Best online savings accounts of September 2021 – Forbes Advisor

Varo Bank pays 0.20% APY on all balances, a competitive rate. But savers who meet certain conditions in each reference period can earn up to 3.00% APY, a rate well above what most other online savings accounts pay. You can learn how to earn the 3.00% APY in Details below.

This account does not charge monthly fees or minimum balance requirements.

In addition, Varo gets excellent customer service ratings. It has a solid FAQ section on its website that addresses a number of common issues. Customers can also email support directly or call to speak to a representative seven days a week.

Read our full Varo bank review.

Details
In July 2020, Varo became the first challenger bank (generally challenger banks or neobanks are fintechs that compete with large, long-established banks) to receive a national banking charter, allowing it to offer a wider range of products and services in the future. Varo calculates interest daily.

To earn 3.00% APY, clients must receive total direct deposits of $ 1,000 or more during each reporting period, maintain a daily savings account balance of $ 5,000 or less for the entire calendar month and maintain balances greater than or equal to $ 0.00 in savings and bank accounts. for the entire calendar month.