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? Will I need to update my direct deposit information? How do I find my routing number and account number? What about the bills and subscriptions I pay for automatically on my debit card?