Varo Money – Online Banking With No Fees
Varo is an American mobile only bank based in San Francisco. It helps users get a more complete look into their finances. It offers both checking and savings accounts, which can be accessed through their fully transparent app.
Varo provides no fee checking and savings accounts as well as no overdraft fees. It also provides tools to help budget and keep track of spending as well as free ATM withdrawals through its Allpoint partnership.
Furthermore, the app gives users insights into spending habits and even allows for instant money transfers. There isn’t a minimum balance required to receive a Varo debit card, and there are zero fees for overdrafts, foreign transactions or transfers.
First, as the first fintech in the country to become a nationally chartered bank, Varo is empowering people to achieve financial resilience. As a result, the company takes a Silicon Valley approach to fintech and banking with a mission to “redefine banking so it’s easy for everyone to make smart choices with their money.” Secondly, Varo offers customers no-cost premium bank accounts and high-interest savings accounts. Varo is different from existing big banks in having no hidden fees.
Highlights of what Varo offers customers:
- Fee-free banking: no monthly maintenance fees and no foreign transaction or ATM withdrawal fees
- Savings accounts with 1.50% Annual Percentage Yield with no minimum balance requirement
- Automated savings tools and customizable in-app spend tracking and financial goal-setting
- Personal loans of up to $25,000 (offered by Varo Money under state licenses)
- A single view of financial accounts (at Varo and elsewhere) in one place
- Live customer service (seven days a week)