Introduction
Online banking has revolutionized the way we handle our finances. It has made banking more convenient, accessible, and secure. Varo is one of the popular online banks that has been gaining popularity recently. In this article, we will explore the features of online banking like Varo.
What is Varo?
Varo is an online bank that offers a range of financial services to its customers. It was founded in 2015 and is headquartered in San Francisco, California. Varo has no physical branches, which allows it to offer higher interest rates and lower fees than traditional banks.
Features of Varo
Varo offers many features that make it an attractive option for those who prefer online banking. Here are some of the key features:
1. No Monthly Fees
Varo does not charge any monthly fees to its customers. This is a significant advantage over traditional banks that often charge monthly maintenance fees.
2. High-Interest Savings Account
Varo offers a high-yield savings account that currently offers an annual percentage yield (APY) of up to 2.80%. This is much higher than the average interest rate offered by traditional banks.
3. ATM Access
Varo has partnered with Allpoint, which gives its customers access to over 55,000 fee-free ATMs worldwide. This means that you can withdraw cash without incurring any fees.
4. Mobile Banking
Varo has a user-friendly mobile app that allows you to manage your account from anywhere. You can check your account balance, transfer money, pay bills, and deposit checks using your smartphone.
5. Overdraft Protection
Varo offers overdraft protection to its customers. If you don’t have enough money in your account to cover a purchase, Varo will cover it for you, up to a certain limit. This can save you from costly overdraft fees.
6. Early Direct Deposit
With Varo, you can get your paycheck up to two days early. This can be especially helpful if you need the money to cover bills or other expenses.
How to Open a Varo Account
Opening a Varo account is simple and straightforward. Here’s how to do it:
1. Download the App
You can download the Varo app from the App Store or Google Play Store.
2. Sign Up
Enter your personal information, such as your name, address, and Social Security number. You’ll also need to create a username and password.
3. Verify Your Identity
Varo will ask you to verify your identity by taking a photo of your government-issued ID and a selfie.
4. Deposit Money
You can fund your Varo account by transferring money from an external account or setting up direct deposit.
Is Varo Safe?
Varo takes security seriously and uses industry-standard encryption to protect your information. It is also FDIC-insured, which means that your deposits are protected up to $250,000.
Conclusion
Online banking like Varo offers many advantages over traditional banking. It is convenient, accessible, and often comes with lower fees and higher interest rates. If you’re looking for a new bank, Varo may be worth considering.