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Discover Bank vs Varo Bank

Discover Bank is a solid online bank with high APY rates and good customer service. How does it compare to Varo Bank? Read our comparison chart below.

 Discover Bank
Member FDIC
 Visit SiteLearn More
 

Discover Bank

Varo Bank

SPECIAL OFFER
Online Savings Account - Earn 4.25% APY - Learn More

Read Discover Bank Review

SPECIAL OFFER
Online Savings Account - Learn More

 

Benefits and Features

Savings
4.25% APY
3.00% APY on all balances. Opportunity to earn 5.00% APY if your daily savings balance does not exceed $5,000 AND you make at least 5 Varo debit card purchases per month AND receive at least $1,000 in direct deposits in either the Varo Bank Account or Savings Account.
CD2.00% to 4.70% APY depending on terms. $2,500 minimum 
CheckingCashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for detailsNo monthly service fee; no minimum balance; no overdraft fees
Monthly Fee 
$0
Money Market4.00% APY under $100,000; 4.05% APY $100,000 or more. $2,500 minimum deposit. 
Minimum Deposit to Open 
$0
Mobile App 
iOS & Android
ATMs
Over 60,000 no-fee ATMs
Over 55,000 fee-free AllPoint ATMs
Customer Service
24/7
Mon-Fri 8am - 9pm (ET) and Sat-Sun 11am to 7pm (ET)
IRA CD12-month CD APY of 4.70%. 18-month CD APY of 4.40%. 24-month CD APY of 4.00%. 5-year CD APY of 3.75%. 
Locations
Online Only
Online only
 

CreditDonkey® Reviews

 Discover Bank
SavingsStarStarStarStarHalf Star
CheckingStarStarStarStarEmpty Star
Money MarketStarStarStarStarHalf Star
Mobile AppStarStarStarStarStar
Customer ServiceStarStarStarStarStar
Pros & ConsPros:
  • High yield
  • No fees
  • 24/7 customer service
Cons:
  • No interest checking
  • $2,500 minimum deposit for CDs
Bottom LineSolid online bank with high APY rates and good customer service... Read full review
 Visit SiteLearn More

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

Discover Bank: Pricing information and data points from published website as of 03/15/2024.

Varo Bank: Pricing information from published website as of 11/08/2023.

Discover Bank
Member FDIC

Online Savings Account - Earn 4.25% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required
Discover Bank
Member FDIC

Online Checking Account - Earn Cash Back

  • 1% cash back on up to $3,000 in debit card purchases each month. See website for details
  • No fees
  • Early Pay - Get your paycheck up to two days early with no charge
  • No credit impact - You can apply without affecting your credit score.
  • Access to over 60,000 no-fee ATMs in the U.S.
Discover Bank
Member FDIC

Discover® Cashback Checking – Up to $30/Month Cashback

Earn 1% cash back on up to $3,000 in debit card purchases each month, for a total of up to $30 cashback per month. Discover Cashback Debit checking account has no minimum balance requirement, no fees, and free online bill pay. See website for details.

Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing Discover Bank or Chase.


Articles on Discover Bank

Discover Bank

Discover® Bank offers high interest rates on its online savings and CD accounts. But there are downsides. Here's what you need to know before you open an account.

Discover Online Savings Account Review

Make your money work with Discover® Bank high yield savings: high interest, no fees. Find out its benefits, drawbacks, and the easy way to open an account.

Discover CD Rates

Maximize returns with Discover® Bank lucrative CD rates - no hidden fees. Read this detailed review.

Discover Bank Locations

Wondering if there is a Discover® Bank near you? Read this article to find out.

Discover Checking Account Fees

Does Discover® Cashback Debit have any fees? Find out if they are completely fee-free.

Who Owns Discover

You've probably heard of Discover credit cards, but what exactly is Discover® Bank? Is it a legitimate bank? Read on for all the details.

Discover Checking Account Minimum Balance

Discover® Cashback Debit doesn't have a minimum balance. But what's the catch? Read on for all the details.

Discover Checking Account Requirements

Discover® checking account offers no monthly fees and a rewarding cashback program. Here's what you need to open an account today.

Discover Money Market vs Savings

Discover® Bank boasts solid rates for both their money market and savings accounts. Find out which one is more suited for you.

Is Discover a Real Bank

Looking for a safe bank with great rates? This analysis of Discover® Bank reveals all - is it legit? Find out now.

Is Discover Savings Worth It

Is your money secure in a high-yield Discover® savings account? Get your answers now.

Which Do You Think is Best?





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About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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