Is Varo a real bank account?
Answer: Varo Bank is an FDIC-insured, online-only bank that provides services online or via mobile app, with zero physical branches. Varo has limited account options, but the current options boast savings accounts with competitive APYs with zero fees or minimum balances.
Is Varo better than Chime?
Chime offers no-frills accounts that come with features that simplify money management and savings. In contrast, Varo offers free checking accounts without a minimum account balance. It also offers a high-yield savings account and no banking fees.
Can I send Cash App to Varo?
Yes, from digital wallets like Cash App, PayPal, Venmo and Square, or companies like Uber and Lyft.
What is the minimum balance for Varo?
The Varo Savings Account does not charge monthly maintenance fees. There is no minimum balance requirement to open either account. Once a Varo Bank account holder qualifies for Varo® Advance, a small dollar cash advance line of credit, there is no fee for a cash advance of $20.