Ramses Delgado, Banking Moderator
@ramses_delgado1
Varo Bank is an all-digital bank in the United States, often referred to as a ‘neobank,’ meaning it operates entirely online without physical branches. Launched in 2017, it was the first neobank to receive a national bank charter from the Office of the Comptroller of the Currency in 2020, allowing it to offer FDIC-insured accounts directly rather than through a partner bank.
Varo offers a range of products, including a checking account with no monthly fees, no minimum balance requirements, and no overdraft fees, as well as a high-yield savings account, and secured credit cards.
The bank targets people comfortable with mobile banking, especially those seeking to avoid traditional banking fees or build financial stability. However, its online-only model means there is no in-person support, relying instead on phone, chat, and app-based customer service.
You can check the best checking accounts available to ensure that whatever decision you make really fits your goals.
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