What it does
Varo Bank offers mobile checking and savings for eligible U.S. adults. Its checking account has no monthly maintenance fee and accepts direct deposit, with a cash-deposit option at participating CVS stores.
Varo suits someone whose income arrives partly electronically and partly as cash. Direct deposit puts pay into the account, while eligible stand-alone CVS stores accept cash deposits of $20 to $500 per transaction without a fee. CVS locations inside Target, hospitals and military bases are excluded.
The checking account has no minimum-balance or overdraft fee. U.S. Allpoint ATM withdrawals are free; Varo charges $3.50 at other and international ATMs, where the operator may charge too. Cash deposits at other retailers may also cost extra. The app’s Smart Views break down recent money movement into categories, covering the last two months.
Applying for an individual account
In the app, choose Sign Up; on the website, choose Get started. You need an active email address, a device that can run the app, and to be at least 18. Applicants must be U.S. citizens or permanent residents with a physical address in one of the 50 states or Washington, D.C.
Varo permits one checking account per customer. Joint accounts, secondary debit cards and business accounts are not supported. Savings and borrowing products have their own application or qualification requirements, so approval for checking does not automatically provide them.
Strengths
- Eligible CVS stores accept $20 to $500 cash deposits per transaction without a fee.
- Checking has no monthly maintenance, minimum-balance or overdraft fee.
Watch out for
- No joint accounts, secondary debit cards or business accounts.
- Out-of-network and international ATM withdrawals incur Varo’s $3.50 fee plus possible operator charges.
Best for
- U.S. adults who combine direct deposit with occasional retail cash deposits
- People who want to manage an individual checking account on a phone
Sources
- Varo - No Hidden Fees. High-Yield Savings. Credit Building. (Oct 25, 2026)
- Online Bank Account | No Fees, No Minimums (Oct 27, 2026)
- Keep Your Cash With A No Hidden Fee Bank Account (Oct 27, 2026)
- Applying for a Varo Bank Account (Oct 27, 2026)