Is Varo Bank FDIC insured? You bet! All money in your Varo Bank Account and your Varo Savings Account is FDIC insured up to $250,000. Related articles What happens if I have a transaction (a charge or a credit) come through on my old Varo account? What’s the difference between Varo and Varo Bank? Aren’t you already a bank? How do I find my routing number and account number? Will I need to update my direct deposit information? Where do I download the new Varo Bank app?