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Varo Vs. Chime: Which Is the Best for You?
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Varo Vs. Chime: Which Is More Suitable for You?
Varo and Chime both offer high-interest on savings accounts, however their products and services have certain differences.
By Chanelle Bessette, Lead Writer/Spokesperson Banking, checking accounts, Cash Management Accounts Chanelle Bessette is a private financial writer at NerdWallet who writes about banking. She was previously employed at Fortune, Forbes and the Reno Gazette-Journal. She also serves as a spokesperson for the banking team. Her expertise has been featured throughout 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 has been editor and project manager in newsrooms for more than two years, including most recently working for U.S. News & World Report. She managed projects such as U.S. News's U.S. News education rankings and rankings for the Best States rankings. Sara has appeared in SiriusXM Business Radio and iHeartMedia's WHO Newsradio and has been quoted by The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other media outlets. She is based near Washington, D.C.
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Varo and Chime offer similar services, with some key differences. Varo operates as a banking institution and Chime is a neobank -- an online-only financial service firm that works with a bank in order to offer account insurance.
This is how the two firms compare to one another.
Snapshot Comparison
Checking account
No monthly maintenance fee or minimum balance requirements to either Varo Chime or Varo. Chime.
Varo as well as Chime both have deposits direct that are made early (up to two days early).
The cash deposits offered with Varo and Chime could be pricey however money deposits made from Walgreens are free with Chime.
Savings account
With Varo, customers can earn as much as 5.00 percent annually on their balances that amount to $5,000 if certain conditions are met. Alternatively, customers can earn 3.00% APY without having to meet those conditions or for balances that exceed $5,000.
Chime offers a 2.00% APR in the High Yield Savings account.
ATMs, Overdrafts, and customer service
Chime's SpotMe(r) overdraft service lets customers to overdraft up to $200 without fee if they meet some conditions for their account.
Varo doesn't allow overdrafts, but it has a cash advance program.
Varo customers can access more than 55,000 cost-free Allpoint ATMs.
Chime customers can access more than 60,000 fee-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 high mobile app ratings.
Choose Varo if:
You're looking for a high rate of interest on savings and you can meet the criteria to reach that goal.
Choose Chime if
You're looking for a good savings rate and an overdraft option that is flexible.
Checking
The ratings of NerdWallet are formulated by our editorial team. The scoring formulas are based on many data points for each financial service and product.
at Varo Bank, Member FDIC
Varo Bank Account. This Varo Bank Account has no monthly charges or minimum balance requirements. Customers also have access to the Allpoint ATM network, which has more than 55,000 ATMs for free where customers can take cash withdrawals. However, depositing cash is more complicated; Varo customers need to visit a Green Dot retailer such as Walgreens or Safeway and could be charged a charge of up to $5.95. Customers can also receive their paychecks up to two days early with direct deposit.
NerdWallet's ratings are determined through our team of editors. The scoring formulas consider several data points associated with each financial product and service.
Chime Spending Account. Chime doesn't charge monthly fees or require a minimum amount in its spending account. Chime also has savings plans where users can round up your purchases up to the closest dollar and save the difference. In addition, Chime customers can make free withdrawals at over 60,000 ATMs across the country. Chime can also be found in the Green Dot network, so customers can cash-in at specific stores for a small fee, or at Walgreens for free.
Find out more details from Chime
Chime claims: "The retailer that receives your cash will be responsible for transferring the funds for deposit into your Chime checking Account. Cash deposit fees may apply when you use a different retailer in addition to Walgreens."
"Round Ups" automatically round up debit card transactions according to dollar amounts. Then, transfer the round up from your Chime Savings Account into your checking account."
"Early accessibility to funds from direct deposits is contingent on the time of receipt of the payment file from the person who is making the payment. The funds are generally made available the day that when the file for payment is submitted, that could be up to two days prior to the scheduled payment date."
"Out-of-network ATM withdrawal charges may be applicable, but not at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM."
Savings
Varo Savings Account. The account starts at a minimum of 3.00% APY. However, they are able to earn 5.00 percent on up to $5,000 if they make at least $1,000 in direct deposit per month and maintain the positive balance of their check (Varo Bank Account) and savings balance at the close each month. Varo offers two savings plans: one lets customers withdraw a percentage of the direct deposits made to their checking account and transfer the money in savings. Another program allows customers to save upon making purchases. Varo will round up your purchase until it is within a dollar. Then, put the difference into your savings account.
Chime High Yield Savings. Chime's savings account for free has an 2.00% APY , as long as you have a balance of at least $0.01. Chime also has two automatic savings programs: a roundup program for purchases made with an account debit card for checking accounts and a program that saves 10 percent from direct transfers of $500 or more your checking account into the savings accounts. Be aware that a Chime Checking Account is necessary to qualify for a Savings Account.
Find out more details from Chime
Chime says: " The Annual Percentage Yield ("APY") for the Chime Savings Account is subject to change and could be changed at any time. The stated APY will be in effect from October 25, 2022. No minimum balance required. Must be able to keep $0.01 in savings to earn interest. "
"There's no cost for the Chime Savings Account. Cash withdrawal and Third-party fees might be applicable for Chime Accounts with Checking Accounts. You need an existing Chime Checking Account to open an account with Chime Savings. Chime Savings Account."
Experience in banking
Varo Chime and Varo Chime are online-only and therefore you're out of luck if you prefer in-person service. The good news is that Varo provides extended weekends and weeksdays support hours and options to reach customer support via email or Twitter, and Chime can be reached via chat, email and the phone 24 hours a day, and 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 attempts to perform a transaction which could result in a negative balance in their account, Varo will deny the transaction. If you're in need of breathing room between paychecks, you can use this Varo Advance program, which permits you to receive an advance that can be up to $100, with an amount of $5.
Chime. Chime doesn't charge overdraft fees. Instead, it offers an overdraft program called SpotMe(r) that allows customers can make overdrafts up to $200 as long as they make at least $200 in direct deposits every month.
Get more information from Chime
Chime says: "Chime is a financial technology company, not a bank. Banking services provided through The Bancorp Bank, N.A. as well as Stride Bank, N.A. Members of the FDIC."
"Chime SpotMe is an optional service that requires only a single $200 or more as qualifying direct deposits to Chime Checking Account. Chime Checking Account each month. The members who are eligible will be allowed to overdraw their accounts up to $20 for debit card purchases and cash withdrawals in the beginning however, they may later be allowed to withdraw more that can be $200 or more, based on the your Chime Account history, direct deposit frequency and spending habits and other risk-related factors. Your limit will be displayed in the Chime mobile app. You will receive notice of any modifications to your limit. Limits can change at any point, at Chime's discretion. While there aren't any overdraft charges, there could be third-party or out-of-network charges associated to ATM transactions. SpotMe does not cover non-debit-card transactions, which includes ACH transfers and Pay Anyone transfers or Chime Checkbook transactions. Please refer to the these Terms and Conditions."
About the writer: Chanelle Bessette is a personal finance writer for NerdWallet covering banking. She is a specialist in cash management and checking accounts.
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