Varo Savings Account

Varo Money is an online-only bank that offers a range of financial products and services. One of their popular offerings is the Varo Savings Account, designed to help account holders save money and earn interest. Here’s what you need to know about the Varo Savings Account:

Interest Rates:

One of the primary benefits of the Varo Savings Account is the interest rate offered. Currently, account holders can earn up to 0.20% APY on their balance. This rate is competitive compared to what traditional brick-and-mortar banks offer, and it is also higher than what some other online banks offer.

No Fees:

The Varo Savings Account does not charge any monthly maintenance fees or transaction fees. This means that account holders can save their money without worrying about losing a portion of their funds to fees.

Automatic Savings:

Varo offers automatic savings tools to help account holders save money. The tools include the ability to set up automatic transfers from your checking account to your savings account, and the ability to round up your purchases to the nearest dollar and transfer the difference to your savings account.

Online Access:

As an online-only bank, Varo Money makes it easy to manage your account from anywhere with internet access. The online platform allows account holders to check their balance, transfer funds, and view account statements.

FDIC-Insured:

The Varo Savings Account is FDIC-insured up to $250,000 per depositor. This means that account holders’ funds are protected in case the bank experiences financial difficulties.

Drawbacks:

One drawback of the Varo Savings Account is that there are no physical branches. This may be inconvenient for some account holders who prefer in-person banking services. Additionally, while the interest rate is a benefit, it is still relatively small compared to what some other online banks offer.

Conclusion:

Overall, the Varo Savings Account is a solid option for those looking to earn interest on their savings. The lack of fees and easy online access make it a cost-effective and convenient option, while the automatic savings tools and FDIC-insurance provide account holders with peace of mind knowing that their funds are protected. If you’re looking for an easy-to-use online savings account with a competitive interest rate, the Varo Savings Account is worth considering.