Comments on: Varo Bank Review: Pros, Cons, And Alternatives

By: Robert Farrington

Robert Farrington — Sun, 19 Feb 2023 03:36:33 +0000

In reply to Marcia. Varo is an actual bank, and as such, they are subject to regulatory oversight. If you're not getting a prompt resolution of your complaint, we'd suggest filing a complaint with the OCC.

By: Marcia

Marcia — Sat, 18 Feb 2023 19:01:23 +0000

So, you think your money is protected, but mine wasn’t. This month there was a log in to my account by an iphone, on the Safari browser, in fact Varo is the one who warned me of this, no sooner could I call in and tell them this wasn’t me, all my money had been transferred from my savings into my bank account, and POOF, it was gone. $172 stolen from my account. I’ve never done a Varo to Varo transfer, and I do not own an iphone, nor have I ever owned one, this being said Varo denied my dispute, and won’t give my money back to me, despite me calling immediately as it said to do if it wasn’t me logging in. Their reason for denying my claim, they say is … Was no device issues, and no obvious signs of my account being tampered with… Well, the log in from an iphone IS AN ISSUE, and so is the VARO YO VARO TRANSFER… I’ve never made that kind of transfer since I’ve had the account. I’m not the only one they haven’t returned money too, I’ll fight till I get it

By: Matthew Grim

Matthew Grim — Sat, 22 Oct 2022 02:35:08 +0000

In reply to Neil Ostroff.

Wrong. Their base savings interest rate is 2%. If you have a qualifying deposit during the month, the interest rate is 5% on up to $5000 for the next month. If you have over $5000 in your savings during the month that you qualify for the 5% interest rate, the interest rate for the savings over $5000 is 2%.
These are new rules just implemented by Varo.
Varo is a stellar bank that only lacks the ability to deposit cash and write checks. They DO NOT have Zelle as indicated in this article.

By: Neil Ostroff

Neil Ostroff — Tue, 18 May 2021 18:43:08 +0000

I’ve been banking with Varo for 6 months. It’s important to understand Varo’s 3% interest rate is only payable if you meet all of their rules, which change every few months. Currently, their rules require you to make 5 qualifying debit card transactions every month AND you never let your balance exceed $5000 AND you have monthly direct deposits of at least $1000 (but not more than $5000 or you’ll exceed the maximum balance rule). Their rules have proven way too complicated for me which means I only receive 0.2% interest rate – far less than other option that have no rules.