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My Honest Varo Bank Review 2021 (Why I'm Leaving) - YouTube
Channel: Xena Kai Finance Videos
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Varo bank is one of the most popular
online banks and with
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a whopping 3 percent interest rate that
they give to their customers
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on their savings account, it's no wonder
why they have been so successful. However
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is it still worth it to bank with Varo
in 2021?
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I've been a Varo customer for about a
year now
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and I've recently decided to leave. So in
this video,
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I go over the pros and the cons of Varo
bank checking and savings accounts, I
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also go over
my honest experiences with them as a
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customer
and why I ultimately decided to leave.
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You want to watch this video until the
end so that you know the pros and the
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cons of
Varo bank and whether or not it's still
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worth it in 2021.
If you're new here hi my name is Xena. I
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make personal finance videos but
only a small percentage of my viewers
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are actually subscribed to my channel.
So hit the subscribe and notification
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bell down below it's free for you to do
and you can always unsubscribe later.
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let's go over the basics of Varo bank
account.
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first off there are no fees there are no
monthly fees no transfer fees no foreign
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transaction fees
and there are no fees at over 55 000
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all point atms there is no minimum
balance required to open an account
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and they are fdic insured which is
really good because a lot of online
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banks partner up with bigger banks
and aren't individually fdic insured
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but varro itself is fdic insured which
is
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really difficult to get there are
several benefits that vara bank offers
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its checking
account customers there is varro tovaro
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transfer which is an instant money
transfer between two
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varo accounts though i've never used
this because
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i don't know anyone else who banks with
varro all of my friends
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use different banks with that in mind
var navarro transfer may or may not be
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that useful to you
another benefit is that you could
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instantly deposit cash
at any green dot location and it'll
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instantly show up in your
varro checking account there are over 90
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000 locations for this service so
if you need it i highly doubt that
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you'll have trouble
finding one because there's just so many
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locations
um varroa itself does not charge you
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a fee for this service it's free however
the retail location that provides the
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service may
charge you a fee there are also borrow
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offers so varro partners up
with different retailers to give its
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customers
the best deals you could look at the
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offers that varo
offer you can look at the varro offers
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okay you could look
at the varro offers through the varo app
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and there are a couple not that many
i've yet to use this once just because
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none of the offers are really enticing
to me
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but it might be useful for you another
benefit
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are varro perks so this is a brand new
feature
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and it's not even released yet but on
the var website it says that it's coming
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soon
on the website it states that you could
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get up to 15
cash back when you use your varro card
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so this is a lot of cash back because
even if you look at
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the most expensive credit cards like the
amex platinum
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card that costs 550 dollars a year
their point multiplier is just 10x
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where this varro gives you 15
cash back and it's with your debit card
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with there's no fees for their account
so this is just free money
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some store examples include home depot
walgreens walmart and cvs
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so these are popular stores unlike
the varo offers that they have on their
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app right now
i'm not sure exactly when varro intends
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to release
their varroa perks but i will update you
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guys on that
if they do on to the varro high yield
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savings account
now they offer some of the best apys
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on a savings account because the
national average right now
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is 0.5 percent which is barely any money
but varro is offering its customers
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up to three percent apy
in their savings accounts the regular
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interest rate that varo provides their
customers
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is 0.2 percent but
you could qualify for the 3
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interest rate if you do all of the
following
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one you have to set up direct deposit
with them and receive
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a qualifying direct deposit of one
thousand dollars or more
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each month two you must make
five qualifying purchases with your
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varro debit card each month three your
savings account cannot exceed
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five thousand dollars which is really
low for a savings account
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and if it does or if you don't do any of
the previous things that i mentioned
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then you'll only get 0.2 percent
apy which is low the three percent apy
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that they offer their customers is high
especially during these times
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most banks have lowered the interest
rates that they
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provide their customers because the feds
keep lowering the interest rates
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due to everything that has gone on
with the sickness and all of that even
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though varro
does offer competitive interest rates
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with their three percent
they have changed it multiple times
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since march 2020
i'll get more into detail with that a
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little later in this video
another pro with varro bank is that they
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state you could get paid up to
two days faster so you can receive your
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money
faster which is never a bad thing
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however
varro bank has no physical locations
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which is a con but most people
don't really go into a physical bank
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location anymore
and most online banks don't have
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physical locations
so for me this wasn't really a problem
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now
it's time for me to talk about my honest
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experiences
as a viral bank customer and why i'm
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ultimately deciding to leave all in all
i've had a positive experience with
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varro bank and i've never
had a problem with them however there
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are still
multiple reasons why i am choosing to
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leave
the viral bank checking account when
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compared to other online banks
is just okay the only major benefit
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is that there are no fees for their bank
account
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but i am with another online bank that
also has no fees
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and there are so many online banks
nowadays
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that offer no fees for their checking
accounts i do have to admit
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that the checking account i have with my
other online bank
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is actually better how about the high
yield
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savings accounts that vara offers what
are my experiences with that
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so i was first drawn to varro bank
because
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of the interest rates that they had on
their savings accounts
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however they keep decreasing this
for instance the regular apy that they
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provide now is
0.2 percent but when i signed up
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the regular apy was over one percent
they've changed their apy multiple times
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and they've lowered it
so many times i i can't even i've lost
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track
at how many times they've lowered it and
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even the three percent apy that they
offer
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now is not much because
there is a five thousand dollar cap on
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it since my
other checking account at level bank
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offers me
better benefits than varro does
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and since varro keeps lowering the
interest rates
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for their savings accounts there
really is no reason for me to stay as a
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varro
customer i've decided to move my savings
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out of varro
i put half of my savings into
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block fi where i earn 8.6
interest rate on my savings the other
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half of my savings i plan on putting
in a high yield savings account i'm not
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sure which online bank i'll choose for
this
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but it'll probably be one of the banks
that i review
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in my bank account video the link is in
the description below
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don't forget to subscribe and hit the
notification bell i release two new
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personal finance videos every week
and while you're at it watch this video
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next and with that
thanks for watching and i will see you
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guys in this video bye
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