Why is the bank name for direct deposits “The Bancorp Bank” and not “Varo”? Your deposits to Varo are held by the Bancorp Bank, Member FDIC, and are insured up to $250,000. Related articles Can everybody have a Varo Bank Account? Where can I find my bank account statements? Can I use free ATMs with Varo? Varo Referral Program FAQ How do I Earn the Higher Interest Rate or Annual Percentage Yield (APY) on my Varo Savings Account?