Monzo is leaving the US: Switch to Varo and don’t miss a beat

The news is out: Monzo is shutting down its US operations. While it’s never easy to hear that your primary bank is closing its doors, your digital banking experience doesn’t have to end. If you’re looking for a Monzo alternative that shares a similar "fee-free" philosophy and social mission, Varo is ready to welcome you home.

Why Varo is the perfect successor to your Monzo account

Transitioning to a new bank can feel daunting, but it’s an important relationship to get right. The Varo Bank Account offers a bank like Monzo, including the mobile-first features you’ve come to expect plus a few extra perks to help you make additional progress with your money.

• No monthly fees: Just like your previous experience, we believe everyone deserves a great bank account without the burden of monthly maintenance fees or minimum balance requirements.

• High-yield savings: Don't just store your money; grow it. Varo offers competitive savings accounts, offering 2.50% annual percentage yield (APY) for everyone and 5.00% on the first $5,000 for qualifying customers.¹

• Early direct deposit: Get your paycheck up to two days earlier than your scheduled payday when you set up direct deposit with Varo.²

• A mission-driven partner: We aren't just a bank; we are a social mission-driven company focused on inclusive finance and helping our members build long-term financial health.

Features you didn't have before

We’ve also built additional tools beyond what you were receiving at Monzo. These products can help you bridge the gap between paydays and manage your money with ease.

Instant cash advances

Access Varo Advance,³ a flat-fee cash advance with no interest that helps cover unexpected expenses between paychecks. Customers can borrow between $20-$250 on the first day of becoming a customer by linking a qualifying account,³ with the ability to work up to $500 over time.

Build your credit safely

Use Varo Believe,⁴ a secured credit card designed to help you build or repair your credit history through your everyday spending. Customers who make three months of on-time payments see an average of a 40+ point increase on their credit score.⁵

Automated wealth building

Use automatic savings tools like Save Your Change and Save Your Pay.

• Save Your Change automatically rounds up every transaction to the nearest dollar and moves the difference into your savings.⁶

• Save Your Pay allows you to allocate a specific percentage of all direct deposits to be automatically transferred to Savings each time you get paid.⁷

Security of a national bank

As the first all-digital national bank in the country, we are a Member of the Federal Deposit Insurance Corporation (FDIC). This means your money is FDIC-insured up to $250,000 directly with Varo—not stored at a third-party bank.

Read more: Why real banks reign supreme over money apps

Your “moving day" checklist

To ensure your transition from Monzo to Varo is seamless, take a moment to review the income and bills currently connected to your old account. We recommend taking a screenshot of your recent statements to create a checklist.

Don't forget to move these common links:

• Direct deposit: Provide your employer with your new Varo routing and account numbers.

• Digital wallets: Update your linked bank for apps like Cash App, PayPal, or Venmo.

• Subscriptions: Update the debit card on file for services like Spotify, Netflix, or Hulu.

• Auto-pay bills: Log into your utility, car payment, or insurance portals to swap in your new Varo details.

Routing and account numbers can be found in the Varo app by going to My Varo > Manage cards and accounts > Account numbers

The zero-gap transition: Open an account in minutes

You’ll want to open your Varo Bank Account before closing your Monzo account to avoid any gap in access to your funds. The application process typically takes only a few minutes.

See our support article for what’s required to apply. Once approved, you’ll have 24/7 access to your accounts via our easy-to-use mobile app.

The final sweep: Moving your money

Once your Varo account is open, it’s time to perform the "final sweep" of your funds before Monzo officially offboards their US members.

1. Link your accounts: Use the Varo app to link your Monzo account as an external bank.

2. Request the transfer: Move your remaining balance electronically. This process typically takes 2–4 business days per transfer.

3. Confirm the zero balance: Once the transfer clears, double-check that no pending transactions remain.

4. Close the old account: Contact Monzo customer service to officially close the account and request a final statement for your records.

Ready for a fresh start? Get started with Varo today or click to learn more about the Varo Bank Account!

1 Annual Percentage Yield (APY) is accurate as of September 17, 2025. Start earning 2.50% APY, then qualify to earn 5.00% APY on your balance up to $5,000.00 next month by 1) Receiving direct deposit(s) totaling $1,000 or more; and 2) End the month with a positive balance in all your Varo Accounts. Rates subject to change at any time.

2 We give access to direct deposits from employer & government payers on the day we receive them, typically up to 2 days earlier than your scheduled pay date.

3 Varo Advance (VA) is a small dollar line of credit. Initial limits range from $20–$250. Fees range from $1.60–$40 based on loan amount, and deposits to your Varo Bank Account. No interest is charged. For full details see Terms and Conditions. Your current limit and applicable fees can be viewed in the Varo App. Only one outstanding advance at a time, must be repaid in full prior to requesting a new advance. Limits and eligibility evaluated daily and may change at any time. You must have an active Varo Bank Account with a positive balance, no delinquent VLOC or charged off Believe account in prior 6 months and one of the following: 1) receive Qualifying Direct Deposits (QDD) of $800+ to your Varo Account current or previous calendar month (max line size $500). 2) A linked account with QDD of $800+ in the current or prior calendar month, average daily balance of $100 in the previous 30 days and active for at least 60 days (max line size $250) or 3) receive deposits of $800+ to your Varo Account in the previous 3 months (max line size $100). Add’l qualifications may apply. Qualifying direct deposits are electronic deposits of your paycheck, pension or government benefits (such as Social Security or unemployment) from your employer or government agency to the extent that can be identified. Tax refunds and government stimulus payments, Person-to-Person payments (such as Venmo or Varo to Anyone), and funds deposited using a Varo routing number are not considered a direct deposit.

4 Varo Believe is a secured credit card designed to help you build credit; however, a variety of factors impact your credit and not all factors are equally weighted. You must add money before using, money added sets the spending limit. Funds spent are held in your Varo Believe Secured Account to pay off any balance in full monthly, when due. Quals apply.

The Varo Visa® Believe Card is issued by Varo Bank, N.A. pursuant to a license from Visa U.S.A. Inc.

5 As of January 6, 2026, customers who had an existing VantageScore® 3.0 credit score showed an average increase of approximately 40 points after three months using Varo Believe and on time payments. Individual results may vary, and some customers may not see a score increase.

6 Save Your Change rounds up every transaction to the nearest dollar and transfers the amount to your Savings Account. You can opt-out of Save Your Change at anytime.

7 Save Your Pay takes a percentage of your direct deposits and transfers it to your Savings Account. You choose the percentage, and can change it at any time.