Varo and. Chime: Which Is More Suitable for You? Advertiser disclosure You're our first priority. Every time. We believe everyone should be able make financial decisions without hesitation. Although our site doesn't feature every company or financial product that is available on the market however, we're confident that the advice we provide, the information we provide and the tools we develop are independent, objective, straightforward -- and cost-free. How do we earn money? Our partners compensate us. This could influence which products we review and write about (and where they are featured on the site), but it does not affect our recommendations or advice which are based on thousands of hours of study. Our partners are not able to pay us to guarantee favorable ratings of their goods or services. . Varo Vs. Chime: Which Is the best for you? Varo and Chime both offer high-interest in savings account, but their products and services come with a few different features. By Chanelle Bessette, Lead Writer/Spokesperson. Banking, checking Accounts, Cash management accounts Chanelle Bessette works as a financial writer at NerdWallet covering banking. She previously worked at Fortune, Forbes and the Reno Gazette-Journal. She also serves as an ambassador for the bank team, and her work has been featured 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 more than two years of experience in newsrooms, most recently at U.S. News & World Report. She started her journalism career at The Washington Post and later was employed by 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 by The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other publications. She graduated from the University of Maryland's Philip Merrill College of Journalism. Email:
. The majority of products featured here are from our partners who compensate us. This influences which products we write about and the location and manner in which the product appears on the page. However, this does not influence our opinions. Our opinions are our own. Here's a list and . Varo and Chime have comparable offerings with a few major distinctions. Varo is a bank, and Chime is a neobank -an online-only financial services firm that works with a bank in order to offer insurance for your account. This is how the two firms compare to each other. Snapshot comparison Checking account No monthly maintenance fees or minimum balance requirement in either Varo or Chime. Varo as well as Chime both have the option of early deposits (up to two days early). Deposits of cash with Varo and Chime could be pricey, although money deposits to Walgreens are free with Chime. Savings account with Varo, customers can earn as much as 5.00 per cent annual percentage yield on balances of up to $5,000 when certain conditions are met. Alternately, customers can earn 3.00% APY without meeting the conditions, and when balances exceed $5,000. Chime provides 2.00% APY on its high Yield Savings account. ATMs, Overdrafts and customer service Chime's SpotMe(r) overdraft service allows customers to transfer up to $200 with no charge if they meet specific requirements for the account. Varo doesn't allow overdrafts, however, it does offer an advance cash program. Varo customers can access more than 55,000 cost-free Allpoint ATMs. Chime customers can use 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 excellent mobile app scores. Select Varo if: You want a stellar interest rate on savings and can be a good fit to get there. Choose Chime if: You are looking for a high interest rate on savings and an option for a flexible overdraft. The NerdWallet ratings are determined by the editorial staff. The scoring formulas consider many data points for each financial product and service. at Varo Bank, Member FDIC Varo Bank Account. The Varo Bank Account has no monthly fees or minimum amount of balance required. In addition, customers can access the Allpoint ATM network that has more than 55,000 ATMs for free where customers can withdraw cash. However, depositing cash is more complicated; Varo customers need to visit an Green Dot retailer such as Walgreens or Safeway and could be charged a fee of up to $5.95. Customers can also receive their paychecks as much as two days in advance by transferring their money directly. The ratings of NerdWallet are compiled by our editorial staff. The scoring formulas consider multiple data points for every financial service and product. At Chime Deposits, deposits are FDIC insured Chime spending accounts. Chime does not charge monthly fees or require a certain amount of balance in its Spending Account. Chime also offers a savings program where customers can round up each purchase to the nearest cent and save the difference. Furthermore, Chime customers can make fee-free withdrawals from more than 60,000 nationwide ATMs. Chime is also a member of the Green Dot network, so customers are able to make cash deposits at certain retailers for a small fee, or at Walgreens for free. Find more details from Chime Chime states: "The retailer that receives your cash will be responsible to transfer