Accounts are controlled through the company's mobile app and website. Account holders receive a Varo Visa debit card, which can be used to make purchases or to withdraw cash without fees from any Allpoint ATM. Deposits can be made at any of over 90,000 retail locations that offer Green Dot Reload @ the Register services. Varo also offers early direct deposit, which can make funds from paychecks available up to two days before the official payday*. Although Varo is an electronic bank account, it will send paper checks to payees of your choice without charge. Customers can also apply for other bank products and services through the Varo website. The Varo Savings account allows you to transfer money from your Checking account and to start saving now, including automatic transfer of a percentage of your direct deposit or rounding up every transaction to the nearest dollar and transferring that amount to your savings. Qualifying customers who fulfill certain parameters can earn up to 5.00% APY. Varo Advance is a service that provides qualified customers up to a $100 cash advance for a minimal fee. *Early access to direct deposit funds depends on timing of payer’s submission of deposits. Varo generally posts such deposits on the day they are received which may be up to 2 days earlier than the payer’s scheduled payment date.

One of Varo's greatest strengths is that it doesn't charge many of the fees that its competitors do. There's no minimum balance. There are no monthly or maintenance fees, no foreign transaction fees, no debit card replacement fees, no account closing fees, no ACH bank transfer fees, and no fees for depositing checks through the app. Varo doesn't charge any fees for cash withdrawals made at Allpoint ATMs but does charge a $2.50 fee for out-of-network ATM withdrawals. Retailers may charge fees of up to $5.95 to deposit cash at Green Dot Reload @ the Register locations.

Varo has been criticized in complaints to the BBB and Trust Pilot for, among other things, abruptly disabling customers' debit cards and cutting off access to funds. Usually this has been done because the company believes that it detected suspicious activity on the account.