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Varo in San Francisco, CA
First consumer fintech to receive a national bank charter. Fee-free checking, up to 5% APY savings, cash advances up to $250, no credit check. FDIC insured directly.
Data compiled from public sources · Rating from CreditDoc methodology
From Free/mo
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Varo Review
Varo Bank is a San Francisco-based digital bank founded in 2015 that made history in 2020 by becoming the first consumer fintech to receive a national bank charter from the OCC. Unlike Chime and Dave which partner with traditional banks, Varo IS a bank — your deposits are directly FDIC insured. Varo Checking: Fee-free with no minimum balance, early direct deposit (up to 2 days), and a Visa debit card.
No overdraft fees. Varo Advance: Cash advances from $20 to $250 with no interest. Available instantly to your Varo account.
Repaid automatically from your next deposit. No credit check required. Eligibility increases with consistent direct deposit history.
00% APY on balances up to $5,000 (requires qualifying direct deposit), one of the highest savings rates available. No minimum balance, no monthly fees. Varo Believe: A secured credit card that helps you build credit.
Load money, spend it, and Varo reports to all three bureaus. No credit check, no interest, no annual fee — similar to Chime's Credit Builder. Varo is particularly well-suited for people who've been denied by traditional banks.
There's no ChexSystems check, no minimum balance, and no monthly fees. The combination of fee-free banking, cash advances, high-yield savings, and credit building makes it a comprehensive financial platform for underserved consumers.
Services & Features
Cash advances up to $250 (no interest)
Early direct deposit
FDIC insured directly
Fee-free checking account
High-yield savings (up to 5% APY)
No credit check
Reports to all 3 credit bureaus
Varo Believe secured credit card
Feature Checklist
Mobile App
Online Portal
Score Tracking
Credit Education
Personal Advisor
Identity Theft Protection
Pricing Plans
Free
Free /mo
- Fee-free checking
- Varo Advance up to $250
- Up to 5% APY savings
- Early direct deposit (2 days)
- Varo Believe credit builder card
- No credit check
- FDIC insured (direct)
- No ChexSystems check
Pros & Cons
Pros
- Actual bank (national charter) — FDIC insured directly
- Up to 5% APY savings rate
- Cash advances up to $250, no interest
- Credit builder card reports to all 3 bureaus
- No ChexSystems check — true second chance banking
- Completely free — no fees
Cons
- No physical branches
- 5% APY requires qualifying direct deposit
- Cash advances start small, grow with history
- Relatively new as a chartered bank (2020)
- App-only experience may not suit everyone
Rating Breakdown
Value 2.0
Effectiveness 1.5
Customer Service 2.5
Transparency 2.3
Ease of Use 4.4
Frequently Asked Questions
Is Varo legitimate?
Yes. Varo is a registered company, headquartered in San Francisco, CA, founded in 2015.
How much does Varo cost?
Varo plans start at Free per month with no setup fee. No money-back guarantee is offered.
How long does Varo take to show results?
Results vary by service type.
Quick Facts
- Founded
- 2015
- Headquarters
- San Francisco, CA
- BBB Accredited
- No
- Starting Price
- Free/mo
- Setup Fee
- None
- Money-Back Guarantee
- No
CreditDoc Diagnosis
Doctor's Verdict on Varo
Ideal for Consumers looking for financial services. Strength: Actual bank (national charter) — FDIC insured directly. Watch out for: No physical branches.
Best For
- Consumers looking for financial services
Updated 2026-04-29
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