Although the word “bank” was once synonymous with a physical location, the reality is that more and more banks occupy only digital space. Varo, founded in 2015, is one of the many options available to today’s bankers — if they’re willing to forgo the ability to visit an actual bank building, that is.
Like other online-only banks, Varo offers deposit and checking accounts with low fees and high interest-earning rates, making it an attractive alternative to more traditional banking.
However, Varo doesn’t offer small business banking, credit cards, loans, or other extras that may be necessary for some customers, and the way it handles cash deposits is clunky and costly.
If you’re in the market for a new personal bank account, read on to learn whether or not Varo might be a fit.
In this review:
Varo Bank Review: The Pros and Cons
Here’s what we loved about Varo —