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Varo Money vs. Discover Bank | Which Account is Best?
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- čas přidán 6. 09. 2024
- Varo Bank vs. Discover Bank:
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First up we have Varo which is a very popular mobile banking option that offers a standard bank account which is basically your checking account as well as a savings accounts that work together to offer you a pretty cool banking experience. So for starters, we have the bank account side of things and this currently has no monthly fees, no transfer fees, no foreign transaction fees, or anything like that and it's also going to give you access to their network of 55,000 ballpoint ATMs. With this standard Varo bank account, you're also able to get paid up to two days early using direct deposit and they have a feature called Varo to Varo that allows you to send or receive money to and from friends or family who also used the Varo platform. And they also use the green dot reload system that allows you to deposit cash at over 90,000 retail locations which is always an added bonus.
For interest on your savings, you're going to earn 0.2% on all of the money to begin with which is okay since interest rates are pretty low right now but it's not that great. Now the high-interest rate that they advertise a lot which they're currently offering is 3% which is insane however don't get too excited because you're not going to be able to just put $1,000,000 in this account and earn 3% automatically. In order to earn 3% you need to first make at least 5 qualifying Varo bank visa debit card purchases each month and you have to receive at least $1000 or more in qualifying direct deposits. Now that probably doesn't sound too difficult however you only earn that higher 3% on up to your first $5000.
Discover also has a separate checking and savings account option and these accounts currently have no monthly fees, no insufficient funds or overdraft fees, or anything like that, and their network of free ATMs is currently at 60,000 which is a little bit higher than what Varo is offering. You're also going to be fully FDIC insured and they're also partnered with zelle which is a third party peer to peer transfer platform and this partnership allows you to send or receive money to pretty much any U.S. bank account which is definitely a lot more convenient than only being able to send or receive money to people that are using the same platform as you. Now one area that really allows Discover’s checking account to stand out is the 1% cash back that they offer on up to $3000 in purchases each month on your Discover debit card.
Discover also offers money market accounts that currently pay you 0.3% on balances under $100,000 and 0.35% on balances above $100,000. And remember a money market account is going to pay you that decent interest rate but gives you the advantages of a checking account because you're going to have access to ATMs a debit card and all of that good stuff. On top of that they also have a few CD options with varying terms and interest rates. That's a majority of the features that each of these companies offers and the last point that I want to discuss as far as putting them head to head is the customer service. Now both of them offer email and phone support but Varo's phone support currently has limited hours and while there's definitely plenty of time to call them if you need to, it still pales in comparison to discover's amazing 24/7 US-based customer support.
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Switched all my banking (checking, savings, money market) to Discover recently (and I HATE changing banks!). I absolutely love them! The UX is clean and intuitive, and you’re right - the customer service is out of this world. I’ve called them three times, and each representative came on the phone within 1 minute, was very polite and knowledgeable, and took care of my questions. I’d love to know how they train these people! As long as they keep doing what they’re doing, I’m sticking with Discover.
Have you tried sofi before?
Varo has a higher savings acct option, but have to meet the requirements & it has a cap. Discover offers a full range of financial products: 1% on a debit card, checking, savings, creditt cards, personal loans, CD, money market accts, etc. Tough to beat.
I transferred to Varo this year and loving it
9:35
1% cash back debit is left out. That’s a HUGE difference.
I just opened a discover it card and wanted to see if the discover bank was just as good as their cards
Just opened a Discover savings account.
Varo is just awesome it has changed the landscape as far as mobile banking goes.
Best online bank
I wish you had an updated one bc I'm more curious about the checking account since both offer cashback
Coming from a credit union with horrendous customer service, Discover was a no-brainer. You don't realize how important customer service is until you know what really bad customer service is like, especially with something as important as a bank.
I have Discover but need Varo for the Visa Card and Green Point access
I am 19 and I currently have Varo but I am thinking about switching to another bank because I don’t qualify up to a $1000 direct deposit so I’ve been looking into Sofi, Ally, Discover and etc and I need help on choosing.. So what bank would u recommend?
I’m also trying to start building my credit to so I need a bank for my 1st credit card to
discover is so great & they have a student credit card that i’ve been using for over a year. i wasn’t approved for any credit card except theirs cuz i had no credit history LOL
Definitely discover
I would go to varo
Mo' great content!
For online bankers whats an alternative for taking out big money like if you need to take out $1000 in cash. 🤔
Are there anyone support Varo Bank?
I wish all online bank apps would send us auto money through the app instead of us going to an ATM. Which means if I spend $5.00 they should automatically send me idk $100.00! That’s just my opinion.
does varo offer cash app?
Yes.
Yes
Varo is offering a whopping 5% APY on savings now.
Right I love it I don’t know any other bank with a higher interest rate
What the requirements for the account?
@@Fr33d0 $1,000 a month in direct deposit
Discover, all the way
Do you prefer Varo or capital 360? Which one would you recommend. I don’t carry cash and rarely have cash. @magnifiedmoney