Varo

Deposits held and insured by The Bancorp Bank

Overview / Commentary
800-827-6526
111 Sutter Street
San Francisco, CA 94104
Deposits held and insured by The Bancorp Bank

Related Posts

HUGE Rate Cut By Varo - 9/15/2020

Varo was previously offering the highest APY for a savings acct which had no special requirements in order to receive the rate. No more. The rate has been slashed by 1/3, from 1.21% to 0.81%. https://www.varomoney.com/savings-account/

The Fintech Varo Offers Unique Savings Account with Top Rates - 7/24/2020

Another fintech company is offering top rates on a savings account. It’s Varo, and its savings account must be used as a companion account to their checking account.

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Regular Cuts On APY

Posted by: |

Totally untrustworthy if you want to use this bank looking at the Savings APY. They keep cutting APY on regular basis, and you'll never keep your APY you signed up for longer than some weeks. I joined with 0.40%, 1 month later they cut to 0.20%. Their high yield was 2.80% topped $10k, it's been raised 0.2% to 3% but the limit cut in half to $5k. So, in real life, you end up with less money. I should have believed in many, many, many customer reviews everywhere stating the same situation.

Really Ridiculous System

So I left Bank of America and did a ton of research and decided on Varo. Seemed great and overall I liked it in the beginning but then I noticed that there were some pretty stupid limitations or convoluted ways of doing things. For example to deposit a check, you need to add a note that its for Varo Bank only on the check. The really frustrating part was that the mobile deposit had a really low limit. As a freelancer, I get checks of varying sizes and having a limit on single deposits wasnt going to work. When I reached out to customer service about this issue, I didnt get a response for almost 2 weeks. The process of removing that limit was equally as ridiculous and frustrating. People shouldn't have to jump through hoops to get their money.

The Worst Bank

I have been with Varo for quite some time now. Never any issues with them. Had to call them a couple times to raise my deposit limit so that I could deposit income tax refunds. Never an issues. So yesterday for some reason I woke up after being sick all night. I recently moved from an apartment full of black mold and have been battling pneumonia for 7 months. I also am a cardiac patient. All that being said I check my email and there are two emails from varo stating they have close my accounts. ?? No reasons why. Like I said never any issues. I am two hours from home. Just had testing for heart surgery and I am stranded now with no way to get home. No way to get my heart medication of which I will run out of on Friday. They have left me stranded with my dogs two hours from home. No money for gas and no money for my medications. I work for an attorney who I have contacted and will be handing this matter. And I have contacted the FDIC and the Attorney Generals office. They can deal with the feds. And the customer service is a useless as tits on a board hog. No help. It is my hopes for Varo that they go bankrupt. I would give zero stars but not an option. All I get is security put my account t in review and decided to close it. No dispute ever. Neber asked for refunds on any purchases, no overdrafts. Absolutely perfect account since it has bern opened. Varo is the worst. Not recommended. Do not use.

So Convoluted, Gimmicky, And Low Interest Rate

Posted by: |

I had trouble getting the account set up and maybe that should have been a warning. I didn't get the micro deposits the first time and had to request again. Finally got them and got the account opened. At that time, the interest rate was 0.81%, which was fairly high for a savings account with a low minimum balance. I put in the $500 minimum. Almost immediately, the rate dropped to 0.4%, then not too long after, it went to 0.2%. When I decided to transfer the money out to my external checking account, there seemed to be no way to do it. Eventually, I figured out that I had transfer the money to the Varo Bank account, and transfer it from there to my checking account. The first transfer was immediate. We shall see how the second takes. They are saying 1-2 days. I have never had a savings account where direct transfers to an external account couldn't be done. Also, the rate drop was ridiculous, about a 75% drop in a very short time. There were also a lot of emails with gimmicky sounding "great offers" and lots of changing of terms that I was receiving while I had the account. I don't want gimmicks, just a savings account with a decent rate that's easy to manage. This was not it.

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Health
C

Data as of Q1 2021

Data displayed below is for insuring bank: The Bancorp Bank
Learn why bank health matters
Additional Factors: Institutions with a small asset base, a short operating history, or negative return on equity can represent an instability risk beyond what their financial ratios indicate. Varo has a negative return on equity.

Health Grade Components

Overall
FDIC Certificate #59190
Year Established2020
Employees595
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD-39.89%
Return on Equity - YTD-207.9%
Annual Interest Income$173.00K
Assets and Liabilities
AssetsQ1 2021$403.5MM
LoansQ1 2021$3.4MM
DepositsQ1 2021$281.6MM
Equity CapitalQ1 2021$94.4MM
Loan Loss AllowanceQ1 2021$2.5MM
Unbacked Noncurrent LoansQ1 2021$24.00K
Real Estate OwnedQ1 2021$0
Rates
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Varo Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.00%-$5kVaro Savings Account
Locations

Varo is an Internet only bank and does not have branch locations. Its headquarters is located at 111 Sutter Street - San Francisco, CA 94104

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.