Varo Bank Reviews
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About Varo Bank
This profile has not been claimed by the company. See reviews below to learn more or submit your own review.
Varo is a self-described “digital consumer bank” with features such as no minimum balances, no monthly fees, branchless banking, automatic savings tools and a secured credit card. You can access your cash at more than 55,000 Allpoint ATMs. Sign up and manage your account on Varo Bank’s website or using its app. Deposits with Varo Bank are insured up to $250,000 with Federal Deposit Insurance Corporation.
- Cash back on debit and credit card
- Early access to direct deposit funds
- Up to 3% APY on savings
- Advances up to $100 with no interest
- Customer service not available 24/7
- No in-person services
What is Varo Bank?
Varo Bank is a fintech company that offers 100% mobile banking services, including checking accounts, savings accounts, the Varo Believe secured credit card, cash advances with no interest and automatic savings tools. Varo doesn’t charge monthly or overdraft fees. Its stated goal is to provide banking solutions that work for everyone and more ways to control your money.
Varo Bank is chartered and regulated as a national bank by the Office of the Comptroller of the Currency as of 2020, according to the company. Deposits are insured by the FDIC up to $250,000 per depositor.
How does Varo work?
Varo is a simple banking system to sign up for and use. To start, you can download the app, click on “Sign Up” and follow the instructions. You can also use the Varo website. You need a form of personal ID and your Social Security number. There is no credit check when you sign up for a bank account.
After approval, you should receive your Visa debit card in six to nine business days. You can deposit money into your account via direct deposit; transfer from an external bank account or digital wallet; mobile deposit of a paper check; cash deposit at checkout with various retailers; or using a Green Dot MoneyPak.
To withdraw cash with no fee, you can visit Allpoint ATMs, which are located in places such as CVS, Walgreens and Target.
With Varo, you can also apply for a savings account with an annual percentage yield of 3% if you meet certain requirements; otherwise, the APY is 0.5%. Varo’s other products and features include the following:
- Varo Believe secured credit card
- Varo Advance cash advance up to $100
- Early access to direct deposit funds (up to two days earlier)
- Cash back for using your debit or credit card
- Save Your Pay and Save Your Change savings tools
- Free Varo-to-Varo cash transfers
Varo products
Varo’s products start with its checking account, which you get when you first sign up, but it has several other offerings:
- Bank account: The Varo checking account has no minimum balance, no monthly fees and no foreign transaction fees. The debit card is contactless, and you won’t be held liable for unauthorized charges. You can send money to other Varo customers instantly and free. You also have access to direct deposits up to two days early.
- Savings account: The Varo savings account has a starting APY of 0.5%, but you can qualify for a 3% APY if you get direct deposits of at least $1,000 per month, don’t have a negative balance in your checking or savings accounts during the month and keep your savings balance at $5,000 or less for the entire month. The optional Save Your Pay tool lets you transfer a percentage of your direct deposits to your savings account. There's also Save Your Change, which rounds up your transactions to the nearest dollar and adds the difference to your savings.
- Varo Believe: This secured credit card helps you build your credit. It has no annual fee, no APR and no minimum security deposit. Add money to your account and make purchases, then pay your balance when it’s due. You can see your credit score in the Varo app. To qualify, you need $1,000 or more in qualifying direct deposits and an active Varo bank account without a negative balance and with no overdue advance. Varo reports payment history to the three major credit bureaus.
- Varo Advance: Get a cash advance of as much as $100 with no interest. There is a small fee with advances of $50, $75 and $100. You have 30 days to pay back the advance in as many payments as necessary. There are several qualifications, such as having a bank account that's at least 30 days old.
Varo fees
One of Varo’s biggest selling points is the lack of fees. There are no monthly maintenance fees or overdraft fees. There are some fees to be aware of, though.
Varo checking account fees include:
- $2.50 per transaction for out-of-network ATM withdrawals
- Up to $5.95 for cash deposits via third-party money transfers
- $2.50 per transaction for over-the-counter cash withdrawals
Varo Believe fees include:
- $15 for late payments
- $2.50 per transaction for out-of-network ATM withdrawals
Varo Advance fees include:
- $3 for a $50 advance
- $4 for a $75 advance
- $5 for a $100 advance
Varo FAQ
Is Varo a real bank?
Yes, Varo Bank is real. As of publishing, Varo is listed as a national bank chartered and regulated by the OCC.
Is Varo a prepaid card?
The Varo Bank Visa debit card is not a prepaid card. The company does offer a secured credit card called Varo Believe; the Varo Believe Secured Account acts as a security for your spending.
Where can I load a Varo debit card?
You can deposit cash in your Varo checking account at participating Green Dot locations. These include retailers such as:
- 7-Eleven
- Albertsons
- CVS
- Dollar General
- Dollar Tree
- Family Dollar
- Rite Aid
- Safeway
- Walgreens
- Walmart
Is Varo FDIC-insured?
Yes, Varo is FDIC-insured. Deposits are insured up to $250,000.
Is Varo safe?
Varo is safe to use. Your money is FDIC-insured, and your personal information is protected with industry-standard encryption.
