Question 1

What is Varo?

Accepted Answer

Varo is a leading digital bank that provides a full suite of financial services through a single, intuitive mobile app. As the first consumer fintech to be granted a national bank charter, Varo is a fully regulated bank, with all accounts protected by FDIC insurance up to $250,000.

We are known for building a truly free bank account*, with no monthly fees or overdraft fees¹ and no minimum balance required to open or maintain an account. Varo also offers a high-yield savings account to help you grow your money. For those looking to build their financial future, our products are designed to help you build or rebuild your credit history with the Varo Believe secured credit card², or get access to instant funds with a cash advance, once qualified, through Varo Advance³.

*Fees apply to out-of-network withdrawals & cash deposits, Varo Advance, and Varo Line of Credit⁴

Question 2

Is Varo legit?

Accepted Answer

Yes, Varo is a legitimate and fully secure bank. It is the first all-digital nationally chartered U.S. bank and is a direct member of the Federal Deposit Insurance Corporation (FDIC). This means that all deposits are insured for up to $250,000 per depositor, directly with us, providing the same peace of mind you would expect from a traditional bank. Beyond its regulated status, Varo uses cutting-edge security measures to protect your money and data, including advanced encryption, fraud monitoring, and secure access protocols within the app. Our status as a real, trusted bank allows us to offer transparent and empowering financial services designed to help you build your financial health.

Question 3

Is Varo a banking app?

Accepted Answer

Yes, Varo is both a banking app and a full-fledged national bank, too. Varo combines the convenience of a mobile-first banking app with the security of a federally regulated bank. Unlike many other money apps, Varo was granted its own national bank charter by the Office of the Comptroller of the Currency (OCC). This means it is a directly regulated bank, and your deposits are FDIC-insured up to $250,000 without relying on a third-party partner. With the Varo banking app, you get access to all the financial services you need in one place, including a fee-free bank account*, high-yield savings, and credit-building tools. *Out-of-network withdrawals & cash deposits have fees.

Question 4

What bank does Varo use/who owns Varo Bank?

Accepted Answer

Varo is a nationally chartered bank. As of 2020, Varo Bank, N.A. operates under a national bank charter granted by the Office of the Comptroller of the Currency (OCC). This means that, unlike many other money apps, your deposits are FDIC-insured directly with Varo—up to the standard limit of $250,000—without being passed through a third-party institution. Varo is owned by Varo Money, Inc. Varo Bank, N.A. is a wholly-owned subsidiary of its parent company, Varo Money, Inc. This organizational structure is common in banking.

Question 5

Is Varo FDIC insured?

Accepted Answer

Yes, absolutely. Varo Bank is a national bank, and all deposits are insured by the Federal Deposit Insurance Corporation (FDIC). This means your money is safe and secure, protected up to the standard limit of $250,000 per depositor for each ownership category. Because Varo operates under a national bank charter, this insurance is provided directly through Varo Bank, N.A., giving you the same peace of mind and security you would expect from any other major bank. Being FDIC insured is a cornerstone of our commitment to being a trustworthy and secure financial partner.

Question 6

Is Varo safe?

Accepted Answer

Yes, Varo Bank is a safe and trusted choice for managing your money. Varo combines the convenience of a modern digital banking app with the unwavering security and protection of a real, federally regulated bank. As a federally regulated institution, our approach to security is layered, giving you peace of mind on multiple fronts. Our foundation of trust starts with being a full-service, nationally chartered bank regulated by the Office of the Comptroller of the Currency (OCC). This ensures your deposits are FDIC-insured up to $250,000, protecting your money in the event of a bank failure. Beyond regulation, Varo employs robust security measures to protect your information and transactions. This includes industry-standard encryption, real-time fraud monitoring, and powerful in-app tools like transaction alerts and the ability to instantly lock your card if it's ever lost or stolen. Additionally, your Varo debit card is backed by Visa's® Zero Liability rules, which protect you from unauthorized charges.

Don't just take our word for it

"Neobanks are a dime-a-dozen these days...Not Varo. The digital-only bank is the first consumer fintech to be granted a full-service bank charter..."

“A significant step in the fintech industry’s quest to take on traditional banks...”

“We’re a direct member of the FDIC, we’re regulated by the OCC, and we’ve made very prudent decisions to build a very effective risk management program that protects our customers” - Colin Walsh

Customer testimonial⁸

Customer testimonial⁸

Customer testimonial⁸

Reviews that speak for themselves.

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FAQs

What is Varo?

Is Varo legit?

Is Varo a banking app?

What bank does Varo use/who owns Varo Bank?

Is Varo FDIC insured?