Everything You Need to Know About Varo Bank Information
If you’re looking for a bank that offers convenient online banking and provides great features for managing your finances, then you might want to check out Varo Bank. Established in 2015, Varo Bank is an online-only financial institution that offers robust banking services. In this blog post, we’ll review everything you need to know about Varo Bank’s information, including the features of their online banking platform, their fees, their pros, and cons.
What is Varo Bank?
Varo Bank is an entirely online financial institution that provides several banking services. Their online banking platform offers personal finance management tools to help customers monitor their expenses, save money, and track their goals. One of the most significant advantages of Varo Bank is that there are no monthly maintenance fees and no minimum balance requirements. They offer interest rates that are competitive, and Varo Bank transactions are FDIC-insured for up to $250,000.
What Are The Features of Varo Bank’s Online Platform?
Varo Bank’s online banking platform offers several essential features. One of these is an easy-to-use mobile banking app, which enables people to manage their accounts, track their expenses, and make mobile check deposits. Customers can also use the app to create savings accounts and track their progress towards their financial goals.
Varo Bank customers can also transfer funds between their accounts and other banking institutions easily. Furthermore, customers have access to over 55,000 fee-free ATMs, which can potentially save them considerable money over time.
What Are The Fees for Varo Bank?
Unlike many traditional banks that charge monthly maintenance fees, Varo Bank doesn’t charge its customers any maintenance fees. Varo Bank also doesn’t charge any one-time, overdraft or insufficient funds fees. The only fee that you’ll need to watch out for with Varo Bank is the international ATM withdrawal fee. However, if you withdraw money at one of their partner ATMs, this fee may be waived.
Pros and Cons of Varo Bank
Pros
- Zero monthly maintenance fees or minimum balance requirements
- Competitive interest rates on bank accounts
- No overdraft or insufficient funds fees
- Easy-to-use and innovative mobile banking app
- 55,000 fee-free ATMs to withdraw cash
Cons
- Only has one physical branch located in Utah
- Customer service is only available via phone or email
- Not every ATM provider is fee-free
- International ATM withdrawals may come with fees
Conclusion
Varo Bank offers several impressive features and is a great choice for people looking for an online bank that provides easy account management tools. It’s ideal for people who prefer mobile banking as it provides a user-friendly app. Furthermore, the absence of maintenance fees and the competitive interest rates make Varo Bank an excellent choice for budget-conscious people. The bank also has a few cons, but they don’t diminish the convenience and functionality that the online bank provides. Overall, Varo Bank is an excellent choice for those who prefer online-only banking services and want a better way to manage their finances.
