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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 and Chime both have high rates of interest on savings accounts, but their services and products have some distinctions.
By Chanelle Bessette, Lead Writer/Spokesperson Banking, checking accounts, Cash Manager Accounts Chanelle Bessette works as a personal financial writer at NerdWallet that covers banking. She has previously worked for Fortune, Forbes and the Reno Gazette-Journal. She is also an ambassador for the banking team, and her expertise has been published throughout 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 was editor and project manager in newsrooms for over two years, including most recently at U.S. News & World Report. She managed projects such as The U.S. News education rankings as well as The Best States rankings. Sara has been featured as a guest on SiriusXM Business Radio and iHeartMedia's WHO Newsradio and has been quoted on The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other publications. She lives close to Washington, D.C.
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Varo and Chime both offer similar products, but however there are some differences. Varo has a function as a bank while Chime is a neobankwhich is an online-only financial service firm that works with a bank to offer account insurance.
Here's how the two companies stack up against one another.
Snapshot Comparison
Checking your account
There is no monthly maintenance charge or minimum balance requirement for either Varo and Chime.
Varo and Chime both have deposits direct that are made early (up to two days early).
Deposits of cash in Varo and Chime could be pricey however money deposits made from Walgreens are free when you use Chime.
Savings account
With Varo, customers can earn up to 5.00% per year on the balances up to $5,000, provided certain conditions are fulfilled. Alternately, customers can earn 3.00% APY without meeting the conditions, or on balances of more than $5,000.
Chime offers 2.00% APR on their account with a High Yield Savings account.
ATMs, overdrafts and customer service
Chime's SpotMe(r) overdraft service lets customers to overdraft up to $200 at no cost if they meet certain conditions for their account.
Varo doesn't allow overdrafts, but it has an advance cash program.
Varo customers have access to more than 55,000 fee-free Allpoint ATMs.
Chime customers can access more than 60,000 cost-free MoneyPass, Allpoint and Visa Plus Alliance ATMs.
Varo and Chime are both online only and do not have branches.
Varo and Chime both have excellent mobile app ratings.
Choose Varo if:
You want a stellar 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 our editorial team. The scoring formulas consider many data points for every financial product or service.
at Varo Bank, Member FDIC
Varo Bank Account. This Varo Bank Account has no fees for monthly or minimum requirement for balance. In addition, customers can access The Allpoint ATM network which has more than 55,000 ATMs for free where customers can withdraw cash. However, depositing cash is more complicated; Varo customers must go to an Green Dot retailer such as Walgreens or Safeway and may be charged a charge of up to $5.95. Customers are also able to receive their paychecks up to two days early with direct deposits.
NerdWallet's ratings are made by the editorial staff. The scoring formulas take into account several data points associated with each financial service and product.
Chime spending account. Chime does not have monthly charges or require a minimum balance on its Spending Account. Chime also offers a savings program where customers can round each purchase to the nearest cent, and then save the difference. Additionally, Chime customers can make free withdrawals from more than 60,000 nationwide ATMs. Chime belongs to the Green Dot network, so customers can deposit cash at certain retailers for a fee or at Walgreens for free.
Get more details from Chime
Chime states: "The retailer that receives the cash is accountable for the transfer of funds for deposit into the Chime Account. Account. The fees for cash deposit may apply for retailers other in addition to Walgreens."
"Round Ups" automatically round up debit card purchases to the nearest dollar. You can then transfer the round up out of Chime Checking Account to your savings account. Chime Checking Account to your savings account."
"Early accessibility to funds from direct deposits depends on the time of receipt of the payment file by the payee. We generally make these funds available the day that the payment file is received, that could be up to 2 days earlier than the date for the scheduled payment."
"Out-of-network ATM withdrawal charges may be applicable, but not at MoneyPass ATMs located in 7-Eleven, or at any Allpoint as well as 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 if they deposit at least $1,000 in direct deposits per month and maintain an active check (Varo Bank Account) and savings balance at the close of the month. Varo offers two savings plans: one lets customers withdraw part of the direct deposits into their checking account and transfer funds into their savings. Another program allows customers to save upon making purchases. Varo will round your purchase up by the closest dollar. Then, transfer the change to an account for savings.
Chime High Yield Savings. Chime's free savings account has an 2.00% APY , as provided you maintain a balance of at the minimum of $0.01. Chime also offers two automated saving programs. One is a roundup plan that allows purchases using a checking account debit card and a program that saves 10 percent of direct deposits of $500 or more from your checking account to the savings accounts. Be aware that a Chime Checking Account is necessary to qualify for savings Account.
Get more information from Chime
Chime states: " The Annual Percentage Yield ("APY") for the Chime Savings Account fluctuates and can be changed at any time. The stated APY will be in effect on October 25 2022. No minimum balance required. Must be able to keep $0.01 saved to be able to make interest. "
"There's no cost for the Chime Savings Account. The fees for cash withdrawals and third-party charges may apply for Chime Accounts with Checking Accounts. You need an account with a Chime Checking Account to open an account with Chime Savings. Chime Savings Account."
Experience in banking
Varo Chime and Varo Chime are online-only, which means you're out of luck if you prefer in-person support. However, Varo has extended weekday and weekend phone support hours and ways to contact customer service via email and Twitter, and Chime is accessible via chat, email and the phone 24 hours a day, and on Twitter.
Varo and Chime also have high mobile app ratings in the Google Play and App Store marketplaces.
Overdrafts
Varo. Varo does not allow overdrafts to occur: If a customer tries to perform a transaction which would create a negative balance in their account, Varo refuses the transaction. If you're in need of extra time between paydays, you can use Varo Advance. Varo Advance program, which lets you get 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 borrow up to $200 as long as they deposit at minimum $200 in direct deposits each month.
See more information from Chime
Chime claims: "Chime is a financial technology company and not an institution of banking. Banking services provided through The Bancorp Bank, N.A. or Stride Bank, N.A. Members of the FDIC."
"Chime SpotMe is an optional service that requires only a one-time deposit of $200 or more in qualifying direct deposits to Chime Checking Account. Chime Checking Account every month. The members who are eligible can overdraw their account to the amount of $20 for debit card purchases and cash withdrawals at first, but may be later allowed to withdraw more of up to $200 or more based on your Chime Account past history Direct deposit frequency, amount, spending activity as well as other risk-related variables. Your limit will be displayed to you in the Chime mobile app. You will receive notice of any modifications to your limit. Your limit may change at any point, at Chime's discretion. Although there are no overdraft fees, there may be out-of network or third-party charges associated to ATM transactions. SpotMe does not cover non-debit-card transactions, which includes ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. Check out the these Terms and Conditions."
About the writer: Chanelle Bessette is a personal finance writer for NerdWallet writing about banking. She specializes in cash management and checking accounts.
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