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.
Varo doesn't allow overdrafts, but it has a cash advance 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 and Chime are both online-only and don't have branches.
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.
How much cash can I deposit into my account? 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.
Currently, Varo provides the front-end to customers' banking services, but the actual accounts are held by The Bancorp Bank.
Cons Explained
Difficult to make cash deposits: Cash deposits are only possible at retail locations with Chime's cash deposit partners. You may pay a fee for this service. Out-of-network ATM charges: Chime might charge a fee for every out-of-network ATM transaction.
If you initiate an ACH transfer in the Varo app to or from an external bank account you own, it'll take 2–4 business days. If you initiate an ACH transfer from an external bank account to Varo, it'll typically take 1–2 business days.
Yes, Varo works with Chime. It is among the many cash advance apps and financial institutions that are compatible with Chime. This means Varo accepts Chime and you can use it for your money transfers.
Chime doesn't have a minimum credit score requirement—in fact, the company doesn't run credit checks at all. Similar to other secured credit cards, cardholders set credit limits by depositing (or using a direct deposit to add funds) to a Credit Builder account.
Varo Bank's banking and savings products have no monthly fees or minimum balance requirements. Varo also has a large fee-free ATM network and automatic savings tools. But there are no branches, and cash deposits are only available through third-party retailers that charge fees.
Direct deposits of Automated Clearing House ("ACH") transfer initiated from an outside financial institution* No limit to the number of times per calendar day and no maximum dollar limit.
We can't accept ATM deposits of any kind, but you can deposit cash into your Varo Bank Account at thousands of Green Dot® Network locations nationwide, like Walmart, CVS, Rite Aid, Walgreens, 7-11, Dollar General, Family Dollar, Kmart and Kroger.
Chime makes its money through kickbacks from Visa when customers use its debit and credit cards. It does not offer these traditional banking products. Fees for using out-of-network ATMs. You'll pay $2.50 per transaction if you withdraw from an ATM outside of Chime's free network.
Scammers are opening fake Chime support websites because they know that you will try to contact customer support sooner or later. Fake websites go hand in hand with phishing emails, texts, and calls as they direct you via a link to one of their websites that might or might not look similar to the original Chime site.
Cash Withdrawal Limits
You can withdraw up to $500 per day via ATM at any ATM, however there is a $2.50 fee every time you make a withdrawal from an out-of-network ATM.
Varo Bank is an all-mobile bank account app built with best-in-class technology to help people get ahead financially. In addition to an intuitive design and user experience, Varo Bank offers customers: Safe and “branchless” banking.
Yes, Varo works with Cash App. Here's how this happens. Both Cash App and Varo provide debit cards, account numbers, and routing numbers. That makes it easy to link them both using card links or bank choices.
Chime is great for beginners looking to save their money, while Cash App is ideal for investors. Chime is FDIC insured, but Cash App is not. With Cash App, you can invest in stock and cryptocurrencies. Chime gets its banking services from The Bancorp Bank and Stride Bank.
You can earn 3.00% APY if you open a savings account and meet certain monthly requirements: Account holders must make a minimum of five purchases using their Varo Bank Visa® Debit Card, have direct deposits totaling $1,000 or more each qualifying period and keep a savings account balance no higher than $5,000 (there is ...
You can spend up to $2,500 per calendar day with your Varo Bank debit card in purchases or cash back at point of sale. You can also use your card to get cash. If you withdraw from an ATM, the maximum amount you can withdraw is $1,000 per calendar day.
At the retail location, ask the cashier to make a deposit to your Chime Checking Account. You can make up to 3 deposits every 24 hours. You can add up to $1,000 every 24 hours for a maximum of $10,000.00 every month.
When you deposit cash at checkout: We'll make the deposit available as soon as Green Dot sends it to us—usually within 10 minutes. At some Green Dot retailers, it can take up to 1 hour.