For people comfortable banking without branches, this account may suit a mobile-first approach to managing money. Consider how you receive pay and handle cash when deciding whether it fits your routine.
Highlights
No monthly maintenance or account fees
No minimum balance requirement
No overdraft fees
Over 40,000 fee-free U.S. Allpoint ATMs
Free cash deposits at eligible CVS locations
Direct deposits typically available up to 2 days early
Daily cash-flow tracking with categories covering the last two months
Cashback on eligible purchases at select brands and retailers
Cash deposits at CVS
Cash deposits are available at stand-alone CVS locations with a cashier in the U.S., excluding locations inside hospitals, on military bases or in Target. Each transaction must be between $20 and $500. Green Dot provides the service. Depositing cash at other retail locations may involve a fee.
When fees and declined transactions apply
Varo charges $3.50 for cash withdrawals at out-of-network and international ATMs, and third-party ATM fees may also apply. Charges come from the Varo account used for the transaction.
Transactions are declined when funds are insufficient. A negative balance can still occur if a transaction is approved for one amount and the final charge exceeds the available balance. Varo also lists fees for optional services.
Cashback conditions
Cashback applies to specific items or services purchased with a Varo Debit Card or Varo Believe Card at participating brands and retailers. Offer details vary, so check the app’s Cashback tab for current deals and conditions. The maximum cashback you can earn is $750 per calendar month.
About Varo
Varo is a nationally chartered bank regulated by the OCC and a direct FDIC member, with deposits FDIC-insured up to $250,000.
Details come from the provider and are subject to change.