Varo vs. Chime: Which Is More Suitable for You? Advertiser disclosure You’re our first priority. Everytime. We believe everyone should be able make financial decisions without hesitation. Although our site doesn’t feature every company or financial product available in the marketplace however, we’re confident that the guidance we offer and the information we offer as well as the tools we design are independent, objective simple, and cost-free. How do we earn money? Our partners pay us. This can influence the products we write about (and where those products appear on our website) however it does not affect our recommendations or advice, which are grounded in thousands of hours of study. Our partners are not able to promise us favorable ratings of their goods or services. . Varo vs. Chime: Which Is More Suitable for You? Varo as well as Chime both have high rates of interest in savings account, but their services and products have a few distinctions. By Chanelle Bessette, Lead Writer/Spokesperson. Banking, checking Accounts, Cash Management Accounts Chanelle Bessette is a personal finance writer for NerdWallet covering banking. She previously worked at Fortune, Forbes and the Reno Gazette-Journal. She also serves as an ambassador for the banking team, and her expertise has appeared in The New York Times, Vox and Apartment Therapy. May 6 2022 Edited By Sara Clarke Assistant Assigning Editor | Banking Sara Clarke is an editor who joined NerdWallet with two years of experience in newsrooms, including U.S. News & World Report. She started her journalism career with The Washington Post and later worked for Roll Call, McClatchy-Tribune and The Seattle Times. Sara has appeared as a guest on SiriusXM Business Radio and iHeartMedia’s WHO Newsradio and has been featured in The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other publications. She earned her degree from the University of Maryland’s Philip Merrill College of Journalism. Email:
. A majority or all of the products we feature are made by our partners, who pay us. This influences which products we feature as well as the place and way the product is displayed on a page. However, this does not affect our assessments. Our views are our own. Here’s a list and . Varo and Chime have similar offerings, but with a few key differences. Varo is a bank while Chime is a Neobankan online-only financial services firm that works with a bank to provide account insurance. Here’s how the two companies compare with each other. Snapshot Comparison Checking account There is no monthly maintenance fee or minimum balance requirement for one of Varo or Chime. Varo as well as Chime both offer earlier direct deposit options (up up to two days in advance). Cash deposits in Varo and Chime may be expensive however cash deposits at Walgreens are free with Chime. Savings account: With Varo customers, they can earn up to 5.00% annual percentage yield on balances up to $5,000 when certain conditions are fulfilled. Customers can also earn 3.00 percent APY without having to meet the conditions, and for balances that exceed $5,000. Chime offers 2.00 percent APY on its high Yield Savings account. ATMs, Overdrafts and customer service. Chime’s SpotMe(r) overdraft service permits customers to overdraft up to $200 with no cost if they meet certain specific requirements for the account. Varo does not permit overdrafts but it has a cash advance program. Varo customers have access to more than 55,000 fee-free Allpoint ATMs. Chime customers can use more than 60,000 free MoneyPass, Allpoint and Visa Plus Alliance ATMs. Varo along with Chime are both exclusively online and do not have branches. Varo and Chime both have high mobile app reviews. Select Varo If you want an outstanding interest rate on savings and satisfy the criteria to get there. Choose Chime if are looking for a high savings rate and an option for a flexible overdraft. The NerdWallet ratings are determined by our editorial team. The scoring formulas are based on many data points for every financial service and product. at Varo Bank, Member FDIC Varo Bank Account. The Varo Bank Account has no monthly fees , nor are there any minimum requirement for balance. Additionally, customers can access The Allpoint ATM network, that has more than 55,000 ATMs for free which allow customers to take cash withdrawals. But depositing cash is more difficult. Varo customers have to go to a 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 pay up to two days in advance through direct deposit. The NerdWallet ratings are made by our editorial team. The scoring formulas are based on multiple data points for each financial product and service. at Chime Deposits, deposits are FDIC insured Chime spending accounts. Chime does not charge monthly charges or require a minimum amount of balance in its Spending Account. Chime also offers savings plans where users can round your purchases up to the closest dollar and pay the difference. Furthermore, Chime customers can make free withdrawals at more than 60,000 ATMs in the United States. Chime is an integral part of the Green Dot network, so customers are able to make cash deposits at certain stores with a charge or at Walgreens for no cost. See more information from Chime Chime