Varo is a fintech brand that offers digital banking services through its mobile app. It provides banking solutions designed to help customers save money, manage their finances, and improve their financial health.
Varo was founded in 2015 as a mobile banking startup.
In 2017, Varo received preliminary approval for a national bank charter from the Office of the Comptroller of the Currency (OCC).
In 2018, Varo became the first company to receive approval for a national bank charter from the OCC.
In 2020, Varo Bank officially launched as the first all-digital nationally chartered bank in the United States, offering a range of banking services through its mobile app.
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A digital bank account that offers no monthly fees, early direct deposit, and access to a range of financial tools and features.
An online savings account that helps users save money by offering high-yield interest rates and automatic savings tools.
Varo offers personal loans with competitive interest rates, flexible terms, and a simple online application process.
Varo operates entirely through its mobile app, eliminating the need for physical branches. It offers innovative features, such as early direct deposit and automatic savings tools.
Varo Bank is a legitimate bank that is regulated by the OCC. It uses industry-standard security measures to protect customer information and accounts.
Varo does not accept cash deposits. You can deposit funds into your Varo account through direct deposit, mobile check deposit, or bank transfers.
Varo Bank has no monthly fees, minimum balance requirements, or foreign transaction fees. However, some fees may apply for specific services, such as overdrafts and expedited card replacement.
Varo Bank considers applicants with a range of credit scores. While approval is not guaranteed, having bad credit does not automatically disqualify you from opening an account or applying for a loan.