Varo Money Raises Rates to Become Highest in Market

Varo Money has raised rates on checking accounts to 2.8 percent, the highest rate in the market and well above the average of 0.9 percent; online only banks have put pressure on traditional banks to adjust but overall the incumbents have not seen a big market share of customers leave; according to a survey by Bankrate the average American has been with their bank for 16 years and more than a quarter have been with their banks for more than 20 years; Varo CEO Colin Walsh said the rate rise was meant to help the bank stand out, customers with direct deposit of more than $1,000 and who use their debit cards more than 5 times a month are eligible for the new rates. Source.

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