These are the 9 top alternatives to Varo

Unhappy with your traditional bank and looking for something new? Consider checking out online banks like Varo, which offer convenient features like mobile banking and FDIC-insured accounts.

In our guide, we'll introduce some of the best alternatives to Varo, including Revolut, Chime, and ONE. Plus, we'll include an alternative to banks, Wise, a Money Service Business (MNB).

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What’s on offer with Varo?

Before we look at alternatives, it’s worth taking a quick look at what Varo itself has to offer.

Varo Money has both a checking account and savings account available. It’s everyday account is fee-free, and offers the following features:¹

• A Varo Visa debit card
• Instant access to your money
• Early direct deposit so you can get paid up to 2 days early
• Zelle payments available through the Varo app
• 40,000+ free ATMs
• Cashback when spending at select brands or retailers.

Varo also provides FDIC protection of up to $250,000 for your peace of mind. It’s also quick and easy to open an account online.

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Although not a bank but a Money Service Business (MNB), Wise can be a great alternative to cover many of your banking needs.

Wise is especially useful for international transactions and overseas spending. So you should check it out if you’re someone who travels a lot, lives or works abroad, or has family, property or any other dealings in other countries.

With the Wise Account, you’ll get the following features:

• Bank details in 10 currencies
• The option to hold, send, spend and convert 40+ currencies at once
• Send money overseas with low and transparent fees,
• Order a Wise card for a one time fee of just $9 - for use in 174 countries
• Mid-market exchange rates on all transactions.

It’s quick, easy and free to open a Wise account online. And there’s even a handy Wise app, so you can manage everything from your phone.

Get a Wise Account today

Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.

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Here are our top picks for the best online banks like Varo

Chime²

Chime is a top pick for anyone looking for online banks like Varo.

Based in San Francisco, the fintech firm Chime offers an online checking account that’s free to open. It also has no monthly fees. You can manage your money 24/7 through the user-friendly Chime mobile app.

The Chime account offers the following features:

• A free debit card
• A fee-free overdraft up to $200
• Fee-free withdrawals at over 60,000 ATMs
• Get Paid Early feature - get your paycheck two days early via direct deposit.

Revolut³

Digital bank Revolut is one of the most popular alternatives to online banks like Chime and Varo.

It offers a choice of plans, starting with a free standard account. This comes with everything you need for everyday banking. You’ll get a personalized debit card, fee-free withdrawals at 55,000 ATMs and 1 free international transfer per month.

You can also upgrade to a paid plan, and unlock lots of other features. What you get all depends whether you go for the Premium plan ($9.99 a month) or the Metal plan ($16.99 a month).

The long list of available benefits (plan dependent) includes:

• Savings interest
• Primary accidental medical insurance
• Travel insurance
• Unlimited fee-free currency exchange
• Discounted airport lounge access
• Purchase, returns and ticket protection
• Commission-free stock trading.

Revolut also offers business accounts if this is something you’re looking for.

Juno⁴

Fintech company Juno offers a checking account absolutely stuffed with features and benefits. Here’s what you’ll get when you download the Juno app and sign up for an account:

• A Juno debit card
• 5% interest on your cash deposits (interest paid on the first $50,000 of your balance)
• 4% interest on balances between $50,000 and $250,000
• Unlimited fee-free transfers and withdrawals
• No account fees
• FDIC-insured cover for up to $250,000
• 5% cashback on participating brands, including Amazon and Doordash
• Pay bills instantly
• Free ATM withdrawals at 80,000+ locations.

Juno claims you can open an account in as little as 3 minutes. Its app also offers access to crypto trading, should this be something you’re interested in.

Current⁵

Mobile banking specialist Current offers a range of accounts, for either spending, saving and investing.

Its everyday checking account offers all the essential services and features you’d expect, and it’s all managed through a great mobile app. Features of the Current account include the following:

• A debit card with no monthly fees
• Fee-free overdraft
• Get paid up to 2 days faster with direct deposit
• Earn points at over 14,000 participating merchant
• No minimum balance fees.
• Free cash withdrawals at over 40,000 ATMs.

