Updated October 13, 2026 · VaultCue Editorial Team
Chime vs Varo Bank
Chime
Varo Bank
Higher score in this comparison
Where Chime and Varo Bank differ
| Compare | ChimeReviewSee alternativesSee alternatives | Varo BankReviewSee alternativesSee alternatives |
|---|---|---|
| Headline rate | Not confirmed | 1% to 3.75% |
| Rate type | Not confirmed | Variable |
| Minimum deposit | Not confirmed | $0 |
| Access terms | Not confirmed | No minimum balance or deposit, no savings cap, access in the Varo app with free instant transfers |
| Account kind | Not confirmed | Easy access |
Same on both: Deposit protection (FDIC up to USD 250,000), Monthly fee ($0).
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Key differences
- Founded is lower at Chime: 2012 vs 2015.
- Support channels: only Chime offers Community.
- Support channels: only Varo Bank offers Email, Chat.
Our verdict on each
Chime
Chime differs from branch based savings because access happens through connected tools for everyday control. Chime is a savings option that suits people who prefer managing balances through digital access with clear organisation alongside everyday money needs and simple transfer visibility.
Varo Bank
Varo Bank suits people who want a free digital bank account and an easy-access savings balance without a minimum deposit. It charges a monthly fee of $0, pays a variable rate of 1% to 3.75% and holds deposits under FDIC up to USD 250,000.
Score breakdown
| Area | Chime | Varo Bank |
|---|---|---|
| Cost | 9.1 | 9.3Higher |
| Offer | 9.1Higher | 9.0 |
| Trust | 8.7Higher | 8.5 |
How they place
| Ranking | Chime | Varo Bank |
|---|---|---|
| Savings accounts | 781 of 1420 | 440 of 1420 |
| Online banks | 234 of 402 | 134 of 402 |
Every fact side by side
| Fact | Chime | Varo Bank |
|---|---|---|
| Pricing model | No monthly fee | No monthly fee |
| Legal entity | Chime Financial, Inc. | Varo Bank, National Association |
| Headquarters | United States | United States |
| Founded | 2012Lower | 2015 |
| Support channels | Phone, Help centre, Community | Email, Chat, Phone, Help centre |
Everyday accounts
| Fact | Chime | Varo Bank |
|---|---|---|
| Licence type | Not confirmed | Bank |
| Currency conversion fee | Not confirmed | 0% |
| Features | Digital only | Free ATM, Digital only, No credit checkCovers more |
| Local account details | Us ACH | Us ACH |
| Free ATM withdrawals | Not confirmed | $0 |
| Transfer fee | Not confirmed | Free |
Where each stands against the rest
| Fact | Chime | Varo Bank | Median |
|---|---|---|---|
| Headline rate | Not confirmed | 1% to 3.75%above the median | 3.25 |
| Minimum deposit | Not confirmed | $0at the median | $0 |
| Monthly fee | $0at the median | $0at the median | $0 |
Median across 658 listed accounts.
Pros and cons
Chime
Pros
- Provides savings that customers manage through digital channels for everyday organisation
- Supports ACH transfers that sit beside savings for everyday money movement
- Keeps balances and transfers visible together in one digital place
Varo Bank
Pros
- A monthly fee of $0 applies, matching the site median of €0
- The savings account takes a minimum deposit of $0 and pays a variable rate of 1% to 3.75%
- Transfers are free and the ATM allowance is $0
Cons
- The savings rate is variable, so the 1% to 3.75% range can move
- The service is digital-only, which needs a phone and app access for everyday banking
- It is a US bank licence, and the local payment detail is us ach
Who each suits
Chime
Who it suits
- People who prefer handling savings with connected tools
- Customers who value simple transfers beside savings
Varo Bank
Who it suits
- You want a savings balance you can reach at any time from the app
- You want no monthly charge on the everyday account
- You want a bank rather than an e-money or payment institution
Who should look elsewhere
- You want a fixed-rate term deposit, since the rate here is variable
- You need branches or in-person service, as the service is digital-only
- You need euro or UK payment details, and the local detail is us ach
Country by country
| Country | Chime | Varo Bank |
|---|---|---|
| United States | No | Yes |
Questions about each
Chime
What does Chime offer for savers?+
Chime offers savings that customers organise through digital access. Balances stay visible alongside transfer options for everyday planning. Customers review how savings fit daily needs before choosing this careful approach.
How does moving money work with Chime?+
Chime supports ACH transfers alongside savings for straightforward organisation. Customers arrange transfers through digital routes and track balances in the same place. Customers review transfer needs and savings habits before choosing this setup.
Varo Bank
What does Varo Bank charge each month?+
Varo Bank charges a monthly fee of $0 on the everyday account, which matches the site median of €0. Transfers are free and the ATM allowance is $0, so day to day banking costs nothing extra.
How much interest does the Varo savings account pay?+
The savings account pays a variable rate of 1% to 3.75%. Because the rate is variable, the range can move over time. The site median headline rate is 3%, so this sits at the higher end of typical savings listings.
Other options to compare
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Related by the facts
Chime
Varo Bank