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Varo Savings Account Review: One of the Highest Rates You'll Find

Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

The Varo Savings account offers one of the highest APYs we've seen, regardless of bank type. Read our in-depth Varo Savings Account review to learn more about the account and whether it is right for you.

Rates as of Sept. 22, 2022

Varo Savings

Member, FDIC
Rating image, 4.50 out of 5 stars.
Info Icon Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.50/5
APY
Up to 5.00%
Min. To Earn APY
$1.21-$5.12
  • High savings account APY 
  • No monthly fees
  • Multiple deposit options
  • FDIC insurance 
  • Automatic savings tools
  • No single account option

Full Varo Savings Account review

There are many reasons to love the Varo Savings Account, but it's not for everyone. Here are the reasons you might want to open a Varo Savings Account -- and some reasons it might not be the best fit.

Top perks

High APY: A savings account with Varo comes with two interest tiers. You'll earn 1.20% APY when qualifying conditions are not met or when balances are above $5,000. Varo's highest tier pays out an astounding 5.00% APY. As with any higher-than-average APY, there are some catches:

  • You need to have at least $1,000 in direct deposits
  • Your balance must be equal to or above $0 throughout the month
  • Your daily balance can't exceed $5,000

No fees or balance requirements: The Varo Savings Account has no monthly maintenance fees, overdraft fees, or minimum balance requirements. There is a minimum balance requirement to earn interest.

Automated savings: Varo offers two tools to automate your savings:

  • Save Your Pay allows you to automatically transfer a percentage of your Varo Bank Account direct deposits to savings.
  • Save Your Change rounds all your transactions up to the next dollar and transfers the change to your savings account.

FDIC insured: Just like a traditional bank, Varo includes FDIC insurance. Your funds are protected, up to $250,000 per depositor, per institution.

What could be improved

No single account option: You can't open just a savings account. You must first open a Varo Bank Account, then pair it with a Varo Savings Account.

How to access your money

Varo doesn't have physical branch locations, but it still gives you options for depositing and withdrawing funds online.

Deposit options

You can deposit money to your Varo Savings Account using one of these methods:

  • Mobile transfer
  • Online transfer
  • Mobile check deposit
  • Direct deposit
  • In person at Green Dot Network locations

Withdrawal options

Withdrawal options for your Varo Savings Account include:

  • Mobile transfer
  • Online transfer

If you want to withdraw cash from your Varo Savings Account, you'll first need to transfer the funds to an external bank account or your Varo Bank Account. Then you can withdraw cash at an ATM or bank branch.

Alternatives to consider

The Varo Savings Account is an excellent option, especially for those trying to earn the highest APY possible. But that doesn't mean it's the best choice for everyone. Here are a few other top online savings account options that also come with a high interest rate and no monthly maintenance fees.

Rates as of Sept. 22, 2022
Offer
 
 
 
Account
Rating
Rating image, 4.50 out of 5 stars.
Info Icon Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.50/5
Rating image, 4.00 out of 5 stars.
Info Icon Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
Rating image, 4.25 out of 5 stars.
Info Icon Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.25/5
APY Up to 5.00% 2.00% 2.05%
Min. to earn APY $1.21-$5.12 $0 $100
Next Steps

The Varo Savings Account is right for you if:

People who want a checking and savings account at the same online bank will love the earning potential that comes with a Varo Savings Account. Even if you don't meet the requirements to earn the highest APY tier, you'll still earn a competitive rate.

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