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Varo Vs. Chime: Which Is Better for You?
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Varo vs. Chime: Which Is More Suitable for You?
Varo as well as Chime both have high interest on savings accounts, however their products and services have a few distinctions.
By Chanelle Bessette Lead Writer/Spokesperson Banking, checking Accounts, cash Manager Accounts Chanelle Bessette is a personal finance writer for NerdWallet covering banking. She was previously employed at Fortune, Forbes and the Reno Gazette-Journal. She is also an official spokesperson for the bank team. Her work has been published on The New York Times, Vox and Apartment Therapy.
Updated May 6, 2022
Editor: Sara Clarke Assistant Assigning Editor | Banking Sara Clarke is a Banking editor at NerdWallet. She has worked as an editor and project manager in newsrooms for over two years, including most recently in U.S. News & World Report. She was responsible for projects such as the U.S. News education rankings as well as The Best States rankings. Sara has appeared in SiriusXM Business Radio and iHeartMedia's WHO Newsradio and has been mentioned in The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other outlets. Sara is located near Washington, D.C.
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Varo and Chime have comparable offerings however there are some differences. Varo is a bank while Chime is a neobank- an online-only financial service company that partners with a bank to provide account insurance.
Here's how the two firms compare to one another.
Snapshot for comparison
Checking account
No monthly maintenance fee or minimum balance requirement for one of the two brands, Varo or Chime.
Varo as well as Chime both have direct deposits that are early (up two days earlier).
Deposits of cash at Varo and Chime can be costly, although the cash deposit in Walgreens are free with Chime.
Savings account
With Varo customers can earn as much as 5.00% per year on the balances up to $5,000 if certain conditions are met. Alternatively, customers can earn 3.00 percent APY, without having to meet those conditions or for balances that exceed $5,000.
Chime offers 2.00% APR in their High Yield Savings account.
ATMs, overdrafts and customer service
Chime's SpotMe(r) overdraft facility allows customers to overdraft up to $200 without fee if they meet some specific requirements for their accounts.
Varo doesn't allow overdrafts, however it does offer an advance cash program.
Varo customers can access more than 55,000 cost-free Allpoint ATMs.
Chime customers have access to more than 60,000 free MoneyPass, Allpoint and Visa Plus Alliance ATMs.
Varo and Chime are both online-only and do not have branches.
Varo as well as Chime both have strong mobile app ratings.
Choose Varo if:
You'd like a stunning rate of interest on savings and will be able to reach that goal.
Choose Chime if
You want a strong rate of interest on savings, and an overdraft option that is flexible.
Checking
NerdWallet's ratings are determined by the editorial staff. The scoring formulas consider many data points for each financial product and service.
at Varo Bank, Member FDIC
Varo Bank Account. This Varo Bank Account has no monthly charges or minimum balance requirements. In addition, customers can access the ATM Allpoint network, with more than 55,000 free ATMs which allow customers to take cash withdrawals. However, depositing cash is more complicated; Varo customers have to go to the Green Dot retailer such as Walgreens or Safeway and could be charged a fee of up to $5.95. Customers are also able to receive their pay up to two days earlier with direct deposits.
NerdWallet's ratings are made by our editorial team. The scoring formulas take into account many data points for every financial product or service.
Chime Savings Account. Chime does not have monthly charges or require a certain balance on its Spending Account. Chime also has a savings program where customers can round their purchases to the nearest dollar and pay the difference. Furthermore, Chime customers can make fee-free withdrawals from more than 60,000 nationwide ATMs. Chime can also be found in the Green Dot network, so customers can make cash deposits at certain retailers with a charge or at Walgreens at no cost.
Get more details from Chime
Chime says: "The retailer that receives your cash will be accountable for the transfer of funds to your Chime checking Account. Cash deposit fees may apply if using a retailer other that Walgreens."
"Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round-up from the account of your Chime Savings Account into your checking account."
"Early accessibility to funds from direct deposits will depend on the time of delivery of the payment document from the person who is making the payment. The funds are generally made available on the day the payment file is received, which may be up to 2 days before the date of the payment."
"Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs located in 7-Eleven, or at any Allpoint or Visa Plus Alliance ATM."
Savings
Varo Savings Account. Customers start at a baseline of 3.00 percent APY, however they can earn 5.00 percent on up to $5,000 when they have $1,000 or more in direct deposits each month and maintain a positive account balance in their checking (Varo Bank Account) and savings balance at the close every month. Varo offers two savings programs. The first lets customers take an amount of direct deposits in their checking account, and transfer funds to their savings. Another program allows customers to save money when they make an purchase. Varo will round up your purchase until it is within a dollar. Then, put the difference to the savings account.
Chime High Yield Savings. Chime's free savings account has a 2.00% APY , as long as you have at the minimum of $0.01. Chime also offers two automated saving programs. One is a roundup plan for purchases made using a checking account debit card and a program that will save 10 percent from direct transfers of $500 or more from your checking account to an account in your savings. It is important to note that a Chime checking Account is required to be eligible for the Savings Account.
Get more information from Chime
Chime states: " The Annual Percentage Yield ("APY") for the Chime Savings Account is subject to change and may change at any time. The APY disclosed is in effect on October 25 2022. There is no minimum balance requirement. You must be able to keep $0.01 saved to be able to make interest. "
"There's no charge for Chime Savings Account." Chime Savings Account. Cash withdrawal fees and Third-party fees may apply for Chime Accounts with Checking Accounts. You must have an account with a Chime Account with a Checking Account to open an account with Chime Savings. Chime Savings Account."
Experience with banking
Varo Chime and Varo Chime are both online only, which means there's no option if prefer in-person assistance. But, Varo has extended weekday and weekend phone support hours and options to reach customer service via email and Twitter and Chime is available through chat, email and telephone 24/7, as well as on Twitter.
Varo and Chime both have excellent scores for mobile apps on both the Google Play and App Store marketplaces.
Overdrafts
Varo. Varo doesn't let overdrafts happen When a customer wants to make a transaction that will result in an imbalance in their account, then Varo declines the transaction. If you're looking for some breathing room between paychecks then you can take advantage of Varo Advance. Varo Advance program, which allows you to get an advance that can be up to $100, with a fee of up to $5.
Chime. Chime doesn't charge overdraft fees. Instead, it has an overdraft program known as SpotMe(r), where customers can make overdrafts up to $200 if they have at least $200 in direct deposits every month.
See more information from Chime
Chime claims: "Chime is a financial technology company that is not a bank. Services for banking are provided via The Bancorp Bank, N.A. and Stride Bank, N.A. Members of the FDIC."
"Chime SpotMe is an optional service that requires only a single deposit of $200 or more in eligible direct deposits to the Chime Checking Account each month. The members who are eligible are allowed to draw on their account up to $20 on debit card purchases as well as cash withdrawals in the beginning however, they may later be qualified for a greater limit of up to $200 or more, based on the your Chime Account past history, direct deposit frequency and amount, spending activity as well as other risk-related variables. The limit you have set will be shown to you within the Chime mobile app. You will be informed of any modifications regarding your allowance. Your limit may change at any time, subject to Chime's discretion. While there aren't any overdraft charges, there could be third-party or out-of-network fees that are associated to ATM transactions. SpotMe won't cover non-debit card transactions, which includes ACH transfers or Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions."
About the writer: Chanelle Bessette is a personal finance writer for NerdWallet writing about banking. She specializes in checking and cash management accounts.
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