see more from Bank Accounts Advertiser Disclosure

This Little-Known Account Will Grow Your Savings More Than 20x Faster

Carson Kohler

by Carson Kohler

Staff Writer

a woman uses an ATM with her daughter
supersizer/Getty Images
Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners.

Have you heard of Varo?

It’s one of our best-kept — err, now shared — secrets.

Varo is a mobile-only bank account that operates through an easy-to-use app. It combines the traditional banking tools you rely on with modern technology to help you become financially healthy.

But here’s why we really like it: The interest you can earn.

The FDIC reports that the average savings account pays a paltry .08% APY*, but when you open an online checking and savings account with Varo, it will pay you more than 20 times that amount on your savings account. 

Oh, and there are no monthly fees. 

We know opening a new bank account isn’t exactly everyone’s idea of fun, but Varo makes it easy. You can open an account with just a penny, and more than 750,000 people have already signed up.

*https://www.fdic.gov/regulations/resources/rates/

Carson Kohler ([email protected]) is a staff writer at The Penny Hoarder. She gets all nerdy and excited when reviewing bank accounts.