What is Save Your Pay?
Save Your Pay is a tool that automatically deposits a percentage of what you earn into your Varo Savings Account. The percentage you want to save is up to you.
All you need to do is set a percentage and Varo will instantly calculate the dollar amount, then transfer it from your Varo Bank Account to your Varo Savings Account. Save Your Pay lets you choose exactly how much you want to save, whether that’s 1% or 20% of your earnings. Once you start saving, your money will also earn interest in a Varo Savings Account. See the current Annual Percentage Yield (APY) here to know how much you’re earning.
How does Save Your Pay work?
Once you set a percentage in Save Your Pay, Varo looks at each direct deposit into your Varo Bank Account and automatically multiplies it by the percentage you chose, then transfers that amount from your Varo Bank Account to your Varo Savings Account. Direct deposits can come from your employer, from the government, or from other sources such as insurance companies, AirBNB, and Paypal.
For example, if you receive a payroll direct deposit of $1,200 from your employer and you choose to save 10%, we’ll automatically transfer $120 from your Varo Bank Account to your Varo Savings Account every time you receive that direct deposit.
There is no fee for using Save Your Pay.
When do the transfers happen?
Money is transferred from your Varo Bank Account to your Varo Savings Account immediately after the direct deposit is posted to your Varo Bank Account. You can always adjust the transfer by moving money from your Varo Savings Account back to your Varo Bank Account. Please note that federal regulations require us to limit the number of transfers from the Varo Savings Account to six per calendar month.
What happens if my Varo Bank Account has a low balance?
If your balance goes below $1.00, we will not make automatic Save Your Pay transfers. If you make a purchase or transaction that’s higher than your Bank Account balance but you also have a Savings Account balance, Varo cannot withdraw the money from your Savings Account and your transaction will be declined. As always, there are never overdrafts or overdraft fees with a Varo Bank Account.
What transactions are eligible for Save Your Pay?
Any direct deposit via Automated Clearing House (ACH) from an outside financial institution to your Varo Bank Account is eligible for Save Your Pay. This includes payroll, government benefits, tax refunds, and other payments (e.g., insurance payment, AirBNB income, Stripe transfer). Save Your Pay does not work with in-app transfers from your Varo Savings Account or instant transfers to a Varo Visa® Debit Card—like transfers from Uber Instant Pay and Lyft Express Pay, for example. See details in the Varo Savings Account Agreement.
How do I change the percentage I’m saving or turn off Save Your Pay?
You can edit or turn off Save Your Pay in the app whenever you want.
- Open Varo and log in
- Go to your Savings Account
- Tap Automatic Savings
- Tap Save Your Pay
- Edit the percentage or select Turn Off in the edit screen
If you have any trouble, you can always contact our Customer Service Team at email@example.com or by calling 1-800-827-6526.