SAN FRANCISCO, Jan. 25, 2021 /PRNewswire/ -- Varo Bank, America's first all-digital nationally chartered bank, today announced Varo for Tomorrow, an emergency fund giveaway aimed to help Americans get started on their savings journey for 2021 and build durable financial resilience for years to come.
2021 will be a pivotal year for many American consumers stretched by the COVID pandemic and its economic impacts. As of November 2020, 6.7% of Americans are still jobless and 78% of those who are employed live paycheck to paycheck.
An emergency fund is money set aside for unexpected life events, like a trip to the vet, a car repair, a hospital stay or a leaky roof. It is one of the most fundamental steps towards long-term financial resilience, yet nearly 70% of Americans have less than $1,000 saved* for an emergency. Varo for Tomorrow is designed to help Americans start their savings journey or replenish a spent emergency fund, paving the way toward greater financial security.
"We are committed to strengthening our communities through stronger financial resilience," said Colin Walsh, founder and CEO of Varo Bank. "Especially in these challenging times, the ability to handle a surprise expense without going into high interest debt or making drastic cuts elsewhere means the difference between staying on target with your financial goals or being driven off course."
To enter the giveaway, Varo is asking consumers to share their money goals for 2021. The giveaway opens on January 25, 2021 and 50 winners will be selected each week over a four week period. Each winner will receive a $500 emergency savings fund (official rules noted below^) deposited into their Varo savings account - which can earn up to 2.8% APY on a balance as low as $.01.** In total, Varo will give away $100,000 to support savings and build resilience in communities across the country.
About Varo Bank, N.A.
Varo Bank is on a mission to make financial inclusion and opportunity a reality for all - by arming them with the products and support they need to create healthy financial habits and reduce financial stress. Through its mobile app, Varo Bank offers customers premium bank accounts that have no minimum balance requirement or monthly account fee, high-interest savings accounts, and tech-first features to help people save and manage their money more easily. Varo Bank is the first consumer fintech to be granted a national bank charter by the Office of the Comptroller of the Currency. For more information, visit www.varomoney.com, like Varo Bank on Facebook, and follow us on Instagram and Twitter @varomoney. Member FDIC.
*Varo Advance is a small dollar line of credit that must be repaid on time to continue access to the credit line. Product eligibility and terms are available in the Varo Advance Account Agreement.
**Annual Percentage Yield (APY) is accurate as of January 12, 2021. All Varo Saving Accounts earn 0.40% APY. APY is variable and is subject to change. No minimum balance required to open an account. Balance in Savings must be at least $0.01 to earn interest. To earn 2.80% APY, the Varo Savings Account must meet these requirements: Account Holder must make at least five Varo Visa® Debit Card purchases in each Qualifying Period and must receive total qualifying direct deposits of $1,000 or more to a Varo Bank Account or Varo Savings Account in each Qualifying Period. The Qualifying Period is defined as the 1st day of the calendar month through the last business day of the month. In addition, the Varo Bank Account and Varo Savings Account balances must not drop below $0.00 on any calendar day of the month, and the daily balance in the Varo Savings Account at close of business on each calendar day of the month must not exceed $10,000.
^NO PURCHASE NECESSARY. A purchase will not increase your chances of winning. Sweepstakes begins at 12:00 PM ET on 1/25/21 and ends at 11:59:59 PM ET on 2/21/21. Open only to legal residents of 50 US/DC, 18+ years of age. For Official Rules, including how to enter, odds, prize details and restrictions, visit www.VaroforTomorrow.com. Void where prohibited. Msg&data rates may apply. Sponsor: Varo Bank, N.A., 11781 South Lone Peak Parkway, Suite 150, Draper, UT 84020.
Contact: Consort Partners For Varo Bank, [email protected]
SOURCE Varo Bank