Mobile Bank
- Has its own FDIC insurance (no partner bank)
- Few fees compared to other banks
- Two ways to automate savings
- Extra perks include early direct deposits, cashback debit card and cash advances
- No physical branches
- Some features require direct deposit eligibility
- Basic budgeting tools may not be enough
| Products offered | Checking, savings, secured credit card, cash advance, line of credit, cashback debit card |
| Monthly fees | None |
| Savings annual percentage yield (APY) | Up to 5.00% |
| ATM network | 40,000+ (Allpoint) |
- Up to $400 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/
- APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
- Fee Policy
We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
- Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
- ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
- Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
- Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
- 0.70% Savings APY Boost
Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
- Earn up to 3.80% APY8
- Limited Time Offer – New accounts earn a 0.70% APY boost to 3.80% for up to 6 months with eligible direct deposit8
- $0 minimum balance to earn APY
- Earn $50 or $400 when you sign up and set up eligible direct deposit1
- Open Checking & Savings Accts with 1 Sign Up
- Up to 2-Day-Early Paycheck3
- FDIC Insured up to $250k plus up to $3M in supplemental insurance4
Barclays Tiered Savings Annual Percentage Yields (APYs) are accurate as of 06/24/2026. Rates may change at any time without prior notice, before or after the account is opened. The same rate may apply to multiple Tiers and Tiers may change without notice. APY earned is based on the Tier in which your end of day account balance falls. Please see Barclays Tiered Savings for current Tier and APY information.
- Earn 3.65% APY* with Barclays1 Tiered Savings
- $0 min. balance to earn APY
- No monthly maintenance fees
- Easy direct deposits & online transfers
- Deposits are FDIC Insured
ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of 6/16/2026.
APYs are subject to change at any time without notice. Offers apply to personal non-IRA accounts only. Charges for specific services may reduce earnings. For High Yield Savings Accounts, the rate may change after the account is opened. For CD accounts, a penalty may be imposed for early withdrawals. After maturity, if your CD rolls over, you will earn the offered rate of interest for your CD type in effect at that time. See all non-IRA CD rates and terms offered here.
NATIONAL AVERAGE: National Average APYs are based on specific product types of top 50 U.S. banks (ranked by total deposits) provided by Curinos LLC through 05/01/2026. High Yield Savings Rates: Average APYs are based on High Yield Savings Accounts of $10,000. Curinos data is obtained from public sources; accuracy and completeness is not guaranteed. Curinos is not liable for reliance on the data.
FDIC INSURANCE: up to $250,000 per depositor, per insured bank, for each ownership category.
- Earn up to 3.30% APY*
- Open a High Yield Savings Account without a minimum deposit
- Competitive rates, no required minimum balances, and no monthly fees
- The Synchrony app makes it a snap to bank anywhere
- Member FDIC
Advertised annual percentage yield (APY) is for new accounts only and is accurate as of June 16, 2026. APY tiers apply to the following balances:
- 4.01% APY on balances of $0.01 – $999.99
- 4.01% APY on balances of $1,000.00 – $49,999.99
- 4.01% APY on balances of $50,000.00 – $499,999.99
- 3.14% APY on balances of $500,000.00 – $999,999.99
- 3.14% APY on balances of $1,000,000.00 & Above
This is a variable-rate account, and APY is subject to change at any time without notice. Limit of one Envision High Yield Savings account per customer. Minimum amount to open is $100, with opening funds subject to a 5-business day hold. Fees may reduce earnings on account.
- Earn up to 4.01% APY
- No monthly maintenance fees
- Open an account with as little as $100
- Open an account in as little as 5 minutes
- Backed by the financial strength of Idaho First Bank
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Platinum Savings APY Boost Promotion Terms and Conditions
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on February 13, 2026, and ends August 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a “New Customer”) or any open CIT Bank accounts provided that the following requirements are met:
New customers must open a Platinum Savings account with a valid Promo Code, CITBoost. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page.. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code CITBoost.
Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code CITBoost.
Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code CITBoost.
Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
The Platinum Savings APY Boost promotion may not be combined with other promotions.
Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
They are earning an APY over the standard rate.
They participated in a cash bonus promotion in the past 6 months.
Custodial accounts and accounts in the name of a Trust are not eligible.
This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
- Earn 4.10% APY* with CIT’s Savings Connect Account
- $100 minimum balance for APY
- No account opening or monthly service fees
- Deposit checks online with the CIT Bank mobile app
- FDIC Insured
Compare Additional High Yield Savings Options
Varo is a mobile-only bank that offers a rare combo in the digital banking world: full FDIC insurance, zero hidden fees, and a suite of money tools designed to help you get ahead. From early direct deposit and cashback perks to a high-yield savings account and a secured credit card, Varo packs plenty into a single app.
