The bank doesnt offer small business banking, traditional credit cards, loans or investing.
So its not a great fit if youre looking for a comprehensive financial institution.
Varo Accounts
Varos checking or spending account is called the Varo Bank Account.
Its the first stop if you want to be a Varo member and access any of its financial products.
You have access to the savings account once you initiate the checking.
Varo Bank Account
Varos checking account is pretty standard among online checking accounts.
Varo doesnt provide overdraft protection.
That means transactions will be denied if theyd take your account negative it also means no overdraft fees.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Perks deals are limited to select merchants, and youll see which deals are available through the Varo app.
Rewards are automatically deposited into your Bank Account when the amount reaches $5.
Did you know?
Once you repay an advance, you could be eligible for another.
Believe
Varo Believe is a credit builder credit card available only to Varo Bank customers.
The secured credit card comes with no minimum security deposit, no annual fee and no interest.
When you initiate the card, youll get a Varo Believe account that works like a debit account.
Youll deposit any amount you want into the account, and that becomes your cards credit limit.
Late payments could be reflected on your credit report and lose you the ability to use the card.
Varo Bank Fees
Like most online bank accounts, Varo cuts fees wherever possible.
you might withdraw or deposit cash into your Varo Bank Account at Green Dot locations.
you might also send an email or chat on the app if youd rather avoid the phone.
Varos customer service is available via chat, phone or email.
However, its not the right alternative for everyone.
Our pros and cons might help you decide if Varo is the right bank for you.
Neither charges monthly fees.
Varos 5.00% APY is far and above almost all competitors, including Chimes 2.00%.
Information from former Penny Hoarder contributor Jamie Cattanach is included in this report.
It sounds appealing right?
Check it out here!
