Varo Bank, National Association is a bank based in Draper, Utah, established in 2020, with $374 million in total assets across 1 branch. By Trust Grade it ranks 39th of 42 banks we track in Utah. Its capital ratio of 24.4% is stronger than 98% of similarly sized banks, versus a Utah median of 12.9%. It posted a loss over the most recent period (-24.68% return on assets), a point to watch. No consumer complaints against Varo Bank, National Association appear in the CFPB database over our analysis window — common for an institution of this size and a point in its favor.
How Varo Bank, National Association compares to Utah peers
How we graded Varo Bank, National Association
The Trust Grade blends financial strength with complaint history. Full methodology →
- Strongly capitalized (24.4% capital ratio)
- Unprofitable over the period (ROA -24.68%)
- No CFPB complaints on record
Consumer complaints (CFPB)
No CFPB complaints are on file for Varo Bank, National Association over the analysis window. For a smaller institution this is common and counts in its favor.
Branch locations (1)
- 11781 S Lone Peak Pkwy, Draper, UT 84020
Are deposits at Varo Bank, National Association insured?
Yes. Varo Bank, National Association is an FDIC-insured bank (FDIC certificate #59190). Deposits are federally insured up to $250,000per depositor, per ownership category — regardless of this institution's Trust Grade. The grade reflects financial strength and complaint history for comparison, not the safety of insured deposits.
Varo Bank, National Association: frequently asked questions
Is Varo Bank, National Association a good bank?
Varo Bank, National Association earns a Bankzia Trust Grade of C (73/100, "Average"), based on a financial-strength score of 73/100 (it has no CFPB complaints on record). Strongly capitalized (24.4% capital ratio); Unprofitable over the period (ROA -24.68%).
Is Varo Bank, National Association FDIC-insured?
Yes. Varo Bank, National Association is a FDIC-insured bank (FDIC certificate #59190). Deposits are protected up to the standard FDIC limit of $250,000 per depositor, per ownership category.
How big is Varo Bank, National Association?
Varo Bank, National Association holds $374 million in total assets, ranking 39th of 42 banks we track in Utah. It operates 1 branch.
Does Varo Bank, National Association have CFPB complaints?
No CFPB complaints against Varo Bank, National Association appear in our data over the analysis window, which is typical for a bank of this size.
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Financial data from FDIC call reports; complaint data from the CFPB Consumer Complaint Database. Bankzia is an independent resource and is not affiliated with any government agency or financial institution. Figures are for general information, not financial advice.
