Varo Review
The first consumer fintech to become a chartered national bank. Independent Varo review: 4.3/5 for neobanks.
By Michael Hewitt, Founder & Editor-in-Chief. Rates last checked September 29, 2026.
Our verdict
Only the first $5,000 earns Varo's 3.75% APY, and only with $1,000 or more in qualifying monthly direct deposits. Balances above that earn 1.00%. It's a national bank with its own charter and FDIC coverage directly through Varo, which helps the grade, while the capped top rate and the lack of branches keep it off the top.
Skip it if you want a branch, or if you can't route $1,000 a month in direct deposits.
About Varo
The first consumer fintech to become a chartered national bank. Varo is offered by Varo Bank, N.A. (Member FDIC). Our editorial rating is 4.3 out of 5.
Best for: High-APY mobile banking from a real chartered bank.
Editorial grade: A- (composite score 85/100).
Highlights
- Up to 3.75% APY on Varo Savings (on balances up to $5,000) with qualifying direct deposits (as of September 2026)
- 1.00% APY on balances over $5,000
- Varo Advance of $20–$250 to start, up to $700 over time with direct deposit, no interest, and one flat fee
- Varo Believe secured credit card with no APR, no minimum security deposit, and no hidden fees
What we like
- Actual national bank with OCC charter (not a fintech partnership)
- Get paid up to 2 days early with direct deposit
- 55,000+ fee-free Allpoint ATMs nationwide
- FDIC insured up to $250,000 directly through Varo Bank
Where it falls short
- Fully digital banking with no physical branches
- Top 3.75% APY requires $1,000+ in qualifying monthly direct deposits
- $3.50 fee for out-of-network ATM withdrawals
Fees, minimums, and rates
Monthly fee: $0/month. Minimum to open: $0. Current APY: Up to 3.75%. Rates and fees last checked on September 29, 2026.
How we reviewed it
This is a desk review: we have not opened an account with Varo Bank, N.A. (Member FDIC). It is built from Varo Bank, N.A. (Member FDIC)'s published rates, fee schedule and terms and from the public complaint record, and compared with the other products in the Neobanks shortlist. Our money-app reviews weight cost (25%), accuracy and reliability (25%), data security (20%), usefulness (20%), and customer support (10%). The rubric is the same for every brand.
The bank behind this account
- Varo Bank, FDIC certificate 59190: capital, loan quality, every office and the complaint record.
Similar products to compare
Read our full editorial methodology for how we review products.