the cash for deposit into the Chime checking account. Deposit fees for cash may be charged if using a retailer other from Walgreens." "Round Ups will automatically calculate debit card transactions up to the nearest dollar. They then transfer the round up of Chime Checking Account. Chime Checking Account into Your savings account." "Early availability of direct deposit money 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 you receive the payee's payment form which could be as much as two days prior to the scheduled payment date." "Out-of-network ATM withdrawal fees could be applicable, but not at MoneyPass ATMs in a 7-Eleven, or any Allpoint and Visa Plus Alliance ATM." Savings Varo Savings Account. Customers begin with a base of 3.00% APY. However, they can earn 5.00% on up to $5,000 if they make at least $1,000 in direct deposits per month, and have the positive balance of their check (Varo Bank Account) and savings balance at the end every month. Varo has two automatic savings plans: one allows customers to take part of the direct deposits into their checking account, and transfer funds into their savings. The second program lets customers to earn savings upon making an purchase. Varo will round up your purchase by the closest dollar, and transfer the change into an account for savings. Chime High Yield Savings. Chime's savings account for free has an 2.00% APY when you have a balance of at least $0.01. Chime also offers two automated saving programs. One is a round-up program that allows purchases using an account debit card for checking accounts and a program that saves 10% of direct deposits of $500 or greater from your checking account to your savings account. Note that a Chime Checking Account is required to be eligible for savings Account. Learn more from Chime Chime says: " The Annual Percentage Yield ("APY") for the Chime Savings Account can fluctuate and alter at any point. The APY disclosed is in effect from October 25, 2022. No minimum balance required. Must have $0.01 in savings in order to gain interest. " "There's no fee for Chime Savings Account. Chime Savings Account. The fees for cash withdrawals and third-party charges might be applicable for Chime checking Accounts. You need a Chime Checking Account to create an account with Chime. Chime Savings Account." Banking experience Varo and Chime are online-only and therefore that you're not in luck should you prefer in-person assistance. However, Varo offers extended weekend and weekday phone support hours and ways to contact support via email or Twitter and Chime can be reached via chat, email and phone 24/7 as well as on Twitter. Varo and Chime also have high mobile rating in their Google Play and App Store marketplaces. In the event of an overdraft, it is not a problem for Varo. Varo will not let overdrafts occur When a client tries to conduct a transaction that could result in a negative balance in their account, Varo declines the transaction. If you need some breathing room between paychecks You can avail Varo Advance. Varo Advance program, which allows you to 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 service called SpotMe(r), where customers are able to overdraw up to $200 if they make at least $200 in direct deposit per month. See more information from Chime Chime states: "Chime is a financial technology company, not a banking institution. Banking services are offered via The Bancorp Bank, N.A. as well as Stride Bank, N.A., Members FDIC." "Chime SpotMe is an optional service that requires a single deposit of $200 or more qualified direct deposits into Chime Checking Account Chime Checking Account every month. Members who qualify will be allowed to overdraw their accounts up to $20 for debit card purchases as well as cash withdrawals in the beginning but they could be allowed to withdraw more of up to $200 or more, based on the the member's Chime Account past history Direct deposit frequency, amount, spending activity as well as other risk-related variables. The limit you have set will be displayed to you in the Chime mobile app. You will be notified of any changes in your limits. The limit can be changed at any time, subject to Chime's discretion. While there aren't any overdraft fees, there may be third-party or out-of-network fees that are associated with ATM transactions. SpotMe will not cover non-debit card transactions, which includes ACH transfers or Pay Anyone transfers or Chime Checkbook transactions. Check out the terms and conditions." The author's bio: Chanelle Bessette is a personal finance writer for NerdWallet which covers the banking. She is an expert in checking and cash management accounts. Similar to... find a better savings account See NerdWallet's top picks for savings accounts with high yields online. Go deeper into Banking . Receive more money-savvy moves delivered straight to your inbox. Sign up and we'll email you Nerdy content about the money topics that matter most to you along with other ways to get more out of your money. Make the right financial moves

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