Protect Your Money is an application that offers a variety of financial services to help you manage and grow your money. One of its main features is the ability to deposit your money directly into a Varo Bank Account, which is FDIC insured up to $250k per depositor, per ownership category. This means that your money is safe and secure with Varo, rather than being held by a third-party bank.
With Varo, you can also keep more of your money by avoiding monthly fees, minimum balance requirements, and overdraft fees. Additionally, you have access to over 40,000 fee-free Allpoint® ATMs across the United States. Varo also offers auto-saving tools and a high-yield savings account with up to 5% APY, allowing you to grow your money even further.
Another benefit of using Varo is the ability to get your money faster. You can receive your direct deposits from employers and government payers up to 2 days earlier than your scheduled pay date. Varo also offers a small dollar line of credit, allowing you to borrow up to $500 over time for unexpected expenses.
In addition to managing and growing your money, Varo also helps you build your credit. They offer the Varo Believe credit-building card, which does not require a security deposit and has no APR or annual fee. By consistently making on-time payments, customers have seen an average increase of 40 points in their VantageScore® 3.0 credit score after three months of using Varo Believe.
Varo is transparent about their fees and does not hide them from customers. They also offer a variety of resources and tools to help you manage your money and make informed financial decisions. Varo is committed to helping their customers achieve financial stability and success.