Varo is one of the few financial technology companies (fintechs) with a national bank charter, meaning your money is insured directly by Varo, not a third-party partner. If you’re paid by direct deposit, want to avoid fees, or need short-term tools like cash advances and credit-building, Varo might be the bank for you.
Here’s what Varo offers, how it works, and how it compares to other mobile banks.
What is Varo Bank?
Varo is a mobile-only bank, and not just in name. It was the first fintech to receive a national bank charter in the U.S., which means it’s a fully licensed bank, not just a tech company partnering with one. That’s a big deal if you care about where your money is actually being held and insured.
Unlike many money apps that park your cash with a third-party bank, Varo holds your deposits directly and insures them up to $250,000 through the Federal Deposit Insurance Corporation (FDIC). So yes, it’s legit.
Varo focuses on affordable, accessible banking. That includes a free checking account, a high-yield savings account, short-term cash advances, and a secured credit card to help you build credit without getting buried in interest or hidden fees.
Varo Bank’s products and services
Varo keeps things simple, but not basic. You’ll find all the core features of a traditional bank, plus some extras that make managing money a little easier.
Varo Bank Account
This is Varo’s version of a checking account, and it’s refreshingly fee-free. No monthly charges, no minimum balance, and no overdraft fees. (In many cases, any purchase that would bring your balance below $0 is declined. If your balance is negative, though, Varo still won’t charge a fee.)
You get access to more than 40,000 free Allpoint ATMs, mobile check deposit, ACH transfers, and compatibility with Apple Pay and Google Pay. The app also includes real-time alerts and spending insights to help you stay on track.
You can deposit cash into your Varo Bank account for free at CVS through the Green Dot Network.
Varo Savings Account
You’ll earn 2.50% APY from day one with Varo’s Savings Account. Plus, you’ll have the potential to boost to a 5.00% APY on balances up to $5,000 if you meet a few monthly requirements (like $1,000 in direct deposits and a positive balance). There are no fees or balance requirements, and you can automate saving with:
- Save Your Pay: Automatically move a percentage of each paycheck into savings.
- Save Your Change: Round up your debit card purchases and stash the difference.
Varo Advance
Need quick cash? Varo Advance lets eligible users borrow $20 to $250 instantly with a flat fee. There’s no interest or tipping. You get up to 30 days to repay, not just until your next paycheck, and you can choose your own due date.
To qualify, you’ll need at least $800 in direct deposits in the current or previous month, a Varo Bank Account in good standing, and no overdue Varo Advance balances. The more you bank with Varo, the higher your limit can grow, up to $500 over time.
Here’s what you’ll pay to borrow:
| Advance amount | Flat fee |
|---|---|
| $20 | $1.60 |
| $50 | $4.00 |
| $100 | $8.00 |
| $200 | $16.00 |
| $250 | $20.00 |
| $500 (over time) | $40.00 |
Varo Personal Line of Credit
Need to borrow more than $500? Varo’s personal line of credit might be a better fit than Varo Advance. You can borrow between $600 and $2,000, based on your credit and account activity. There’s no interest (just a one-time flat fee), and repayment happens in equal monthly installments (up to 12 months).
Here’s a sample of how it breaks down:
| Amount | Repayment term | Flat fee | Monthly payment |
|---|---|---|---|
| $600 | 3 months | $60 | $220 |
| $1,000 | 6 months | $152 | $192 |
| $2,000 | 12 months | $400 | $200 |
To qualify, Varo considers your direct deposits, payment history, and account health. You’ll start with a soft credit check. There’s only a hard pull if you move forward with an application.
Varo Believe Credit-Builder Card
This no-fee credit-builder card doesn’t require a credit check or minimum security deposit. Instead, you transfer money from your Varo Bank Account into a special secured account, which becomes your spending limit.
Purchases are paid off automatically each month, and payment activity is reported to all three major credit bureaus (TransUnion, Equifax, and Experian). Unlike with other secured credit cards, the Varo Believe card has a 0% APR, so you won’t pay any interest as you build your score. There are also no annual fees.
On average, users see a 40-point credit score boost after three months of on-time payments. Of customers with no credit score, about 90% had a score within a month of opening a Varo credit-builder card.
All you need to qualify is a Varo Bank Account with a positive balance and at least $200 in deposits within the last 31 days.
Pros and cons of Varo Bank
Here’s a quick breakdown of what Varo does well and where it might fall short.
Pros
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FDIC-insured full-service bank
Varo is a nationally chartered bank, not just a fintech using a partner institution.
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Fee-free structure
No monthly fees, overdraft fees, or minimum balance requirements.
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Useful savings automation
“Save Your Pay” and “Save Your Change” make it easy to build savings without thinking about it.
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Early direct deposit
Get paid up to two days early when you set up direct deposit.
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Cashback offers via debit card
Earn up to 6% automatic cash back at 10,000+ partner merchants. No opt-ins are required.
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Credit-building and cash advance tools
Varo Believe and Varo Advance are designed to help with credit and cash flow.
