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Varo vs. Chime: Which Is More Suitable for You? Advertiser disclosure You’re our first priority. Every time. We believe everyone should be able to make sound financial decisions with confidence. Although our site doesn’t include every business or financial product available on the market however, we’re confident of the advice we provide as well as the advice we provide and the tools we develop are impartial, independent, straightforward — and completely free. How do we earn money? Our partners compensate us. This may influence which products we review and write about (and where they are featured on the site) However, it in no way affects our advice or suggestions which are based on hundreds of hours of study. Our partners do not promise us favorable reviews of their products or services. . Varo vs. Chime: Which Is Better for You? Varo and Chime both have high rates of interest on savings accounts, however their services and products have some distinctions. By Chanelle Bessette Lead Writer/Spokesperson Banking, checking and cash Management Accounts Chanelle Bessette is a personal finance writer at NerdWallet covering banking. She has previously worked for Fortune, Forbes and the Reno Gazette-Journal. She is also a spokesperson for the bank team, and her expertise has appeared 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 more than two decades of experience working in newsrooms, including U.S. News & World Report. She started her journalism career at 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 mentioned in The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other media outlets. She earned her degree from the University of Maryland’s Philip Merrill College of Journalism. Email:
. The majority of items featured here come from our partners who compensate us. This affects the products we write about as well as the place and way the product is featured on the page. But this doesn’t affect our assessments. Our opinions are entirely our own. Here’s a list and . Varo and Chime offer similar services, with a few major differences. Varo is a banking institution, while Chime is a neobank- an online-only financial service business that collaborates with a bank in order to offer insurance for accounts. The two companies compare with each other. Snapshot Comparison Checking account There is no monthly maintenance fees or minimum balance requirements in Chime or Varo Chime or Chime. Varo along with Chime both have the option of early deposits (up to two days early). The cash deposits offered in Varo and Chime can be costly, although money deposits to Walgreens are free when you use Chime. Savings account: With Varo, customers can earn up to 5.00% annual percentage yield on balances of up to $5,000 if certain conditions are met. Customers can also earn 3.00 percent APY, without having to meet those conditions or when balances exceed $5,000. Chime offers 2.00 percent APY on the High Yield Savings account. ATMs, overdrafts, and the customer service. Chime’s SpotMe(r) overdraft service permits customers to transfer up to $200 at no charge if they meet conditions for their account. Varo does not allow overdrafts however, it does offer a cash advance 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 as well as Chime are both online-only and do not have branches. Varo as well as Chime both have high mobile app reviews. Choose Varo If you want the highest rate of interest on savings and can satisfy the criteria to get there. Select Chime if you need a solid interest rate on savings and an overdraft option that is flexible. NerdWallet’s ratings are compiled by the editorial staff. The scoring formulas are based on 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 balance requirements. In addition, customers are able to use The Allpoint ATM network, which has more than 55,000 ATMs that are free where customers can take cash withdrawals. But depositing cash is more difficult. Varo customers must visit a Green Dot retailer such as Walgreens or Safeway and may be charged a fee that can be as high as $5.95. Customers are also able to receive their paychecks as much as two days early through direct deposit. The NerdWallet ratings are made by our editorial staff. The scoring formulas take into account many data points for each financial product or service. At Chime Deposits are FDIC insured Chime Spending Account. Chime doesn’t charge monthly charges or require a minimum balance on its spending account. It also has a savings program where customers can round your purchases up to the closest dollar, and then save the difference. In addition, Chime customers can make cash withdrawals without fees at over 60,000 ATMs in the United States. Chime is also a member of the Green Dot network, so customers are able to make cash deposits at certain stores for a small fee, or at Walgreens for no cost. Learn more from Chime Chime says: “The retailer that receives your cash will be accountable for transferring the funds for deposit into the Chime checking account. There may be fees associated with cash deposits for a retailer other than Walgreens.” “Round Ups round-up purchases made with debit cards up to the nearest dollar. They then transfer the round-up to the Chime Checking Account to Your savings account.” “Early availability of direct deposit money is contingent on the date of delivery of the payment document from the payer. We generally make these funds available the day that when the file for payment is accepted which could be as much as 2 days earlier than the scheduled payment date.” “Out-of-network ATM withdrawal fees could apply except at MoneyPass ATMs located in 7-Eleven, or any Allpoint or 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 percent up to $5,000 if they make at least $1,000 in direct deposits each month, and have the positive balance of their checking (Varo Bank Account) and savings balance at the end of the month. Varo has two automatic savings programs. The first allows customers to withdraw a percentage of the direct deposits made to their checking account and then transfer the money into their savings. The second program lets customers to save money when they make a purchase. Varo will round up your purchase by the closest dollar and deposit the money to an account for savings. Chime High Yield Savings. Chime’s savings account is free and offers 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 programme that allows purchases using a checking account debit card and a program which saves 10% from direct transfers of $500 or more from your checking account to the savings accounts. Note that a Chime Checking Account is necessary to qualify for a Savings Account. Learn more from Chime Chime states: ” The Annual Percentage Yield (“APY”) for the Chime Savings Account is subject to change and could alter at any point. The disclosed APY is effective from October 25, 2022. There is no minimum balance to be met. You must have $0.01 in savings in order to gain interest. ” “There’s no charge for Chime Savings Account. Chime Savings Account. Third-party fees and cash withdrawal fees could be applicable to Chime checking Accounts. You must have an Chime Account to open a Checking Account to create a Chime Savings Account.” The banking experience Varo and Chime is online only that means that you’re not in luck should prefer to use a person-to-person service. However, Varo provides extended weekends and weeksdays phone support hours and methods to reach customer support via email and Twitter as well as via Twitter. Chime can be reached via chat via email and phone 24 hours a day as well as via Twitter. Varo and Chime also have excellent mobile app ratings in both the Google Play and App Store marketplaces. Overdrafts Varo. Varo does not allow overdrafts to occur: If a customer tries to carry out a transaction which could result in a negative balance in their account, Varo refuses the transaction. If you need some time between paydays You can avail the Varo Advance program, which allows you to get an advance of up to $100 with the cost 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 make at least $200 in direct deposits per month. Learn more about the program from Chime Chime which states: “Chime is a financial technology business, not a bank. Services for banking are provided by The Bancorp Bank, N.A. as well as Stride Bank, N.A. and Members of the FDIC.” “Chime SpotMe is an optional service which requires one deposit of $200 or more eligible direct deposits to the Chime Checking Account each month. All qualifying members can overdraw their accounts to the amount of $20 for debit card purchases and cash withdrawals in the beginning however, they may later be allowed to withdraw more of up to $200 or more based on the member’s Chime Account past history as well as the frequency of direct deposits and amount, spending activity and other risk-related factors. Your limit will be shown to you within the Chime mobile app. You will be informed of any changes to your limit. The limit can be changed at any time, at Chime’s discretion. While there aren’t any fees for overdrafts, there could be out-of-network or third party fees that are associated with ATM transactions. SpotMe will not cover non-debit card transactions, which includes ACH transfers or Pay Anyone transfers and Chime Checkbook transactions. Check out the these Terms and Conditions.” Author bio Chanelle Bessette writes about personal finance at NerdWallet that covers banking. She is a specialist in checking and cash management accounts. Similar to… Find a better savings account See NerdWallet’s picks for the best high-yielding online savings accounts. Go deeper into banking. Get smarter money moves delivered straight to your inbox. Sign up and we’ll email you Nerdy content about money-related topics that matter most to you along with other ways to help you make the most from your money. Make all the right money moves
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