Varo Money vs Up Bank.
Varo Money (V82/100) and Up Bank (U55/100), 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 Up Bank 4-1.
| U Up Bank №60 · PRA 55 /100 | V Varo Money №04 · OCC 82 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 55 /100 | 82 /100 |
| Fees | ||
| Monthly fee Cheapest paid tier (€0 if free) | €0 Free tier | €0 Free tier |
| FX markup Debit card abroad | Interbank | Interbank |
| Free FX / month EUR equivalent | €0 | €0 |
| Free ATM Before fee kicks in | — | — |
| Protection | ||
| Banking licence Tier | Payment inst. PRA | Full bank OCC |
| Deposit guarantee Per depositor | Safeguarded AU.FCS | $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 | 4.0 ★ 2k reviews | 4.2 ★ 8k reviews |
| App store iOS + Android avg | 4.8 ★ iOS 4.8 · And 4.7 | 4.6 ★ iOS 4.7 · And 4.5 |
| Read review → | Read review → | |
Pick Up Bank if…
Australian neobank built on top of Bendigo and Adelaide Bank's APRA-regulated charter — direct FCS AUD 250,000 cover via the parent. Strongest Australian neobank UX for under-35 consumers; budgeting and pay-day forecasting are best-in-class. No FX markup makes it travel-friendly.
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 Tied
- Best for protection Varo Money won 2 of 2
- Best for reach Tied
- Best for ux Tied
Varo Money vs Up Bank — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is Up Bank better than Varo Money?
Under our v3 methodology, Varo Money leads Up Bank 4–1 across 12 dimensions. Composite scores: Up Bank 55/100 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 Up Bank or Varo Money cheaper?
Monthly fee — Up Bank: €0; Varo Money: €0. Card FX markup — Up Bank: Interbank; Varo Money: Interbank. Tied across fee rows. See the Fees section of the matrix above for ATM caps and the rest.
Which is safer for deposits, Up Bank or Varo Money?
Up Bank holds a Payment inst. licence under PRA; 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 Up Bank and Varo Money?
Up 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.