Disappointing Rate Drops, Unreasonable Transfer Limits, and Poor Customer Support
I joined Varo less than a year ago in October 2025 because of their competitive savings rates (5% up to $5,000 and 2.5% above that). Just eight months later, with virtually no notice, they slashed the rates down to 3.7% and 1%. The worst part came when I tried to move my money out. Varo limits outbound transfers to $5,000 per month, essentially holding my money hostage. I had to wait until the start of every new month just to move another $5,000, and wire transfers aren't allowed unless you have at least $25,000. On top of that, customer service is terrible there is no phone support, and explaining simple requests repeatedly through app chats was incredibly frustrating. They make it easy to deposit money, but make you jump through endless hoops to get your own money back. Avoid!