Overview / Commentary
111 Sutter Street
San Francisco, CA 94104

Varo is the 1,514th largest bank in the nation. It was established in 2020 and as of June of 2022, it had grown to 777 employees. Varo has a C health rating.

I Would Recommend Varo To Anyone

I'm shock of the reviews I've been using varo for 7 months now I never had a problem with my card with direct deposit or nothing I'm sorry any of you had to go through this but since it never happen to me they must improve they help build credit I'll have to give varo five stars Great Card to use I will recommend anyone to use varo.

Regular Cuts On APY

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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.

Very, Very Slowly Removed Funds And Ran As Far As Possible Form This Bank.

STEAR VERY CLEAR of this bank if you want any kind of access to your money. One of the worst banking experiences ever. Trying to close on a house using money in my Varo Savings. They have a $5000/day $7500/wk $10,000/month transfer limit. Hard move move 20k for closing costs when you have to wait 2 months to do it. After calling customer service they made me jump through a ton of hoops to increase my limit. I need access to that money immediately and after 5 days of calls, sending forms and waiting, they did not change the limit a dime. I had the same issue I had a week prior. We are now at risk of losing our house deal because we do not have access to our funds. Their solution to fix this is using paypal, or going to the ATM and taking out $250 at a time with a $1000, limit per day (2 days of ATM withdrawals) or using western union to send yourself money at their limits every day until you have your money...WTF kind of hockey-a$$ bank is this!!??


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

FDIC Certificate #59190
Year Established2020
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD-50.8%
Return on Equity - YTD-116.58%
Annual Interest Income$1.7MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$593.2MM$247.9MM
LoansQ2 2022vs Q2 2021$19.0MM$4.5MM
DepositsQ2 2022vs Q2 2021$311.8MM$152.4MM
Equity CapitalQ2 2022vs Q2 2021$222.2MM$66.9MM
Loan Loss AllowanceQ2 2022vs Q2 2021$2.3MM$3.2MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$0$2.00K
Real Estate OwnedQ2 2022vs Q2 2021$0$0
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Varo Savings Account Rates

2.00%-$5kVaro Savings Account

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

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