Is Varo Bank legit?
Varo Bank is a legitimate banking option for those who are looking for a fully online service. The bank is chartered and regulated by the OCC, and it’s FDIC-insured. There are many benefits, such as the low number of fees, early access to direct deposit funds and high yields on savings accounts. Just keep in mind that you won’t be able to visit a branch, and customer service isn't available 24/7.
Varo Bank Reviews
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- 4,809,857 reviews on ConsumerAffairs are verified.
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Reviewed Jan. 7, 2026
I recently did a mobile deposit my second one ever. The first went smooth, but the second one is still in limbo. I had a issue with my electric company double charging me and they ask If Varo could reach out. I ask varo. They said absolutely not. They wouldn't help. I was extremely frustrated and told the person I was speaking with that well moving forward to this second check deposit. Well now I've been waiting for 7 days already and the money was sent from the issuing bank like 2 days after my check was accepted. So I honestly think it's so kind of retaliation for being cross with them. So varo bank isn't helpful and they even hung up on me.
Reviewed Jan. 3, 2026
I first tried to apply for my non-profit organization as we have about $15k that we wanted to earn better interest on, but the application was denied. Then I tried to apply for a personal account because I have 30K I keep in ready cash that I wanted better interest on, and that application was rejected as well. They didn't give me a reason, but after reading these reviews I am glad I didn't risk placing any money with them.
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Reviewed Dec. 30, 2025
The worst ever. They are horrible business people. They lie, deny you access to your accounts, they allow fraudulent charges, their security is awful. They call themselves a bank that is laughable! I have never been treated so poorly by anyone in the customer Service field than I have been each and every time I deal with Varo! They are a scam! They hold money, they don't live up to what they say they do, in essence they suck!
Reviewed Dec. 9, 2025
Varo Bank is a rip off and refuse to fix issues. There is no way to contact and talk to a real person. My account was hacked. Money was moved out of my account to bogus products and emails. I followed their directions and creating an email specific to account and not tied to nothing else along with a new email. Less than a week later it was hacked into again. Transferring out all my funds. Taking an advance out and moved it out.
By the time I could talk to a human and have the info they requested I had 3 checks direct deposited that I lost also. They refused to put a freeze on the account preventing further hacking. They were not forthcoming, right or cooperative in finding the leak. Instead they kept my paychecks to cover an advance not made by me and closed the account. From there they refused to investigate any further or returning my funds stolen. I honestly feel it was an inside theft. How else would my account only email and password be known. I would not recommend this bank under no circumstances if you want your funds to be safe.
Reviewed Dec. 8, 2025
I have been a Varo customer since 2021 and they have deleted my account history, lied to me repeatedly. They will hold funds for ** amounts of time. DO NOT BANK HERE! They are scammers of the highest mark!
Reviewed Dec. 5, 2025
Well it started when I got an email from my bank which is Varo and then a phone call and then I felt like that wasn't right so the next morning I called them and told him what happened and they said well we never contacted you so they froze my account. That was November 19th. It is now December 5th. I have got no answer yet. I have two paychecks that were deposited that I cannot touch. How many families can go almost 3 weeks with no money and I still have not heard from the fraud department. They keep telling me we'll send you an email. Well how can I trust the emails? I got an email of the 18th and it evidently wasn't them. I sent them my passport picture, me holding the passport, my paycheck stub, identification and it's still not resolved. I think they suck
Reviewed Nov. 10, 2025
THE WORST BANK. Put your money somewhere else. You cannot retrieve your funds without EXTREME DIFFICULTY and a LOT OF TIME. VARO makes it almost impossible to retrieve your funds, and there is no customer service, only inadequate programmed Chats.
Reviewed Nov. 4, 2025
I had a credit line of $600. The payment installments are in into three months. I paid one month early and then the next month decided to pay it off when I went to access my credit line. It went down to zero when I’ve been with them for almost 5 years and I also had an income increase. Things are truly expensive right now and they put me in a really tough place with no reason. I think that they are going through financial issues and not taking it out on customers that are very loyal. Just be careful. I wouldn’t want that to happen to anyone else.
Reviewed Aug. 27, 2025
I’ve had multiple issues with fraudulent charges on my Varo account, and every time it has been a frustrating experience. Instead of real customer support, you’re forced to go through a chatbot that never solves the problem. When I’ve tried to escalate, the dispute department is unhelpful and provides no real resolution. It feels impossible to get proper assistance or accountability. A bank should protect its customers, especially in cases of fraud, but Varo has consistently failed me.
Reviewed July 28, 2025
I have been with Varo since its inception. When I had any issues, i.e. ATM stated I received a withdrawal but actually didn't, Varo investigated and resolved expeditiously. This was truly appreciated, since I was on vacation and needed the money that was subtracted but not in my pocket.. High yield savings, quick transfers, consistent alerts of transactions, cashback opportunities, borrowing money with monthly or yearly pay back. FDIC insured online bank.
Varo Bank Company Information
- Company Name:
- Varo Bank
- Website:
- www.varomoney.com