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Varo Review 2026

Varo is a digital-first bank that received its national bank charter in 2020, making it one of the first consumer fintech companies to become a nationally chartered bank in the US.

Founded

2015

Headquarters

San Francisco, CA

Total Assets

$1 billion

Branches

Online Only

BankingDeal Rating

Based on rates, fees, features, and customer satisfaction

3.8

out of 5.0

Rates & Fees

ProductRate / Fee
Savings APY3.00%
12-Month CD APYN/A
Checking Monthly Fee$0

Rates shown are for illustration. Verify current rates directly with Varo.

Products Offered

Checking Accounts
Savings Accounts

Pros & Cons

Pros

  • +No monthly fees
  • +No minimum balance requirements
  • +Early direct deposit
  • +High-yield savings for qualifying members
  • +Nationally chartered bank

Cons

  • -Very limited product range
  • -Savings rate requires qualifying activity
  • -No CDs or investment products
  • -Newer institution with less track record

Our Verdict

Varo is a decent option for those who prefer online banking and want competitive rates without monthly fees. No monthly fees, making it worth considering in the online banking space. While savings rates at 3.00% are lower than online competitors, the convenience of branch access and comprehensive product offerings may offset this for many customers.

Related Resources

How to Open a Savings Account
What Is a CD?
Compare Savings Accounts by State
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Frequently Asked Questions

Is Varo a good bank?

Varo has a rating of 3.8/5 on our scale. No monthly fees. However, very limited product range. Whether it is right for you depends on your specific banking needs and priorities.

What is the savings account APY at Varo?

Varo currently offers a savings APY of 3.00%. Online banks may offer higher rates, though Varo provides other benefits like branch access. Rates are subject to change. Verify current rates directly with Varo.

Does Varo charge monthly fees?

Varo offers checking accounts with no monthly maintenance fee.

What products does Varo offer?

Varo offers Checking Accounts, Savings Accounts. As an online-only bank, all services are available through their website and mobile app.

Where is Varo headquartered?

Varo is headquartered in San Francisco, CA. Founded in 2015, Varo Bank, N.A. has grown to manage $1 billion in total assets. It operates exclusively online with no physical branch locations.