Varo Money vs. Discover Bank | Which Account is Best?

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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The topics presented in this video are for entertainment purposes only. Magnified Money LLC and its creators are not Certified Financial Planners®. Some links do result in an affiliate commission; however, you, and you alone, are responsible for the financial decisions that you make and the financial products that you decide to use.

Видео Varo Money vs. Discover Bank | Which Account is Best? канала Magnified Money