Varo Bank Account review

Varo Bank Account is a phone-first bank account with no monthly fees, no overdraft fees, no minimum balance fees and no in-network ATM fees, according to Varo. Varo is itself a chartered bank, and deposits are FDIC insured up to $250,000. Everyday features cover the basics for switchers: pay up to 2 days early with direct deposit, over 40,000 fee-free Allpoint ATMs, and free cash deposits at over 7,000 CVS locations. The linked savings account pays up to 3.75% APY on up to $5,000 for those who qualify and 1.00% APY on the rest, and the same app offers a Credit Builder card and cash advances. The costs show up outside the network: Varo charges $3.50 for out-of-network and international ATM withdrawals, and some optional services carry fees. It suits people with modest balances who want a simple app and free cash deposits.

Who it is for

People who want a simple app bank with free cash deposits

Price

$0 monthly fees, no overdraft or minimum balance fees.

No monthly fees No overdraft fees
Quoted from the vendor pricing page on November 12, 2026.

Key features

• No monthly, overdraft, minimum balance or in-network ATM fees
• Over 40,000 fee-free Allpoint ATMs
• Free cash deposits at over 7,000 CVS locations
• Paycheck up to 2 days early with direct deposit
• Savings up to 3.75% APY on up to $5,000 for those who qualify, 1.00% on the rest

Strengths and weaknesses

• Strength: Varo Bank is a bank itself, FDIC insured up to $250,000
• Strength: Free cash deposits at CVS
• Strength: Credit Builder card and cash advances in the same app
• Weakness: $3.50 fee for out-of-network and international ATM withdrawals
• Weakness: The 3.75% savings rate covers only the first $5,000 and needs qualifying
• Weakness: Fees apply to some optional services

Key facts

• Monthly fee: $0
• Fee-free ATMs: 40,000+
• Out-of-network ATM fee: $3.50
• Savings APY: Up to 3.75% on up to $5,000

Where it ranks

Varo Bank Account is No. 8 in our Best Online Banks verdict.