Varo
Verified working Sep 20, 2026
Mobile-first banking with savings, credit-building, and small loans.
Varo is a U.S. online bank offering checking, savings, debit card access, credit-building tools, and short-term borrowing through its mobile app. Its account features emphasize avoiding common banking fees, accessing direct deposits early, earning savings interest, and using eligible cash advances or lines of credit when needed.
Why it stands out
- Operates as Varo Bank, N.A., an FDIC-insured bank with its own charter rather than only a banking partner arrangement.
- Combines banking, savings, credit-building, and small-dollar borrowing in the same mobile account.
- Offers fee-free cash deposits through thousands of CVS locations, which is uncommon for branchless banks.
- High advertised savings APY is paired with automated savings tools rather than being a standalone account only.
Good to know
- Cash advances and lines of credit require eligibility or approval and may include flat fees.
- The highest advertised savings APY applies only to qualifying customers and only up to a stated balance cap; remaining balances earn a lower rate.
- Service is U.S.-oriented, with FDIC insurance, CVS cash deposits, and U.S. banking disclosures.
- Branchless banking may not suit users who need in-person teller service.
Photos
People who want app-based everyday banking can combine checking, savings, debit spending, and credit-building in one account. Set up direct deposit to receive eligible paychecks before the scheduled payday. Use auto-savings tools and a high-yield savings account to separate and grow emergency funds. Track credit and use a secured-style credit builder card for routine purchases. Find short-term borrowing options for unexpected expenses, subject to approval and fees.
Online bank account, high-yield savings, Visa debit card, Zelle support in the app, early direct deposit, cashback offers, ATM access, fee-free cash deposits at CVS locations, credit score tracking, Varo Believe credit-builder card, cash advances, and personal line of credit options.
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