
Pros
High APY on savings: Varo offers up to 5.00% APY on balances up to $5,000
Early direct deposit access: Varo allows customers to receive their paychecks up to two days early with qualified direct deposits
Varo Advance: Eligible customers can access up to $500 in cash advances with no interest if repaid within 30 days.
Cons
Limited cash deposit options: Cash can only be deposited at Green Dot® network retail outlets, which charge a $5 fee per deposit
Stringent requirements for highest APY: Customers must meet specific direct deposit and balance criteria to earn the 5.00% APY
No joint accounts: Varo does not offer joint checking or savings accounts
