The benefits of banking with no fees

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All Varo products and services mentioned below are contingent on opening a Varo Bank Account. Qualifications may apply. 

Did you know that more than 25% of Americans with checking accounts are paying an average of $24 in monthly bank fees?¹ We think that’s, well, outrageous. Think of all the other, better things you could be doing with your hard-earned cash by skipping those monthly fees.

Bank accounts are an essential tool for managing your finances, and we think you deserve one that puts you in control without pesky fees. Varo’s no hidden fee bank account is made for those who are sick and tired of the unnecessary fees that traditional banks seem to tack onto pretty much everything.

Here, we’ll explore the benefits of a no hidden fee bank account as you strive to put your cash towards what matters most.

1. Put your funds towards other expenses

Let’s face it—most of us wish we had the freedom to tackle all our other monthly expenses without hidden bank fees getting in the way of our progress. Whether it’s bills, groceries, gas, or paying down debts, we could all use more cash in our pockets to put towards the important stuff.

Not to mention, unexpected expenses like a flat tire, a medical expense, or a trip to the vet have a way of rearing their ugly heads when we least expect them, making us all wish we had more cash on hand to tackle them and get on with our lives.

2. Give your savings a boost

Ditching monthly bank fees can help you turn your money into more money, that much faster, by giving your savings account the boost it needs. Instead of paying exorbitant monthly fees just to manage your money, why not divert those funds into a high-yield savings account from Varo that lets you earn more on every dollar?

Monthly fees can add up fast. Luckily, the same goes for savings. By tucking away what you can each month, you can keep building your savings and prioritizing your financial future without the burden of never-ending bank fees. What's more, you can qualify for 5.00% Annual Percentage Yield (APY) with Varo on up to $5k.²

3. Spend your cash how you want

No matter how you want to use the cash you’re saving on monthly fees, it’s yours to do with as you please, not ours. Your hard-earned money is your money, and we want to help you keep it that way.

Whether you’re saving up for a dream vacation, a down payment on a house, or treating yourself to a new monthly subscription, doing away with hidden bank fees clears up more of your money for what you want in life.

4. Embrace freedom from hidden bank fees with Varo

Perhaps it’s time to say goodbye to bank fees eating away at your funds and hello to a no hidden fee bank account that ditches those annoying fees³? 

With Varo on your side, you can embrace freedom from hidden bank fees³ as you strive to pay off expenses, save more for the future, and spend your cash on what you want. That means no monthly fees, no overdraft fees⁴, and no charges to deposit checks, use your free debit card, or withdraw cash at 40,000+ free ATMs.⁵

Experience the power of a no hidden fee bank account from Varo today!

Unless otherwise noted above, opinions, advice, services, or other information or content expressed or contributed by customers or non-Varo contributors do not necessarily state or reflect those of Varo Bank, N.A. Member FDIC (“Bank”). Bank is not responsible for the accuracy of any content provided by author(s) or contributor(s) other than Varo.

¹ https://www.cnbc.com/select/how-to-avoid-bank-fees/

² Annual Percentage Yield (APY) is accurate as of December 1, 2022. Rates may change at any time without prior notice, before or after the account is opened. Start earning 3.00% Savings APY, then qualify to earn 5.00% APY on your balance up to $5,000.00 for next month by meeting these two requirements this month: 1) Receive qualifying direct deposit(s) totaling $1,000 or more; and 2) End the month with a positive balance in both your Varo Bank Account and Savings Account. You’ll continue to earn 3.00% APY on any additional balance above $5,000.00.

³ Varo does not charge many fees.  A list of the fees we do charge can be found here. 

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. Tax refunds and government stimulus payments, person-to-person payments (such as Venmo), and funds deposited using a Varo routing number are not considered a direct deposit.

See the Varo Savings Account Agreement for full terms and conditions.

⁴ We will decline or return transactions when you do not have enough money in your account to cover the charge. However, you could still end up with a negative balance if, for example, a transaction is approved for one amount, but then the actual charge is more than what you have in your account (like when you add a tip at a restaurant after the transaction for the meal was already approved). This could also include preauthorized ACH transfers that are scheduled, recurring and/or pending but have not yet settled. If your account balance remains negative, activity will be evaluated and your account could be closed. Even if you have a negative balance, we will not charge you an overdraft fee.

⁵ There is no fee to use any U.S.-based Allpoint® ATM.  Varo charges a $3.50 fee for cash withdrawals at all non-Allpoint® (out of network) and all international ATMs. Additional third-party fees may be assessed by the ATM owner. All ATM fees will be charged to the Varo account used for each transaction.