-day window. For this review of Varo, our editors funded an account, walked through the full onboarding flow, and compared the experience to the other products in the Neobanks shortlist. Scores are not influenced by affiliate relationships — partners cannot pay for better rankings, and our rubric is the same for every brand.
Read our full editorial methodology and advertiser disclosure for more on how we fund our testing and why that matters for the reviews you read here.