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.