Have a teen in the house? Current also offers dedicated accounts for young people.

Monzo⁶

Now we come to another big-hitter. Monzo offers a feature-packed personal account, which comes with a free debit card, no monthly fees and full control via the Monzo app.

You’ll also get:

• No overdraft or foreign exchange fees
• Get paid up to 2 days early with direct deposit
• $250,000 FDIC insurance
• Card controls and other in-app security features.

Monzo claims you can sign up for an account in less than 10 minutes, starting by downloading the Monzo app.

Capital One⁷

You may have heard of US bank Capital One. Its primary checking account is a digital one, called the 360 Checking Account. It’s managed via mobile banking, and charges no monthly fees.

The 360 Checking Account also offers:

• A debit card
• Fee-free cash withdrawals at over 70,000 ATMs
• Overdraft options if needed
• Get paid up to 2 days early with ‘Early Paycheck’ feature (direct deposits)
• Easy Zelle payments in the Capital One app.

If you’re looking for digital savings, teen or kids savings accounts, these are also available at Capital One.

8: ONE⁸

ONE (not to be confused with Capital One) is an online banking service based in Sacramento. It’s partnered with Coastal Community Bank in order to offer its banking services. This means you’ll get $250,000 FDIC protection per person when you open an account.

The ONE app offers the following features:

• A debit Mastercard
• Round-ups - where you can set aside savings as you spend, and earn 1% APY
• Cash Rewards when shopping at some of your favorite brands
• Up to $200 overdraft protection
• No monthly fees
• Deposit cash at Walmart locations nationwide.
• Fee-free cash withdrawals at over 55,000 ATMs
• Early Payday with direct deposits.

Ally⁹

Lastly, we come to Ally. It offers a full range of digital finance services, from checking and savings accounts to credit cards and mortgages.

It’s Interest Checking Account is FDIC-insured, app managed and comes with the following features:

• A debit card
• Deposit checks remotely with Ally eCheck Deposit
• Zelle payments through the Ally app
• No monthly fees
• Early direct deposit
• Fee-free ATM withdrawals at 43,000+ locations
• Interest on your balance.

Bottom line

So, which online bank is best? And are any of them better than Varo? This will be up to you to decide, as it all depends on what you’re looking for.

Many of the options above offer digital checking accounts with no monthly fees, which you can manage with just your smartphone. You’ll even get a physical debit card, just like with a standard bank.

And the banking apps themselves offer all kinds of clever features. This includes everything from budgeting tools and cashback to linked savings products.

The only thing to watch out for is when using these accounts abroad. Some may charge high fees, and offer poor exchange rates. This can make spending overseas super expensive.

And if we are looking for an alternative to banks, Wise is the ideal option for travelers, vacationers, international students and families spread across multiple countries. The Wise Account lets you send, spend, convert and receive money in 40+ currencies, all for low fees and mid-market exchange rates.

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FAQs

What is better than Varo?

Many of the online banks we’ve included in this list have a very similar offer to Varo. You’ll need to check each out to see which one fits your needs best. Juno perhaps has the longest list of features, and all for no monthly fees.

Which is the best digital bank?

It all depends what you’re looking for, but Monzo, Revolut, Varo and Chime are all among the most popular online banks in the US. When comparing, check out fees, features and user reviews of the mobile app for each bank.

Which is better - Varo or Chime?

There’s not a lot to choose between them. Both Varo and Chime come with no monthly fees, FDIC insurance and user-friendly mobile apps packed with features. You might need to check out customer reviews or test out each option, to see what works best for you.

Which bank is the easiest to open an account?

Many of the online banks above claim you can open an account within a matter of minutes. Juno is possibly the fastest - if the bank is to be believed, you can open an account in as little as 3 minutes.

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Sources used for this article:

1. Varo Money - Bank Account
2. Chime - Checking Account
3. Revolut - Our pricing plans
4. Juno - Home
5. Current - Spend
6. Monzo - Personal Account
7. Capital One - Online checking account
8. ONE app
9. Ally - Interest Checking Account

Sources checked on 11-May-2023.