Varo Bank Disclosures

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Varo Advance

Varo Advance (VA) is a small dollar line of credit. Initial limits range from $20- $250. Fees range from $1.60 - $100 based on loan amount, and deposits to your Varo Bank Account. Your current limit and applicable fees can be viewed in the Varo App. Qualifications apply. Subject to evaluation of consumer reports and Varo account activity.

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.

Varo Advance Approval Rate

Based on internal data from January 2026, reviewing Varo advance eligibility rates for customers with at least $800 in QDD and no prior Varo advances.

Automatic payments for Varo Advance

Set up an automatic payment to your Varo Advance Account on any date you choose between 15 and 30 days from the day you get your Advance.

Cash advance competitor comparison

Based on November 2025 internal Varo research among single standalone loans with repayments of 30 days or less.

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Free banking

Fees apply to out-of-network withdrawals & cash deposits, Varo Advance, and Varo Line of Credit. A full list of Varo fees can be found here.

Early direct deposit

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

Free cash deposits at CVS

Available at all stand-alone CVS® locations with a cashier in the US except those located within hospitals, on military bases, or in Target. You can deposit between $20-$500 per transaction. A fee may apply for depositing cash at other retail locations.

Mobile check deposits

Access to mobile deposit and deposit limits are set based on how long your Bank Account has been open and your prior account activity. Quals apply.

Free in-network ATMs

No fee at U.S. based Allpoint® ATMs. $3.50 fee for cash withdrawals at all out of network & international ATMs. 3rd-party ATM fees may apply. Fees will be charged to the Varo account used for each transaction.

More than 2x the number of ATMs than individual big banks

Based on a review of the following webpages as of November 26, 2024:

Chase: https://www.chase.com/digital/atms
Bank of America: https://newsroom.bankofamerica.com/companyoverview
Wells Fargo: https://www.wellsfargo.com/atm/tour/

Cashback

Cashback is available on qualifying items or services purchased with your Varo Debit Card or Varo Believe Card at participating merchants. Select offers require activation in the Varo app prior to purchase. Offer details, including reward rates, merchant participation, and offer expiration may vary; see the Cashback tab for specific terms and current deals. The maximum cashback earned is $750 USD per calendar month.

Digital wallet integration

Some customers will have immediate access to a digital debit card, which you can use for online purchases, or add to your digital wallet. For security and privacy reasons, digital cards are not available to all customers. If you’re eligible for a digital debit card, you’ll see a screen titled Early access to your card pop up in your app. For more information visit Varo Support: https://support.varomoney.com

The Varo Visa® Debit & Believe Cards are issued by Varo Bank, N.A. pursuant to license from Visa U.S.A. Inc.

No overdraft fees

Transactions will be declined when you don’t have sufficient funds. You could have a negative balance if a transaction is approved for one amount, but the actual charge is more than what you have in your account, but we won’t charge you an overdraft fee.

Testimonials

Testimonials reflect real experiences of Varo customers. Results and experiences may vary.

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Up to 5.00% APY (annual percentage yield)

To open a Varo Savings Account all you need is a Varo Bank Account. Applying won’t impact your credit score, plus there are no monthly fees, and no minimum balance required.Annual Percentage Yield (APY) is accurate as of May 27, 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) Ending the month with a positive balance in all your Varo Accounts. Rates subject to change at any time.

Qualifying direct deposits

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Varo Believe credit-builder card

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® Debit & Believe Cards are issued by Varo Bank, N.A. pursuant to license from Visa U.S.A. Inc.

Safe Pay

By enrolling in Safe Pay, you authorize Varo Bank to auto pay your Varo Believe Card balance in full at the end of your billing cycle from funds in your Varo Believe Secured Account, before your actual due date. If the amount owed is more then your Secured Account balance your payment will not be made. You will have twenty-one (21) days to deposit additional funds to make your payment on time.

40+ point increase in credit score

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.

90% of Believe users w/o a credit score had one after one month

As of November 18, 2024. Data based on comparison between VantageScore® 3.0 score from the initial pull after Believe card activation and the VantageScore® 3.0 score pulled after one month of reporting Believe Card activity. Individual results may vary.

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Varo Line of Credit (VLOC)

Limits range from $600 - $2000. Average loan amount $825. A flat fee of $60 to $400 per Advance. No interest is charged. Credit limits may fluctuate. You may only take one VLOC advance out at a time. Eligibility to apply and/or credit limit information is available in the Varo App. Subject to Credit approval. Quals apply.