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Varo and. Chime: Which Is Better for You?
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Varo Vs. Chime: Which Is More Suitable for You?
Varo Chime and Varo Chime both have high rates of interest on savings accounts, but their services and products have a few distinctions.
By Chanelle Bessette Lead Writer/Spokesperson Banking, checking and Cash Manager Accounts Chanelle Bessette is a private finance writer at NerdWallet covering banking. She has previously worked for Fortune, Forbes and the Reno Gazette-Journal. She is also an ambassador for the banking team. Her expertise has been published on The New York Times, Vox and Apartment Therapy.
Updated May 6, 2022
Edited by Sara Clarke Assistant Assigning Editor | Banking Sara Clarke is a Banking editor at NerdWallet. She was editor and project manager in newsrooms for two decades, most recently in U.S. News & World Report. She was in charge of projects like U.S. News's U.S. News education rankings as well as rankings for the Best States rankings. Sara has been featured 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 media outlets. Sara is located close to Washington, D.C.
A majority of the products featured here come from our partners who pay us. This influences which products we review and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are entirely our own. Here's a list and .
Varo and Chime have comparable offerings with a few key differences. Varo has a function as a bank as is Chime. Chime is a Neobankwhich is an online-only financial service firm that works with a bank in order to offer account insurance.
Here's how the two companies compare with each other.
Snapshot Comparison
Checking your account
No monthly maintenance fees or minimum balance requirement for Chime or Varo. Varo and Chime.
Varo and Chime both have deposits direct that are made early (up to two days early).
The cash deposits offered at Varo and Chime can be costly However, cash deposits at Walgreens are free when you use Chime.
Savings account
With Varo customers, they are able to earn 5.00% per year on the balances up to $5,000 if certain conditions are fulfilled. Alternately, customers can earn 3.00% APY without having to meet these conditions, and for balances of more than $5,000.
Chime offers 2.00% APR for their high Yield Savings account.
Overdrafts, ATMs and customer service
Chime's SpotMe(r) overdraft service allows customers to overdraft up to $200 with no charge if they meet account requirements.
Varo doesn't permit overdrafts however, it does have a cash advance program.
Varo customers have access to more than 55,000 fee-free Allpoint ATMs.
Chime customers have access to more than 60,000 fee-free MoneyPass, Allpoint and Visa Plus Alliance ATMs.
Varo Chime and Varo Chime are both online-only , and don't have branches.
Varo and Chime both have strong mobile app ratings.
Choose Varo if:
You want a stellar rate of interest on savings and you can meet the criteria to reach that goal.
Choose Chime if:
You're looking for a high rate of interest on savings, and a flexible overdraft service.
Checking
The ratings of NerdWallet are formulated through our team of editors. The scoring formulas are based on multiple data points for every financial product or service.
at Varo Bank, Member FDIC
Varo Bank Account. It is a Varo Bank Account has no monthly fees or minimum requirement for balance. Additionally, customers are able to use the Allpoint ATM network, with more than 55,000 free ATMs which allow customers to withdraw cash. However, depositing cash is more difficult; Varo customers must visit a Green Dot retailer such as Walgreens or Safeway and may be charged a fee that can be as high as $5.95. Customers can also get their paychecks up to two days earlier by direct transfer.
NerdWallet's ratings are determined through our team of editors. The scoring formulas take into account many data points for each financial product and service.
Chime Savings Account. Chime doesn't charge monthly charges or require a minimum balance on its Spending Account. Chime also has a savings program where customers can round up your purchases up to the closest dollar and pay the difference. In addition, Chime customers can make fee-free withdrawals from more than 60,000 ATMs across the country. Chime can also be found in the Green Dot network, so customers can make cash deposits at certain retailers for a fee or at Walgreens for free.
Find out more details from Chime
Chime claims: "The retailer that receives the cash is accountable for the transfer of funds to your Chime Account. Account. Deposit fees for cash may be charged for retailers other that Walgreens."
"Round Ups automatically round-up debit card transactions to the nearest dollar. Then, transfer the round-up from your Chime Savings Account into your checking account."
"Early accessibility to funds from direct deposits will depend on the time of receipt of the payment file from the payer. The funds are generally made available the day that when the file for payment is submitted which may be up to two days prior to the date for the scheduled payment."
"Out-of-network ATM withdrawal charges may be applicable, but not at MoneyPass ATMs at 7-Eleven or any Allpoint and Visa Plus Alliance ATM."
Savings
Varo Savings Account. Customers begin with a base of 3.00% APY, but they can earn 5.00 percent up to $5,000 if they deposit at least $1,000 in direct deposit per month and maintain the positive balance of their account balance in their checking (Varo Bank Account) and savings balance at the end every month. Varo offers two automatic savings programs: the first lets customers withdraw an amount of direct deposits into their checking account and transfer funds in savings. The other program enables customers to earn savings upon making an purchase. Varo will round your purchase up by the closest dollar and put the difference into the savings account.
Chime High Yield Savings. Chime's savings account is free and offers a 2.00% APY as it has at the minimum of $0.01. Chime also offers two automated savings programs: a roundup programme that allows purchases using the debit card of a checking account and a program that saves 10% of direct deposits of $500 or greater from your checking account into your savings account. Note that a Chime Checking Account is required for eligibility to a Savings Account.
Find out more details from Chime
Chime declares: " The Annual Percentage Yield ("APY") for Chime Savings Account Chime Savings Account is variable and can change at any time. The disclosed APY is effective on October 25 2022. There is no minimum balance requirement. You must have $0.01 of savings in order to get interest. "
"There's no fee for Chime Savings Account." Chime Savings Account. Cash withdrawal and Third-party fees may be applicable for Chime Checking Accounts. You must have an account with a Chime Account with a Checking Account to create a Chime Savings Account."
Banking experience
Varo Chime and Varo Chime are both online only, which means that you're not able to use them if you prefer in-person service. But, Varo offers extended weekend and weekday phone support hours and ways to contact customer support via email or Twitter as well as Chime is accessible via email, chat and phone 24/7 as well as on Twitter.
Varo and Chime also have high scores for mobile apps on both the Google Play and App Store marketplaces.
Overdrafts
Varo. Varo will not let overdrafts occur When a customer wants to conduct a transaction that could result in an imbalance in their account, then Varo refuses the transaction. If you're in need of extra time between paydays then you can take advantage of this Varo Advance program, which lets you get a cash advance of up to $100 for an amount of $5.
Chime. Chime doesn't charge overdraft fees. Instead, it offers an overdraft service called SpotMe(r) that allows customers can borrow up to $200 as long as they deposit at 200 direct deposits per month.
Find out more details from Chime
Chime says: "Chime is a financial technology company that is not a bank. Banking services provided through The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC."
"Chime SpotMe is an optional service that requires only a one-time deposit of $200 or more in eligible direct deposits to Chime Checking Account. Chime Checking Account each month. Members who qualify will be allowed to overdraw their account to the amount of $20 for debit card purchases as well as cash withdrawals at first, but may be later qualified for a greater limit of up to $200 or more, based on the member's Chime Account track record Direct deposit frequency, spending habits as well as other risk-related variables. Your limit will be displayed in the Chime mobile application. You will be notified of any modifications in your limits. Limits can change at any time, subject to Chime's discretion. While there aren't any fees for overdrafts, there could be out-of network or third-party charges associated in ATM transactions. SpotMe won't cover non-debit card transactions, such as ACH transfers and Pay Anyone transfers or Chime Checkbook transactions. Please refer to the terms and conditions."
About the author: Chanelle Bessette is a personal finance writer at NerdWallet writing about banking. She is a specialist in cash management and checking accounts.
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