When it comes to managing your finances, online banking has become an increasingly popular choice. With the convenience of being able to access your account from anywhere at any time, it’s no wonder why more and more people are turning to online banking options. One such option is Varo, an online-only bank that offers a range of features that are designed to help you manage your money in a more efficient and effective way. In this article, we’ll take a closer look at online banking like Varo and what it has to offer.
What is Varo?
Varo is an online-only bank that was founded in 2015. It’s a mobile-first bank, which means that it’s designed to be used primarily through its mobile app. This app is available for both iOS and Android devices and offers a range of features that are designed to help you manage your money more effectively.
How does Varo work?
Varo works just like any other bank, but with a few key differences. When you sign up for a Varo account, you’ll be given a checking account and a savings account. You can use your checking account to deposit and withdraw money, make purchases, and pay bills. Your savings account, on the other hand, is designed to help you save money. You can set up automatic transfers from your checking account to your savings account, and Varo will also offer you suggestions on how to save more money.
What are the benefits of using Varo?
There are several benefits of using Varo for your banking needs. First and foremost, it’s incredibly convenient. You can access your account from anywhere at any time, which means that you don’t have to visit a physical bank branch. Additionally, Varo offers a range of features that are designed to help you manage your money more effectively. For example, you can set up automatic savings transfers, and Varo will also offer you suggestions on how to save more money.
What are the fees associated with Varo?
One of the biggest benefits of using Varo is that it’s fee-free. That means that you won’t be charged any monthly maintenance fees, ATM fees, or overdraft fees. Additionally, Varo doesn’t charge any foreign transaction fees, so you can use your Varo debit card when you travel without worrying about additional fees.
Are there any downsides to using Varo?
While there are many benefits to using Varo, there are also a few downsides. First, because Varo is an online-only bank, you won’t be able to visit a physical branch if you need assistance. Additionally, Varo doesn’t offer any physical checks, so if you need to write a check, you’ll need to do so through an online check-writing service. Finally, Varo’s savings account interest rate is relatively low compared to other online banks.
Is Varo safe?
Yes, Varo is safe. It’s FDIC-insured, which means that your deposits are insured up to $250,000. Additionally, Varo uses advanced security measures to protect your account information.
How do I sign up for Varo?
Signing up for Varo is easy. Simply download the Varo app from the App Store or Google Play and follow the on-screen instructions to create your account. You’ll need to provide some personal information, such as your name, address, and social security number, and you’ll also need to verify your identity. Once your account is set up, you can start using Varo’s features right away.
Conclusion
Online banking like Varo is becoming an increasingly popular choice for people who want to manage their finances more effectively. With its range of convenient features and fee-free structure, Varo is a great option for anyone who wants to simplify their banking experience. While there are a few downsides to using Varo, such as the lack of physical branches, the benefits far outweigh the drawbacks. So why not give Varo a try and see how it can help you manage your money more effectively?