Admit it: you’ve thought about—okay, maybe even fantasized about—switching your bank.
At your current institution, you’ve jumped through more financial hoops than you’d care to count, you’ve navigated confusing fees and the outdated technology and even tried to deal with lacking customer service.
Yet despite open dissatisfaction with traditional banks—and financial services consistently ranking as consumers’ least trusted industry—surprisingly few people actually make a switch. The average customer stays with a bank for 16 years, according to a 2017 Bankrate survey—that’s a long marriage to be in if you’re not happy, we think.
And we totally we get it. Overhauling a familiar structure, however frustrating, can feel daunting. But we’re here to tell you that switching your bank is not only simple and painless—it has major potential payoffs in saved money on fees, potentially higher interest on savings, and more peace of mind.
Don’t just take our word for it. We chatted with real people who’ve pulled the plug on their old banks in favor of something better. Read on to hear what prompted them to make the switch, how they approached the process, and the benefits they’ve enjoyed as a result.
Associate Manager for Z Gallerie, St. Louis, MO (pictured)
Why did you initially decide to switch banks?
I was looking for a bank that had fewer fees. It took me about six months of searching when I came across the Varo app.
How long did it take for you to become familiar with your new bank account?
It didn’t take me any time to get acclimated to Varo—everything is very easy to set up, and the communication on updates to services is phenomenal.
What do you like best about your new bank account?
I now get my direct deposits early, the customer service is very friendly and responsive, and last but not least I love that I don’t have to pay monthly fees.
Best budgeting tip?
Make sure you set up your account to forecast for you—it really helps you keep your mind on your money with spending updates, and shows you when you’re on the right path, or if you need to tweak your budget.
What would you say to someone who wants to switch banks, but is nervous to take the plunge?
To anyone who is thinking about switching to Varo: please don’t hesitate, because it will be one of the best decisions you ever make.
Tech / Software Professional
What prompted you to switch banks?
After 20 years with the big banks, I switched to Varo. I can think of two occasions when I realized I was being charged for features I didn’t even know about. I just wanted a simple place for my deposits to live, that I can access seamlessly.
How long did it take you to switch?
I can’t even remember—it was so quick and easy. For anyone who’s mobile-savvy, it’s incredibly convenient.
What do you like about your new bank account?
It was so easy to onboard straight from my phone, and the card—now my primary debit card—came quickly. I like that it simply does what I need it to do. I can deposit and access my money without any issues whatsoever.
What differences do you notice in comparison to your old bank?
With Varo, there’s no endless maze of charges. I no longer feel like I’m just this anonymous money machine.
What’s your best budgeting tip?
If you want better control, just look at your account once a day, and you can understand where you spend your money. With Varo, I can log on in two seconds from my phone, and see a dashboard with the last week’s transactions. That’s incentive to check your balance.
Cortnay Cymrot is a contributing writer for Varo.
Follow us on Instagram @varomoney! We’d love to hear about your inspirational stories of financial and health success!
Bank Account Services provided by The Bancorp Bank; Member FDIC.
The Varo Visa® Debit Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc and may be used everywhere Visa debit cards are accepted.
Opinions, advice, services, or other information or content expressed or contributed here by customers, users, or others, are those of the respective author(s) or contributor(s) and do not necessarily state or reflect those of The Bancorp Bank (“Bank”). Bank is not responsible for the accuracy of any content provided by author(s) or contributor(s).