Varo is among the first FDIC-insured US digital banks with no branches, focused on fee-free banking and automatic savings.
Requires US residency and SSN/ITIN; foreigners without US status generally cannot apply.
These are stable, standing account benefits (not time-limited) — available as long as you qualify:
No. Varo is only open to US residents and requires SSN/ITIN; foreigners without US status generally cannot apply.
No minimum deposit — the account can be opened at zero.
Have your US photo ID, SSN/ITIN, US address and US mobile number ready, then verify.
A few minutes in the app; approval is usually instant to a few days.
Common reasons: not a US resident, invalid SSN/ITIN, unverifiable address, or failed KYC.
Standing benefits: No Monthly Fee, No Min Deposit, Fully Online, Digital Bank, Fast Approval. Promotions change by region and quarter — always check the bank's official promo page (verified 2026-10).
Having documents ready lowers the chance of rejection; policies change, so confirm with the bank before applying.