Digital banking group Varo Bank announced on Monday the launch of Varo for Tomorrow, which is described as 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. The giveaway’s description reads:
“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.”
While sharing more details about the giveaway, Colin Walsh, founder and CEO of Varo Bank, stated:
“We are committed to strengthening our communities through stronger financial resilience. 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 added it 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 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.