Varo Savings Account Review 2024: Automatic Tool To Save Effortlessly

Katie Stiner

Varo offers an easy way to fund your account, and you have the option to use automatic savings tools to take the effort out of saving money.  

Overall rating


Summary: Varo offers a great interest rate at a capped balance of $5,000. Anything above $5,000 will earn a lower rate.

Varo Savings Account

varo logo


Min. To Earn APY


Est. APY



Account Opening




Deposits & Withdrawals




Customer Service


Safe & Secure


  • Easy online application 
  • No monthly maintenance fees 
  • Easy to fund account
  • FDIC-insured


  • No physical branches 
  • Highest APY is only applicable to lower balances 
  • Must open a Varo checking account to open a savings account

Best For

  • Automatic savings tool 
  • High APY 
  • No minimum balance


HQSan Francisco, United States
Deposit InsuranceYes, up to $250,000
Monthly Fee$0
Min. To Open$0
Min. Deposit For No Fee$0
Min. Balance For APY$0
Interest CompoundedDaily
State RestrictionsAvailable in all States

In depth review of Varo Savings Account 

You can watch your money grow effortlessly with Varo’s automatic savings tools that allow you to make automatic transfers into your savings account.  

Varo Savings Account comes with two tiers of interest rates. The base 3.00% APY is applied to balances when qualifying conditions are not met. The higher amount can increase to 5.00% APY if you qualify using the following criteria: 

  • Receive direct deposits of $1000 or more each qualifying period 
  • Make sure you have $0 or more in your account at the end of the qualifying period 

Varo Savings Account is best for 

  • Automatic savings tool: You can set up automatic transfers to your savings account, where a percentage of your direct deposits or extra change from your purchases are automatically transferred.  
  • High APY: You can up to 3.00% – 5.00% APY on your account balance.  
  • No minimum balance: There are no minimum balance requirements to open an account.  

Varo Savings Account benefits  

  • Easy online application: You can apply for a savings account online. After answering a few questions, you should have the decision on your application process within seconds. 
  • No monthly maintenance fees: Fees can quickly eat into the interest earned on a savings account. Thankfully, with Varo, there are no monthly service fees or annual charges applied to the account.  
  • Easy to fund account: There are multiple ways of funding your Varo account including doing an electronic transfer, transfers from your Varo checking account, or through automated savings.  
  • FDIC-insured: Varo Bank is a member of the FDIC and your funds are protected for up to $250,000. 

Varo Savings Account drawbacks  

  • No physical branches: Varo is a branchless bank. There is no in-person support available.  
  • Highest APY only applicable to lower balances: You can earn the 5.00% APY on balances up to $5,000, provided other conditions are also met. Savers looking to put aside larger sums of money can take advantage of Varo’s 3.00% base APY for balances above $5,000.  
  • Must open a checking account to open a savings account: There is no option to open a savings account on its own. You’ll need to apply for a Varo bank account.  

Account opening 


If you open a savings account, you will need to open a checking account with Varo. The application process is simple and easy to complete. Simply download the app and provide the following information: 

  • Full name 
  • Email address  
  • US mobile number  
  • Create login details  
  • Social security number  
  • Date of birth  
  • Government-issued ID 

You must be a US citizen or permanent resident, and over 18 years old to open an account. Varo does not undertake a hard credit check during the application process, and your credit score will remain unaffected.  



There are no monthly service fees and no minimum balance requirement to open a savings account. In addition, you can deposit checks and automate savings at no extra cost.  

However, some fees apply to your Varo checking account that you should consider before opening an account. Some of these include: 

  • Out-of-network ATM fees: $2.50 
  • Over-the-counter cash withdrawals: $2.50 per transaction 
  • Cash deposits: $5.95 



The automatic savings tool helps you save effortlessly without thinking about it. There are two options to save.  

  1. Save your change: This option allows you to save your spare change and round up eligible purchases to the nearest dollar. For instance, if you buy something for $8.89, your purchase will round up to $9 and $0.11 will be moved into your savings account. The round-up is transferred to your savings account once the payment is completed, which usually takes 1 – 2 business days. You can toggle this feature off at any time using the mobile app.  
  2. Save your pay: This tool takes a percentage of your direct deposits and transfers them to your savings account. It’s up to you what percentage you want to use. For instance, if you choose to save 10% of each direct deposit, and you receive a payroll direct deposit of $2000, Varo will transfer $200 into your savings account. Transfers occur immediately after receiving the direct deposit, and you can edit the percentage or turn off the feature at any time.  

If you have any issues, you can contact customer service and they’ll help troubleshoot the problem for you.  

Deposits and withdrawals 


Using the Varo app, you can transfer money in and out of your savings account. To transfer out of your account, you can initiate a transfer to your checking account which normally takes a few seconds to complete.  

Once the money is in your checking account, you can send an ACH transfer, or use your Varo debit card to make purchases or ATM withdrawals.  

Customer service 


To get in touch with customer service, you can use the chat feature in the Varo app or send an email to at any time. Alternatively, you can call 1-877-377-8276 Monday – Friday, 8 AM to 9 PM ET, and Saturday – Sunday, 11 AM to 7 PM ET (excluding federal holidays).   

Safe and secure 


Deposits are FDIC-insured and protected up to $250,000 in the event of bank failure. Plus, Varo takes additional security measures to ensure the safety of your account. Some of these include: 

  • Use industry-standard encryption technology (256-bit AES encrypted) to protect your information. 
  • Updating the mobile app regularly. 
  • Verification of phone number. 
  • Investigating fraudulent social media profiles pretending to be Varo Bank.  

Is Varo Savings Account right for you? 

The Varo Savings Account could be a great option for you if you’re looking for an automatic savings tool that can help to make growing money a lot easier. There is no minimum balance requirement to open an account, and the application is simple to complete on the mobile app.  

Where Varo falls short, is the tier interest rate. Savers looking to put aside more than $5,000 into their savings account could do better with other providers that do not have a maximum balance limit.