Varo Bank Account review

Varo stands out among app accounts because it is a bank itself. Varo became a nationally chartered bank, so deposits are FDIC-insured up to $250,000 directly with Varo rather than through a partner. The account has no minimum balance, maintenance, overdraft or monthly fees, and direct deposit can bring your paycheck up to 2 days early. You can use 40,000+ fee-free Allpoint ATMs in the US and deposit cash for free at more than 7,000 CVS locations, which helps people who are paid partly in cash. The app breaks spending into categories, and Varo offers personalized cashback and an optional Varo Advance, with approved limits starting at $20 to $250. Fees do apply to optional services: Varo charges $3.50 for cash withdrawals at out-of-network and international ATMs, and third-party ATM fees can be added. There are no branches.

Who it is for

People who want an app-first account held directly at a chartered bank, with free cash deposits.

Price

$0 monthly, minimum balance, maintenance and overdraft fees.

No minimum balance, maintenance, overdraft, or account fees
Quoted from the vendor pricing page on November 9, 2026.

Key features

• No monthly, minimum balance, overdraft or in-network ATM fees
• Paycheck up to 2 days early with direct deposit
• 40,000+ fee-free Allpoint ATMs
• Free cash deposits at over 7,000 CVS locations
• Personalized cashback and optional Varo Advance

Strengths and weaknesses

• Strength: Varo is a nationally chartered bank, so FDIC coverage is direct
• Strength: Free cash deposits at CVS
• Strength: Spending broken down by category in the app
• Weakness: $3.50 for withdrawals at out-of-network and international ATMs
• Weakness: Varo Advance limits start at $20 to $250
• Weakness: No branches

Key facts

• Monthly fee: $0
• Early pay: Up to 2 days
• Fee-free ATMs: 40,000+ Allpoint
• Out-of-network ATM fee: $3.50
• Bank: Varo Bank, N.A., Member FDIC

Where it ranks

Varo Bank Account is No. 7 in our Best Checking Accounts verdict.