states: “The retailer that receives your cash will be accountable for transferring the funds for deposit into your Chime Checking Account. There may be fees associated with cash deposits if using a retailer other from Walgreens.” “Round Ups automatically round up debit card purchases to the nearest dollar , and transfer the round up to Chime Checking Account. Chime Checking Account to the savings accounts of your account.” “Early accessibility to funds from direct deposits depends on the date of submission of the payment file by the payee. The majority of the time, we make the funds accessible on the same day that the payment file is received, which may be up to two days prior to the scheduled date for payment.” “Out-of-network ATM withdrawal charges may be applicable, but not at MoneyPass ATMs at a 7-Eleven or any Allpoint or Visa Plus Alliance ATM.” Savings Varo Savings Account. Customers begin with a base of 3.00% APY, but they are able to earn 5.00% on up to $5,000 when they deposit at least $1,000 in direct deposits each month, and have an active account balance in their checking (Varo Bank Account) and savings balance at the close every month. Varo has two automatic savings programs: the first lets customers take part of the direct deposits made to their checking account, and transfer funds to their savings. Another program allows customers to earn savings upon making a purchase. Varo will round up your purchase by the closest dollar and deposit the money to the savings account. Chime High Yield Savings. Chime’s free savings account has a 2.00 percent APR as long as you have an account balance of at least $0.01. Chime also offers two automated saving programs. One is a round-up plan for purchases made with the debit card of a checking account and a program that saves 10 percent of direct deposits of $500 or more from your checking account to your savings account. Note that a Chime Checking Account is necessary to qualify for the Savings Account. See more information from Chime Chime says: ” The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may alter at any point. The APY disclosed is in effect on October 25, 2022. There is no minimum balance requirement. It must be $0.01 in savings in order to earn interest. ” “There’s no charge for Chime Savings Account. Chime Savings Account. Third-party fees and cash withdrawal fees may apply for Chime Checking Accounts. You must have a Chime checking Account to start Chime Savings Account. Chime Savings Account.” The banking experience Varo and Chime are both online-only, which means there’s no option if prefer in-person service. However, Varo has extended weekday and weekend phone support hours and options to reach customer support via email and Twitter, and Chime can be reached via chat via email and phone 24 hours a day as well as on Twitter. Varo and Chime also have excellent mobile app ratings on both the Google Play and App Store marketplaces. In the event of an overdraft, it is not a problem for Varo. Varo does not allow overdrafts to occur: If a customer tries to make a transaction that would create a negative balance on their account, then Varo refuses the transaction. If you’re in need of some time between paydays You can avail this program. Varo Advance program, which allows you to get cash advances 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 overdraft up to $200 as long as they deposit at least $200 in direct deposits each month. See more information from Chime Chime says: “Chime is a financial technology company, not a banking institution. Banking services provided through The Bancorp Bank, N.A. and Stride Bank, N.A. Member FDIC.” “Chime SpotMe is an optional service that requires a single payment of $200 or more in eligible direct deposits to the Chime Checking Account every month. The members who are eligible are allowed to draw on their accounts to the amount of $20 on debit card purchases and cash withdrawals in the beginning, but may be later allowed to withdraw more of $200 or more based on member’s Chime Account track record Direct deposit frequency, amount, spending activity and other risk-based factors. Your limit will be displayed to you in the Chime mobile app. You will receive notice of any modifications regarding your allowance. The limit can be changed at any point, at Chime’s discretion. Although there are no fees for overdrafts, there could be third-party or out-of-network fees that are associated with ATM transactions. SpotMe won’t cover non-debit card transactions, such as ACH transfers and Pay Anyone transfers or Chime Checkbook transactions. See Terms and Conditions.” Author bio Chanelle Bessette works as a writer for personal finances for NerdWallet covering banking. She is an expert in checking and cash management accounts. On a similar note… Discover an alternative savings account. Check out NerdWallet’s top picks for savings accounts with high yields online. Dive even deeper in Banking Get more smart money moves delivered straight to your inbox. Sign-up and we’ll email you Nerdy content about the money topics which matter to you the most and other strategies to get more out of your money. Take all the appropriate money moves
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