Chime is better than Varo if: You run on a tight budget. Chime provides overdraft protection with just $500 in monthly direct deposits compared to Varo's $1,000-deposit requirement. It covers you up to $200 compared to Varo's $100 and doesn't charge a fee for the service.
Chime and Varo both offer competitive savings accounts with automatic savings features. With Chime, you'll receive a 0.50% APY. However, Varo offers a tiered interest rate that starts at 0.40% APY.
The Varo Bank Savings Account was named Best Overall Savings Account on Forbes Advisor's Best Online Savings Accounts Of 2022. The Varo Bank Account also earned a spot among the Best Checking Accounts Of 2022. Varo is a convenient option for someone with fairly straightforward finances.
Varo is Chime's most similar alternative — in fact, the offerings from these two companies are virtually identical. Like Chime, Varo only offers checking, savings, and credit-builder (called Varo Believe) accounts.
Despite its lack of brick-and-mortar branches, Varo customers can access their money through a network of more than 55,000 fee-free Allpoint ATMs worldwide. Currently, Varo provides the front-end to customers' banking services, but the actual accounts are held by The Bancorp Bank.
A free Visa debit card you'll really love. Use your Varo Bank Visa Debit Card anywhere that accepts Visa.
There are a few different kinds of cash advances. For a credit card cash advance, you use your credit card to withdraw cash at the ATM. When you get an Advance with Varo Advance, you simply tap a button to borrow the money you need once you qualify.
Does Varo Bank Work with Cash App? Varo and Cash App both provide debits cards and both provide routing/account numbers. Therefore, both can be linked into each other's accounts via the card or bank link options.
Overall bank rating
The bottom line: Varo Bank's banking and savings products have no monthly fees or minimum balance requirements. ... Best for: APY maximizers who are comfortable with online-only banking, use direct deposit and rarely need to deposit cash.
Is your money safe at Aspiration? Yes, it is safe. Even though Aspiration itself is not a bank and does not hold a banking license, your deposits are safe as the money is held at several partner banks, which are insured by the Federal Deposit Insurance Corporation (FDIC).
You can deposit up to $1,000 per day with a maximum of $5,000 per month. However, certain Green Dot locations may have their own limits on how often or how much cash you can deposit to your Varo Bank Account.
Reviewers felt that N26 Bank Account meets the needs of their business better than Chime. When comparing quality of ongoing product support, reviewers felt that Chime is the preferred option. For feature updates and roadmaps, our reviewers preferred the direction of N26 Bank Account over Chime.
Varo Money used to provide customers' banking services, and all accounts were being held by The Bancorp Bank. Now that's all in the hands of Varo Bank. The banking license also means that the company has to move more than 2 million accounts to Varo Bank in a phased process.
Varo to Varo transfers are instant! Because money is transferred instantly, transfers can't be canceled or reversed once they're sent.
How long does it take to transfer money from an external account to my Varo Bank Account? External transfers can take 1–4 business days due to security reasons.
We are doing things differently at Varo with No Fee Overdraft. We give you the peace of mind of being able to overdraft your bank account by up to $50 if you meet the eligibility requirements* — but you never pay a fee to do it. ... If you don't have sufficient funds in your account, we simply decline the transaction.
Like most other payday advance apps, FloatMe doesn't work with Chime or Varo, in addition to some other bank accounts. Check if your bank account qualifies on the app.
Does Varo Bank work with Zelle®? It does! You can link your Varo Bank Visa® Debit Card in the Zelle® mobile app and receive Zelle® transfers into your Varo Bank Account.
Just find a location near you and ask the cashier to add cash to your activated Varo Bank Visa® Debit card. Each location may charge up to $4.95 for each cash deposit, but you won't be charged a fee from Varo Bank.