To earn the higher 2.80% APY, your Savings Account balance must be $50,000 or less and you must meet both of the following requirements:
- Receive payroll or government direct deposits totaling at least $1,000 each month into the Varo Bank Account or Savings Account. Payroll transfers made to the Varo Visa Debit Card via Visa Direct, from Uber, Lyft, DailyPay, Doordash, and Postmates are also considered Qualifying Direct Deposits.
- Use the Varo Visa® Debit Card to authorize at least 5 purchases each month (excluding ATM or Over-the-Counter Cash Withdrawals and P2P transfers)
If the Savings Account balance is above $50,000, or both of the above conditions are not met, you will earn 1.61% APY on the entire Savings Account balance.
At account opening, the APY will be 1.61%. If you’re a new customer looking to qualify for 2.80% APY, you’ll need to set up and receive your first direct deposit from your employer or government agency, receive your debit card in the mail, and activate it.
When you qualify for the first time, you start earning the higher rate the next day. You’ll continue to qualify for the premium rate through the end of the statement period and the entire next statement period, as long as the daily balance of your Varo Savings Account doesn’t exceed $50,000 during the Statement Period. We’ll let you know if your rate changes.
If you exceed the maximum balance of $50,000, you can re-qualify for the higher rate the day after you bring your balance to $50,000 or less. Remember, due to federal regulations you can make only 6 withdrawals from your Savings Account each calendar month.
You can see the rate you are currently earning in the app. On the Accounts screen, tap Savings > Varo Savings Account, then Details (upper right).
The fine print (see the Varo Savings Account Agreement for full terms and conditions)
Rates are variable and may change, and your Savings balance must be at least $0.01 to earn interest.
These deposit transactions into your Varo Bank Account are NOT considered payroll or government direct deposits:
- ACH transfers made using your Varo Bank Account number and routing number, including:
- Transfers from an account held in your name at another bank, brokerage firm, or other financial institution
- Transfers from digital wallets or peer-to-peer services, like Paypal, Venmo, Square, and ApplePay Cash
- Non-payroll transfers made to your Varo Visa® Debit Card, from services like Paypal, Venmo, Cash App, Zelle, GooglePay, Facebook or other similar transfers
- Cash deposits made through the Green Dot® Network
- Mobile deposit of checks with the Varo app
These types of debit transactions are NOT considered debit card purchases:
- ATM withdrawals
- Over-the-counter (“OTC”) cash withdrawals
- Transfers made using Peer-to-peer transfer services, like Cash App or Zelle
- ACH debits from merchants, utility service providers, and other financial institutions
- ACH transfers from your Varo Bank Account to another Varo Bank Account you own
- Payments made using the bill payment (“Mail a check”) feature in the Varo app
- Transfers or withdrawals from your Varo Savings Account