Varo Bank is a popular digital bank that offers a range of innovative financial services through its mobile app. With features like no fees, early access to direct deposits, and high-yield savings accounts, Varo Bank has gained significant popularity among users. However, there are several alternatives and competitors in the market that provide similar or even better services. In this article, we will explore the 10 best Varo Bank alternatives and competitors in 2024.

1. Chime

Chime is a leading digital bank that offers a full suite of banking services, including checking accounts, savings accounts, and debit cards. Like Varo Bank, Chime does not charge any monthly fees or overdraft fees. Chime also provides early access to direct deposits and a round-up feature that helps users save money effortlessly. With its user-friendly interface and comprehensive banking services, Chime is a strong alternative to Varo Bank.

2. Ally Bank

Ally Bank is an online-only bank that provides a wide range of banking products, including checking accounts, savings accounts, and CDs. It offers competitive interest rates on savings accounts and has a network of over 43,000 ATMs nationwide. Ally Bank also provides a user-friendly mobile app and excellent customer service. With its established presence in the online banking space, Ally Bank is a significant competitor to Varo Bank.

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3. SoFi Money

SoFi Money is a digital cash management account that combines the features of a checking account and a savings account. It offers high-interest rates on deposits and provides fee-free ATM withdrawals worldwide. SoFi Money also offers additional benefits like financial planning tools and career coaching services. With its unique cash management approach and valuable perks, SoFi Money is a compelling alternative to Varo Bank.

4. Simple

Simple is a mobile banking platform that focuses on providing a streamlined and intuitive banking experience. It offers features like goal-based budgeting, expense tracking, and automatic savings goals. Simple also provides fee-free ATM access through its network of ATMs. With its emphasis on simplicity and personal finance management, Simple is a strong competitor to Varo Bank.

5. Capital One 360

Capital One 360 is an online banking platform that offers a range of banking products, including checking accounts, savings accounts, and CDs. It provides competitive interest rates on deposits and has a network of over 39,000 fee-free ATMs. Capital One 360 also offers a user-friendly mobile app and excellent customer service. With its established reputation and comprehensive banking services, Capital One 360 is a noteworthy alternative to Varo Bank.

6. Discover Bank

Discover Bank is an online bank that offers a variety of financial products, including checking accounts, savings accounts, and CDs. It provides competitive interest rates on deposits and has a network of over 60,000 fee-free ATMs. Discover Bank also offers cashback rewards on its debit card transactions and a user-friendly mobile app. With its wide range of banking services and attractive rewards program, Discover Bank is a compelling competitor to Varo Bank.

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7. N26

N26 is a digital bank that operates primarily in Europe and the United States. It offers a range of banking services, including checking accounts, savings accounts, and investment options. N26 provides a user-friendly mobile app with advanced security features like biometric authentication. With its global presence and innovative banking features, N26 is a significant alternative to Varo Bank.

8. Revolut

Revolut is a digital banking platform that offers a variety of financial services, including currency exchange, cryptocurrency trading, and international money transfers. It provides a multi-currency account that allows users to hold and spend money in different currencies with low exchange fees. Revolut also offers features like budgeting and spending analytics through its mobile app. With its focus on international banking and innovative features, Revolut is a strong competitor to Varo Bank.

9. Monzo

Monzo is a digital bank based in the United Kingdom that provides a range of banking services, including current accounts, savings accounts, and budgeting tools. It offers real-time notifications for transactions, instant money transfers, and fee-free ATM withdrawals in the UK and abroad. Monzo also provides helpful spending insights and budgeting features through its mobile app. With its customer-centric approach and intuitive banking features, Monzo is a compelling alternative to Varo Bank.

10. Starling Bank

Starling Bank is a mobile-only bank based in the United Kingdom that offers personal and business banking services. It provides features like real-time notifications, instant money transfers, and fee-free foreign currency spending and ATM withdrawals. Starling Bank also offers integrations with various third-party applications for seamless financial management. With its tech-first approach and comprehensive banking services, Starling Bank is a noteworthy competitor to Varo Bank.

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While Varo Bank has gained significant popularity as a digital bank, there are several alternatives and competitors in the market that provide similar or even better services. Chime, Ally Bank, and SoFi Money offer comprehensive banking services with unique advantages. Simple, Capital One 360, and Discover Bank provide user-friendly interfaces and competitive interest rates. N26, Revolut, Monzo, and Starling Bank offer innovative banking features and have a global presence. By considering these 10 best Varo Bank alternatives and competitors in 2024, users can find the right digital bank that best suits their financial needs and preferences.