Varo Bank is the first fintech company in the United States to receive a National Bank Charter, now serving over 3 million users as a digital bank. Varo Bank offers checking accounts, savings accounts, and loan products with no minimum balance or maintenance fees. Below is a detailed guide on Varo Bank’s account types, account opening conditions, process, and related fees.

Varo Bank Account Types and Features

Varo Bank offers two main types of accounts: checking and savings accounts, each with different features and fee structures.

1. Checking Account

• Interest: No interest.
• Early Payday: Option to receive your paycheck two days early.
• Transfer: Supports Zelle transfers.
• ATM Access: Free access to over 40,000 Allpoint ATMs worldwide.
• Cashback: Earn up to $50 per month in cashback rewards.
• Fees:
  • Non-Allpoint ATM withdrawals: $3.5 per transaction.
  • Over-the-counter withdrawals: $2.5 per transaction.
  • Third-party deposits: Up to $5.95 per transaction (charged by third parties).
  • No foreign transaction fees.

2. Savings Account

• Interest: Offers an Annual Percentage Yield (APY) of 3% to 5%, depending on account balance.
• Auto Savings: Supports automatic savings by rounding up your purchases.
• FDIC Insurance: Insured up to $250,000 by the FDIC.
• Fees:
  • Cash advance fees: $1.6 to $40, depending on the overdraft amount.
  • Non-Allpoint ATM withdrawals: $3.5 per transaction.

Varo Bank Account Opening Requirements

The requirements for opening a Varo Bank account are straightforward:

• Must be at least 18 years old.
• Must be a U.S. citizen or permanent resident.
• Only personal accounts are allowed—joint and business accounts are not supported.
• Each user can only open one checking account, but they can apply for a savings account later.
• The account can be opened and verified through Varo’s website or mobile app.

Documents Needed for Opening a Varo Bank Account

To open a Varo Bank account, you will need to provide the following documents during the identity verification process:

• A valid form of identification (driver's license, state ID, passport, or military ID).
• A U.S. mailing address (for receiving the debit card).
• Social Security Number (SSN).
• A selfie for identity verification.

Fees for Opening a Varo Bank Account

Opening a Varo Bank account is completely free, with no minimum balance requirements and no monthly fees. However, some additional services may incur fees, such as:

• Non-Allpoint ATM withdrawals: $3.5 per transaction.
• Cash advance fees: $1.6 to $40, depending on the overdraft amount.

To qualify for Varo Bank’s cash advance service (Varo Advance), users must set up their Varo account as a payroll account and receive at least $800 in direct deposits each month.

Varo Bank Account Opening Process

Here is the step-by-step process for opening a Varo Bank account online:

1. Visit the Varo Bank website and click the “Get Started” button in the top right corner.
2. Verify your email address and U.S. phone number, and set a login password.
3. Provide personal information, such as your name, address, date of birth, and nationality.
4. Complete identity verification by providing your SSN or ITIN, and submit a photo of your passport and a selfie for facial recognition.
5. The review process takes up to three business days. Once approved, a debit card will be mailed to your address.

Varo Bank’s simple account opening process and low fees have attracted millions of users. Unlike traditional banks, Varo Bank avoids many of the complex fees, making it ideal for individuals who need flexible banking services. However, Varo Bank accounts are only available to U.S. citizens or permanent residents, and an SSN is required. For international users or those living in the U.S. short-term, Wise is an excellent alternative. Wise offers accounts with access to over 40 currencies, no foreign transaction fees, and two free ATM withdrawals per month.