Varo savings account

Would you like to explore all the features of the Varo savings account? Responsible Economy has thoroughly examined the fees, requirements, yields, and all the conditions that Varo offers in its savings account. We’ve also prepared a comparison with the best savings accounts available in the United States, along with an informative video.

Informative video

We’ve created a video that provides a simple and easy-to-understand summary of all the features of the Varo savings account. If you enjoy our content, we invite you to subscribe to our channel for daily videos:

Key Features

In this section, you’ll find a comprehensive overview of the key features of the Varo savings account.

Interest rate

Varo offers an interest rate of 5% APY, but it applies only up to $5,000. Once you reach $5,000, the interest rate drops to 3% APY.

Varo savings account rates

Fees

Understanding the fees is crucial, as they can impact your returns. Varo provides an online savings account with no opening fees or monthly maintenance fees.

Minimum deposit

There’s no requirement to make a minimum deposit when opening the savings account.

ATMs

Please note that Varo does not have ATMs or physical branches in the United States.

Deposit funds

You can deposit funds into the Varo savings account through bank transfers or by mailing a check.

Withdrawls

To withdraw money, you need to initiate a bank transfer from your Varo account to your desired account.

Best savings accounts 2023

We’ve conducted a comparison between the Varo savings account and the best savings accounts available in the United States in 2023. We highlight the key characteristics of each savings account:

CIT Bank Logo
  • 4.05% APY
  • Minimum deposit: $100
  • No welcome bonus
  • Member FDIC
Marcus by Goldman Sachs
  • 4.30% APY
  • Minimum deposit: $0
  • Welcome bonus: $100
  • Member FDIC
synchrony-bank-logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo Sofi
  • 4.50% APY
  • Minimum deposit: $0
  • Welcome bonus: $250
  • Member FDIC
Barclays Logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo capital One CDs
  • 4.30% APY
  • Minimum deposit: $0
  • Member FDIC
  • No welcome bonus
Discover logo
  • 4.30 APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC

Video with the best savings accounts

Additionally, we’ve created a video showcasing the top savings accounts:

Pros and cons

Now that we’ve explored all the features of the Varo savings account and analyzed the main characteristics of the top savings accounts, let’s take a look at a table summarizing all the advantages and disadvantages:

ProsCons
High yieldsNo branches in the United States
No fees5% APY up to $5,000
No minimum balance
Pros and cons Varo savings account

Requirements

Opening a Varo savings account is a straightforward process. You simply need to meet the following requirements:

  • Must be at least 18 years old.
  • Live in the United States.
  • Have an American phone.

Documentation

They may also ask you for the following documentation:

  1. Certified copy of an identity document (for each applicant): in most cases, this will be your current, valid passport, although some other types of ID are acceptable.
  2. Certified copy or original proof of address (for each applicant): your proof of address will normally be a bank or building society statement or a utility bill.
  3. Your signed Client Agreement.

Frequent questions

Here we answer all the questions you may have:

Conclusions and opinions

Based on the review, we believe that Varo provides one of the top savings accounts in the United States. The reasons are clear: you can enjoy a remarkably high-interest rate, zero commissions, and no minimum deposit requirements. However, it’s worth noting that Varo lacks branches or ATMs.

More information about Varo

Here you can find more information about Varo:

InformationDescription
Websitehttps://www.varomoney.com/
Facebookhttps://www.facebook.com/varomoney/
Twitterhttps://twitter.com/varobank
YouTubehttps://www.youtube.com/varomoney
Interest information about Varo

Finally you have a related content about savings account:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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