In the Varo Bank app, tap Home > Varo Savings Account >under Manage Account click Earn 5.00% APY.
Once there you’ll see what actions need to be taken to qualify for the Elevated Rate.
Red icons with an exclamation point indicate which qualifications need to be fulfilled.
*Eligibility is updated daily in the evening after business hours. Depending on your payroll provider it can take some time to complete the setup process and correctly show progress in the app.
The Direct deposit view has a few options you can see based on where you’re at in your progress.
- If Direct deposit isn’t set up you’ll have a red icon with an exclamation point displayed next to Direct deposit. Click Manage Direct Deposit to get started!
- If Direct deposit has been set up and you haven’t reached the $1,000 in qualifying deposits, you’ll see your progress bar showing how much you have so far in qualifying direct deposits and the icon status will have an empty circle.
- Once your Direct Deposit meets qualifications the line will be completely filled, and the icon will turn purple with a check mark to show you’ve completed this step!
If your Varo Bank Account and/or Varo Savings account drops below $0 the tracker will let you know and a red icon will appear next to Stay positive on your Varo Accounts.
Click ADD MONEY to be taken to the Transfer Funds screen.
Please note: that since eligibility is updated daily it may take some time for your most recent transactions to correctly reflect in the app.
To find the Elevated Savings Rate Tracker with a web browser simply log in to your account with your username and password then follow the steps below:
- Navigate to your Varo Savings Account.
- Click on Account Details.
- Scroll down and click on Qualify for 5.00% APY
Once there you’ll see what actions need to be taken to qualify for the Elevated Rate.
Red icons with an exclamation point indicate which qualifications need to be fulfilled.
Purple icons with a check mark mean that you’ve completed the qualifications.
*Eligibility is updated daily in the evening after business hours. Depending on your payroll provider it can take some time to complete the setup process and correctly show progress in the app. Also note that it may take some time for your most recent or pending transactions to reflect correctly in the tracker.