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Varo and. Chime: Which Is Better for You? Advertiser disclosure You’re our first priority. Everytime. We believe everyone should be able to make sound financial decisions without hesitation. While our website doesn’t include every business or financial product that is available on the market, we’re proud of the advice we provide, the information we provide and the tools we create are independent, objective, straightforward — and free. How do we earn money? Our partners pay us. This could influence which products we review and write about (and where those products appear on the site) however it does not affect our advice or suggestions, which are grounded in many hours of study. Our partners cannot be paid to ensure positive ratings of their goods or services. . Varo vs. Chime: Which Is Better for You? Varo as well as Chime both offer high-interest in savings account, however their products and services have some differences. By Chanelle Bessette Lead Writer/Spokesperson Banking, checking and Cash Managed Accounts Chanelle Bessette is a personal finance writer for NerdWallet that covers banking. She was previously employed at Fortune, Forbes and the Reno Gazette-Journal. She is also a spokesperson for the banking team and her knowledge has been featured on 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. She was most recently with U.S. News & World Report. She began her career in journalism at The Washington Post and later worked at 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 quoted on The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other outlets. She earned her degree at the Maryland University’s Philip Merrill College of Journalism. Email:

. Many or all of the products featured here are from our partners who pay us. This influences which products we write about and the location and manner in which the product appears on the page. But this doesn’t affect our assessments. Our opinions are our own. Here’s a list of and . Varo and Chime have similar offerings, but with a few major differences. Varo is a banking institution, while Chime is a neobankan online-only financial services company that partners with a bank to provide insurance for accounts. The two companies are compared to one another. Snapshot comparison Checking account No monthly maintenance fee or minimum balance requirement to either Varo Chime or Chime. Varo and Chime both allow earlier direct deposit options (up to two days early). The cash deposits offered in Varo and Chime can be costly however the cash deposit at Walgreens are free with Chime. Savings account: With Varo, customers are able to earn 5.00% annual percent yield on balances that amount to $5,000, provided certain conditions are met. Alternately, customers can earn 3.00 percent APY, without having to meet the conditions, and when balances exceed $5,000. Chime provides 2.00% APY on the High Yield Savings account. Overdrafts, ATMs and customer service Chime’s SpotMe(r) overdraft program allows customers to overdraft up to $200 without charge if they meet conditions for their account. Varo does not permit 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 fee-free MoneyPass, Allpoint and Visa Plus Alliance ATMs. Varo as well as Chime are both online-only , and don’t have branches. Varo as well as Chime both have high mobile app reviews. Choose Varo if: You want a stellar interest rate on savings and satisfy the criteria to get there. Choose Chime if need a solid interest rate on savings and an overdraft option that is flexible. Checking NerdWallet’s ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service. at Varo Bank, Member FDIC Varo Bank Account. Varo Bank Account Varo Bank Account has no monthly charges or minimum requirement for balance. Customers also have access to the Allpoint ATM network, which has more than 55,000 ATMs that are free that allow customers to take cash withdrawals. However, depositing cash is more difficult; Varo customers have to visit an 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 paychecks up to two days in advance with direct deposit. The ratings of NerdWallet are compiled by our editorial staff. The scoring formulas consider multiple data points for each financial product or service. at Chime, Deposits are FDIC Insured Chime Spending Account. Chime doesn’t charge monthly fees or require a minimum balance on its spending account. Chime also offers a savings program where customers can round up their purchases to the nearest dollar, and then save the difference. In addition, Chime customers can make fee-free withdrawals at more than 60,000 ATMs in the United States. Chime is also part of the Green Dot network, so customers can deposit cash at certain stores with a charge or at Walgreens for free. See more information from Chime Chime says: “The retailer that receives your cash will be accountable for transferring the funds to the Chime Checking Account. Deposit fees for cash may be charged if using a retailer other than Walgreens.” “Round Ups round-up debit card purchases to the nearest dollar , and transfer the round up of your Chime Checking Account to the savings accounts of your account.” “Early availability of direct deposit money is contingent on the date of receipt of the payment file from the payer. The majority of the time, we make the funds accessible on the same day that you receive the payee’s payment form which may be up to two days prior to the scheduled payment date.” “Out-of-network ATM withdrawal fees could be charged, except for ATMs that are MoneyPass in a 7-Eleven, or any Allpoint as well as Visa Plus Alliance ATM.” Savings Varo Savings Account. Customers start at a baseline of 3.00% APY, but they are able to earn 5.00% on up to $5,000 when they have $1,000 or more in direct deposits each month, and keep an active check (Varo Bank Account) and savings balance at the close of the month. Varo offers two automatic savings plans: one allows customers to take an amount of direct deposits in their checking account and then transfer funds into their savings. The other program enables customers to save money when they make a purchase. Varo will round your purchase up to the nearest dollar. Then, transfer the change to an account for savings. Chime High Yield Savings. Chime’s savings account for free has a 2.00% APY as long as you have an amount of $0.01. Chime also offers two automatic saving programs. One is a round-up program for purchases made using an account debit card for checking accounts and a program that will save 10% on direct deposit of 500 dollars or more your checking account to your savings account. It is important to note that a Chime checking Account is required to be eligible for savings Account. See more information from Chime Chime and read: ” The Annual Percentage Yield (“APY”) for the Chime Savings Account is subject to change and could be changed at any time. 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 accrue interest. ” “There’s no cost for Chime Savings Account. Chime Savings Account. Cash withdrawal and Third-party fees might be charged for Chime Accounts with Checking Accounts. It is necessary to have an Chime checking Account to open Chime Savings Account. Chime Savings Account.” Experience with banking Varo and Chime is online only that means you’re out of luck if you prefer in-person assistance. But, Varo has extended weekday and weekend phone support hours and ways to contact customer support via email and Twitter, and Chime can be reached via chat or email, as well as phone and on Twitter. Varo and Chime also have high mobile app ratings in both the Google Play and App Store marketplaces. The app is able to handle overdrafts Varo. Varo does not allow overdrafts to occur: If a customer tries to make a transaction that will result in an imbalance in their account, Varo declines the transaction. If you need some time between paydays then you can take advantage of Varo Advance. Varo Advance program, which allows you to get a cash advance of up to $100 for a fee of up to $5. Chime. Chime doesn’t charge overdraft fees. Instead, it offers an overdraft program called SpotMe(r), where customers can overdraft up to $200 as long as they deposit at least $200 in direct deposits per month. See more information from Chime Chime states: “Chime is a financial technology business, not a bank. Banking services provided by The Bancorp Bank, N.A. and Stride Bank, N.A., Members FDIC.” “Chime SpotMe is an optional service that requires a single payment of at least $200 in qualified direct deposits into the Chime Checking Account every month. All qualifying members are allowed to draw on their accounts to the amount of $20 on debit card purchases and cash withdrawals at first however, they may later be eligible for a higher limit of $200 or more based on members’ Chime Account past history, direct deposit frequency and the amount, expenditure activity and other risk-based factors. Your limit will be displayed in the Chime mobile application. You will be informed of any changes regarding your allowance. Limits can 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, such as ACH transfers or Pay Anyone transfers and Chime Checkbook transactions. Please refer to the terms and conditions.” The author’s bio: Chanelle Bessette writes about personal finance at NerdWallet covering banking. She is an expert in checking and cash management accounts. In a similar vein… find a better savings account See NerdWallet’s recommendations for the top high-yielding online savings accounts. Go deeper into Banking . Receive more money-savvy moves – straight to your inbox Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to get more out of your money. Take all the appropriate money moves

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