Varo Checking Accounts
Varo offers checking accounts but no paper checks. However, accounts include a debit card, and transactions are conveniently displayed through push notification alerts. Customers can use their account to pay bills and transfer money. Account holders aren’t responsible for fraudulent purchases if they report them immediately.
There are no minimum deposits with checking accounts, but there are spending caps during the first 30 days; customers can only transfer $100 per day and only $100 at a time. Moreover, they can’t transfer more than $200 within the first week or $500 within the first month. After 30 days, spending can’t exceed $2,500 daily and ATM withdrawals are limited to $300 daily.
Varo Saving Accounts
Savings accounts with Varo Bank are similar to traditional banks. Account holders can transfer money from their checking accounts, there are no minimum deposits, and customers can benefit from higher yields. The annual percentage yield, or APY, at Varo Bank is higher than what’s offered by most brick-and-mortar banks.
Customers can benefit from higher APYs if they meet a number of conditions. They must maintain a balance of $50,000 or lower, set up a direct deposit that’s over $1,000 monthly, and use their debit card at least five times a month.