Varo is now Varo Bank, N.A. Member FDIC; the first all-digital consumer bank in the country! Until now, we’ve been partnering with The Bancorp Bank; Member FDIC to provide bank accounts.
As Varo Bank, N.A. we’ll provide the accounts and hold your deposits ourselves — deposits are insured up to $250,000 by the FDIC. We’ll continue to offer you the same great services and benefits, plus so much more, like enhanced security, cash advance, and credit building.
If you’re a customer making the move from Varo to Varo Bank, we’ll give you the time and tools you need to make sure there are no interruptions to your direct deposit or debit card.
What stays the same:
- You’ll always have access to your money and direct deposit
- No minimum balances
- No monthly or hidden fees
- Early direct deposit*
- 55,000+ fee-free Allpoint® ATMs** at places you already shop, like Target, Walgreens, and CVS
- High-yield savings accounts
- Tools to help you build up your savings automatically, like Save Your Change and Save Your Pay
- Friendly, Utah-based Customer Service available 7 days a week (except federal holidays)
- The safety and security of branchless banking
What will be new:
- The Varo Bank app
- Your Varo Bank debit card with contactless payment so you can safely and conveniently tap to pay
- Your account number and routing number — we’ll close your existing bank account when it’s time
- You’ll be the first to hear about new products down the road
- You’ll have more flexibility moving money into and out of savings
- You’ll be able to do more of your banking on our website, outside of just the app
*Early access to direct deposit funds depends on timing of the payer’s submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer’s scheduled payment date.
**There is no fee to withdraw money from any Allpoint® ATM. There is a $2.50 ATM cash withdrawal fee assessed by Varo Bank for all non-Allpoint® ATM transactions (out of network transactions). The ATM operator may charge an additional fee.