The Best Interest Rates on Savings Accounts: Varo Bank

The Best Interest Rates on Savings Accounts: Varo Bank

Varo Bank is a standout among online banks. It offers a simple, hassle-free, easy-to-use, and relatively inexpensive platform. Paired with low fees, broad capabilities, and no complicated advertising gimmicks, it’s the perfect complement for anyone who doesn’t want to overspend on their financial service providers.

Varo Bank Overview

Varo Bank offers a unique interface that’s easy to use. You can use your keyboard or mouse to navigate the site. The platform is also optimized for mobile devices, so you can easily transition from the online experience to an on-the-go one.

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With Varo Bank, you don’t have to worry about paying a monthly fee if your account balance is $0, but if you run low, it could cost as much as .01 percent of your account balance. They also offer additional checking accounts for personal and business expenses.

If you’re willing to stick with Varo Bank for a little while, consider opening your account with one of their corresponding credit cards. Varo Bank secures these cards, but they’ve been upgraded to the new Visa Signature card that offers the same benefits as Visa Signature (including travel accident insurance and concierge service) but won’t cost you a penny in fees.

Varo Bank is also one of the few banks with a concierge service. If you have any financial questions or issues, you can contact a member of Varo Bank’s team of professionals, and they will be able to help you out.

Varo Bank Features

Varo Bank Features

The features at Varo Bank are designed to keep you comfortable so that you can relax and let them handle your money.

1. Varo Savings Account

Like most banks, Varo Bank offers a savings account. This account is specifically designed to help you save and make your funds available when you need them without fees. Your interest rates will drop if you don’t have enough money in your account. Depending on your deposit balance, you will earn 1.20% to 5.00% APY.

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2. Varo Checking Account

Varo Bank’s checking account is designed to keep you in control of your money. The fee schedule is not too bad either. There are no monthly fees, and the balance thresholds are low enough so that you don’t have to worry about fees for every transaction you make.

The bank also offers overdraft protection that lets you know when your account balance is too low so that you can deposit more money into it and avoid fees after the transaction has occurred.

3. Varo Bank Credit Cards

Varo Bank offers a Visa and Mastercard for customers to use with their accounts. This Bank gives you three options when it comes to managing your money. You can take advantage of their savings features, manage your spending with a checking account or pay bills in full monthly with a credit card.

Other Varo Products


Varo Bank also offers an assortment of perks to those who are enrolled in their company’s Perks rewards program. These perks include discounts for specific financial products, exclusive offers for traveling and entertainment, and exclusive access to special events.

Varo Bank is one of the few banks that offer a way to make advances on your credit card purchases safely. Varo Bank will only advance funds if you have enough money in your account, so you won’t need to pay any fees. You’ll also have access to a concierge service if you need any help when it comes to managing your money.



Benefits of Varo Bank

Varo Bank offers a few benefits that make it worthwhile to sign up. If you tend to pay your bills on time every month and have good credit, these perks may be perfect for you.

1. No Monthly Fee

No matter what your bank account balance is, Varo Bank won’t charge you any fees. Your interest will be based on your high-yield savings account, and you can use your checking account without worrying about any hidden fees or charges.

2. Free Money Transfers

Varo Bank offers free money transfers both in the United States and internationally. You can easily send it to other banks, pay bills and even make purchases if you’re traveling outside of the country. It makes it easy to manage your money when you’re on the go.

3. High-Interest Rates

Varo Bank will offer a high-interest rate of 0.50% to 3.00%, depending on your balance. While these are not the highest interest rates that you can find, they are the best that you can find among online banks today.

4. No Minimum Deposits

With Varo Bank, there are no minimum deposits. It is good news if you prefer small financial transactions and don’t have much money to deposit monthly. You can deposit as much or as little as you want without worrying about fees.

5. Early Direct Deposits

Varo Bank will let you have the money that you need before your direct deposit is scheduled to be released from your employer. You can get this advance if you have an active Varo checking account and an up-to-date payment history.

Early Direct Deposits

Who Should Use Varo Bank?

Varo Bank isn’t perfect, but it’s undoubtedly a company that you should consider if you want the best banks to use. It is because the investment-based banking that they provide comes with low fees and reasonable interest rates. If you want to maximize your earnings while saving a little bit of money every month, then Varo Bank is a good option for you.


Varo Bank offers several high-yield savings accounts that are secured by Varo Bank’s reputation. You will not only be able to save a lot of money, but you’ll also earn a lot of interest on these funds. It is excellent news for people with limited funds who need extra money for home repairs or vacations.

The Varo checking account offers excellent features that make it easy to manage your money without fees or fine print. If you have good credit and don’t mind paying a little interest on your paychecks each month, then Varo Bank might be a perfect choice.

author avatar
Michael Solomich

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