Varo Money has raised rates on checking accounts to 2.8 percent, the highest rate in the market and well above the average of 0.9 percent; online only banks have put pressure on traditional banks to adjust but overall the incumbents have not seen a big market share of customers leave; according to a survey by Bankrate the average American has been with their bank for 16 years and more than a quarter have been with their banks for more than 20 years; Varo CEO Colin Walsh said the rate rise was meant to help the bank stand out, customers with direct deposit of more than $1,000 and who use their debit cards more than 5 times a month are eligible for the new rates. Source.
Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.