Digital Banking App Varo Money Expands Offering

The newest product features, announced this week, aim to help customers manage cash flow and build savings.

Varo expanded its core product offering to include mobile check deposit and a Varo Savings account, paying 25 times more interest than the standard 0.01% interest rate on savings accounts.

Varo also introduced a new tool, Varo Forecast, that aims to help customers understand their real cash flow situation and calibrate their spending. According to John Vars, chief product officer at Varo, the “Varo Forecast is a critical step in the ‘financial health lifecycle,’ which ensures that Varo customers can plan better, spend more wisely and save more, making better choices aligned with their goals.”

According to Varo, the Varo Forecast tool is designed to provide insight to help answer basic financial questions quickly, such as “how much money can I spend this month?” and “am I on track to meet my goals?” that most competitors don’t get right.

Varo Forecast provides customers with an overview of current balances, a 30-day view of cash flow health, income and upcoming bill predictions, and recommended actions to manage finances.

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