Varo

Start banking better today.

Freemium

Description

Varo is a modern online bank designed for individuals looking to manage their finances without unnecessary fees. Users benefit from features such as quick cash advances, personal lines of credit, automatic cashback, early access to paychecks, and fee-free cash deposits at thousands of locations nationwide.

With high-yield savings, free credit score tracking, and the innovative Varo Believe Credit Builder Card, Varo makes it easier to build and maintain healthy financial habits while keeping money secure and accessible anytime via a mobile app. Deposits are FDIC insured up to $250,000 for added peace of mind.

Key Features

No Hidden Fees: No overdraft, in-network ATM, or minimum balance fees on accounts
Cash Advance: Access up to $250 instantly with no interest and flat fees, growing to $500 with direct deposit
Personal Line of Credit: Borrow up to $2,000 with no subscription or late fees and affordable monthly payments
Automatic Cashback: Earn 3% or more automatically at over 10,000 merchants, no signup required
Early Payday: Receive direct deposits up to two days early
High-Yield Savings: Up to 5.00% APY on the first $5,000 and 2.50% APY thereafter for qualified users
Build Credit: Free credit score tracking and the Varo Believe Visa Credit Card for easy and effective credit building
Fee-Free Cash Deposit: Deposit cash at over 7,500 CVS locations nationwide without fees
FDIC Insurance: All deposits insured up to $250,000

Use Cases

Accessing quick cash advances for emergencies
Receiving paychecks up to two days early
Earning cashback on routine purchases
Growing savings with a high-yield interest rate
Building or improving credit scores
Managing money with transparent and no hidden fees
Making fee-free cash deposits at retail locations

Frequently Asked Questions

What is Varo's cash advance and how does it work?

Varo's cash advance allows users to access up to $250 instantly with no interest and flat fees. Limits can increase to $500 with qualifying direct deposits. Users must link a qualifying account and meet eligibility requirements.

How does Varo help build credit?

Varo offers free credit score tracking and the Varo Believe Visa Credit Builder Card, which can help users improve their credit score through responsible use and on-time payments.

What interest rate does Varo pay on savings?

Qualified users can earn up to 5.00% Annual Percentage Yield (APY) on the first $5,000 in savings and 2.50% APY on balances above that amount.

Are there any hidden or overdraft fees with Varo?

Varo does not charge overdraft fees, in-network ATM fees, or minimum balance fees, ensuring transparent banking with no surprise charges.

Where can I deposit cash with Varo?

Cash can be deposited for free at over 7,500 CVS locations nationwide.