Varo Bank
#8 in Online Bank · Rated 3.9
U.S. nationally chartered neobank with high APY savings and P2P features
Varo Bank is the U.S.’s first nationally chartered consumer tech bank, launched in 2017 and headquartered in Salt Lake City after a 2020 relocation. It combines no‑fee checking and high‑yield savings with modern features like early direct deposits and a cash‑back ecosystem. Varo’s platform emphasizes accessibility, FDIC insurance via national charter, and simple personal finance tools. In 2024–25 it expanded product lines such as Varo Advance line of credit and “Var o to Anyone” P2P payments, while continuing to compete on low fees and intuitive mobile UX. Regulatory and licensing dynamics in the U.S. remain a factor for growth, especially around consumer lending products.
Features
- No monthly fees on basic accounts
- High‑yield savings (APY varies by promo and balance)
- Early direct deposits and P2P transfers
- Varo Believe secured card (credit building)
- Var o to Anyone instant payments
Pros
- Strong regulatory backing and FDIC safety
- Competitive savings rates for a fintech
- Simple, transparent fees
Cons
- Some offers/durations depend on regional promos
- Credit products vary by state
- Smaller ecosystem vs bigger US neobanks