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.

Never Once Have They Given Me My Money Back When I Had A Invalid Transaction

So I have cash app, And Varo , I always transfer my money from my cash app to my Varo immediately, Well in 3 dazmys I had a total of 2100 in transfers , I have had them for about 3 years I have 3 accounts checking savings and a credit builder card which is where And how this occurrence happens , So I do the transfer in increments because if I did it at all one time I would be worried the money would disappear , I had that issue with chime but that was a 4500 loss and they didn't want to hear shit ,My money was gone and that was that. So back to Varo After I did the transfers They decided to close all my accounts. I could not contact them for the life of me except for one time and they could not explain anything or why it was closed orr when my money would be returned back to me or where my money was or how much I even had but I knew , I wanted them to fuck up like they did and send me the wrong amount and they did they were off about 900 and Since they closed my account they erased my online access On I have no proof of showing how much money I had in the account to dispute it!


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

Rates for Varo are currently being reviewed.


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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