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Real-time transaction alerts and freeze/unfreeze controls
Stay in control with app-based alerts and the ability to pause your card instantly.
Cons
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No physical branches or cash deposits at banks
You’ll need to use mobile check deposit or visit a CVS to deposit cash.
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Some features require direct deposit eligibility
You won’t unlock certain tools like a cash advance, line of credit, secured credit card, or the highest available APY on savings unless you meet monthly deposit thresholds.
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Basic budgeting tools
Varo’s built-in insights can be helpful for everyday tracking, but serious budgeters might still prefer using one of the best budgeting apps for deeper planning and goal setting.
Varo alternatives
Varo isn’t the only digital bank out there, but it stands out in several ways. Here’s how it stacks up next to other popular players:
Varo vs. SoFi
Varo and SoFi both offer no-fee online banking, but they’re built for slightly different users. Varo is more accessibility-focused, with features like early paycheck access, no minimum balance requirements, and a higher top-end savings APY for customers who meet qualifying activity thresholds. It’s designed to work well even if you’re starting with a lower balance or irregular income.
SoFi, on the other hand, is better suited for users who want banking tied into a broader financial ecosystem. While its savings APY is competitive, it typically requires direct deposit to unlock the best rates, and it doesn’t offer cash advances. Where SoFi stands out is integration: investing, lending, and credit products all live under one roof, which may appeal to users with more complex financial needs.
Varo vs. Chime
Varo and Chime are often compared because both target customers who want simple, low-cost banking with early access to paychecks. One difference is how each handles banking infrastructure. Varo is a direct bank with FDIC insurance through its own charter, while Chime is a fintech that partners with banks to provide FDIC coverage.
Feature-wise, both offer overdraft protection and cash advance-style tools, but they work differently. Varo’s cash advances are structured over time and tied to account history, while Chime’s SpotMe allows eligible users to overdraw up to a set limit.
Varo may appeal more to users interested in earning a higher savings rate, while Chime is often a better fit for those who prioritize flexible overdraft coverage and don’t plan to keep much money in savings.
Who Varo is best for
Varo could be a great fit for:
- Teens and young adults getting started: With no fees, no credit check, and tools that teach healthy money habits, Varo makes a solid first bank for students and Gen Z users.
- People paid by direct deposit: You’ll unlock early paydays, high-yield savings, and access to cash advances with regular income deposits.
- Those building or rebuilding credit: The Varo Believe card is ideal for credit beginners. It lets you build a score without interest, fees, or the risk of overspending.
- Anyone tired of bank fees: No minimums, no monthly charges, no overdraft fees. Varo keeps things transparent and wallet-friendly.
- Mobile-first users who don’t need branches: Everything from account setup to money transfers happens in the app. And you can still deposit cash for free at standalone CVS locations.
Is Varo legit?
Yes, Varo is a real bank. It has its own banking charter and is FDIC-insured up to $250,000 per account type, per depositor. If you’re curious how it compares to other options, check out our list of personal finance companies for side-by-side reviews.
FAQ
Is Varo a real bank?
Yes. Varo isn’t just a money app; it’s a nationally chartered bank regulated by the Office of the Comptroller of the Currency (OCC). Your deposits are FDIC-insured up to $250,000, directly through Varo.
What bank does Varo use?
None. Unlike many fintechs, Varo doesn’t rely on a partner bank. It holds and insures your money itself.
Is Varo Bank FDIC-insured?
Yes. Varo is a direct FDIC member, which means your deposits are insured up to $250,000 without going through a third-party institution.
How does Varo Bank work?
You open an account through the Varo app and then manage everything digitally, all from your phone, including spending, saving, borrowing, and credit-building. There are no hidden fees, and key features like early direct deposit, cash advances, and a secured credit card can help improve your cash flow and financial health.
How do I get money from Varo?
You can withdraw cash at more than 40,000 Allpoint ATMs for free. You can also send money to others instantly (similar to how you would with Zelle or Venmo) with Varo to Anyone. You can also transfer funds to external accounts, get cash from an ATM, or pay with your Varo debit card. Varo Bank Accounts do not come with physical checks.
Does Varo work with Zelle or Venmo?
Varo doesn’t currently support Zelle. But you can link your Varo debit card or account and routing number to apps like Venmo, PayPal, and Cash App to send and receive money. You can also use Varo To Anyone to send money to any person or business no matter where they bank.
Can I deposit cash into my Varo account?
Yes, but not at a bank branch. You can deposit cash for free at 7,500-plus standalone CVS locations using the Green Dot network. Mobile check deposit is also available in the app.
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About our contributors
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Written by Cassidy Horton, MBACassidy Horton is a finance writer passionate about helping people find financial freedom. With an MBA and a bachelor's in public relations, her work has been published more than 1,000 times online.
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Edited by Amanda HankelAmanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.