Varo Money vs Memo Bank.
Varo Money (V82/100) and Memo Bank (M56/100), scored on the same six pillars and compared row-by-row. Every cell is sourced from licence registers and live pricing pages, not opinion. Varo Money leads Memo Bank 6-1.
| M Memo Bank №59 · ACPR 56 /100 | V Varo Money №04 · OCC 82 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 56 /100 | 82 /100 |
| Fees | ||
| Monthly fee Cheapest paid tier (€0 if free) | €449 /mo | €0 Free tier |
| FX markup Debit card abroad | 0.50% | Interbank |
| Free FX / month EUR equivalent | €0 | €0 |
| Free ATM Before fee kicks in | — | — |
| Protection | ||
| Banking licence Tier | E-money inst. ACPR | Full bank OCC |
| Deposit guarantee Per depositor | Safeguarded EU.DGS.FR | $250,000 US.FDIC |
| Reach | ||
| Markets served Licensed jurisdictions | 1 country | 1 country |
| Crypto Coins available | No | No |
| Stocks & ETFs Self-directed | No | No |
| UX | ||
| Trustpilot Customer score | 4.6 ★ 0k reviews | 4.2 ★ 8k reviews |
| App store iOS + Android avg | 4.5 ★ iOS 4.5 · And 4.4 | 4.6 ★ iOS 4.7 · And 4.5 |
| Read review → | Read review → | |
Pick Memo Bank if…
The French mid-market SME bank that fills the structural gap between Qonto (freelancer-and-SME-led, ACPR credit institution) and chartered legacy banks (BNP Paribas Business, Société Générale Business). Full ACPR credit-institution licence with DGS protection. Mid-market SME tier (€1M-100M revenue) is the target audience; API-first treasury + Pennylane integration is the SMB-tech moat.
Pick Varo Money if…
First US neobank to receive an OCC national bank charter (July 2020). Direct FDIC member — your money sits at Varo Bank, N.A., not a sponsor. Headline 5.00% APY savings rate on the first $5K with direct deposit — among the highest in the US neobank market.
- Best for fees Varo Money won 2 of 4
- Best for protection Varo Money won 2 of 2
- Best for reach Tied
- Best for ux Tied
Varo Money vs Memo Bank — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is Memo Bank better than Varo Money?
Under our v3 methodology, Varo Money leads Memo Bank 6–1 across 12 dimensions. Composite scores: Memo Bank 56/100 vs Varo Money 82/100. Varo Money is stronger overall, but the right pick depends on which row matters most to you — fees, protection, reach, or app quality.
Is Memo Bank or Varo Money cheaper?
Monthly fee — Memo Bank: €449; Varo Money: €0. Card FX markup — Memo Bank: 0.50%; Varo Money: Interbank. Varo Money wins more fee rows (2 of 4). See the Fees section of the matrix above for ATM caps and the rest.
Which is safer for deposits, Memo Bank or Varo Money?
Memo Bank holds a E-money inst. licence under ACPR; deposit guarantee per depositor: Safeguarded. Varo Money holds a Full bank licence under OCC; deposit guarantee per depositor: $250,000. Varo Money is the stronger pick on regulatory protection.
Where can I use Memo Bank and Varo Money?
Memo Bank operates in 1 country; Varo Money operates in 1 country. Check each provider's signup page for the live country list — eligibility depends on residency, not just the licence footprint.
Want a 3- or 4-way comparison?
The dynamic compare picker handles up to four banks. Add this pair plus one or two more and we'll resolve every row.