Chime vs Varo Bank
The two banks compared as banks: the charter, branches, checking, the other products they offer, their apps and their deposit rates. Each fact has its source and the date it was confirmed.
Choose Chime or Varo Bank
Choose Chime if
- You want an investment account from the same bank. Varo Bank does not offer one.
- The savings rate matters most. Chime advertises the higher savings APY.
Choose Varo Bank if
- You send money with Zelle. Varo Bank offers it (after 60+ days as a customer and $1,000 in deposits within a rolling 61 days) and Chime does not.
Chime and Varo Bank compared
| Field | Chime | Varo Bank |
|---|---|---|
| What each bank offers | ||
| Savings account | YesBanksparency rate data | YesBanksparency rate data |
| CDs | None trackedBanksparency rate data | None trackedBanksparency rate data |
| Money market account | None trackedBanksparency rate data | None trackedBanksparency rate data |
| Checking account | YesBank site, confirmed Sep 27, 2026 | YesBank site, confirmed Sep 27, 2026 |
| Credit cards | YesBank site, confirmed Sep 27, 2026 | YesBank site, confirmed Sep 27, 2026 |
| Personal loans | Small loans only ($100 to $2,000, for select members)Bank site, confirmed Sep 27, 2026 | Small loans only ($600 to $2,000, a line of credit)Bank site, confirmed Sep 27, 2026 |
| Mortgages | NoBank site, confirmed Sep 27, 2026 | NoBank site, confirmed Sep 27, 2026 |
| Investing | YesBank site, confirmed Sep 27, 2026 | NoBank site, confirmed Sep 27, 2026 |
| Deposit rates | ||
| Best savings APY | 4.00% APYAdvertised, newest reading Nov 7, 2026 | Up to 3.75% APY. That account is online only.Advertised, newest reading Nov 2, 2026 |
| Checking | ||
| Account compared | Chime Checking AccountBank site, confirmed Sep 27, 2026 | Varo Bank AccountBank site, confirmed Sep 27, 2026 |
| Monthly fee | NoneBank site, confirmed Sep 27, 2026 | NoneBank site, confirmed Sep 27, 2026 |
| How to avoid the fee | No fee to avoidBank site, confirmed Sep 27, 2026 | No fee to avoidBank site, confirmed Sep 27, 2026 |
| Overdraft fee | NoneBank site, confirmed Sep 27, 2026 | NoneBank site, confirmed Sep 27, 2026 |
| Zelle | NoBank site, confirmed Sep 27, 2026 | Yes, after 60+ days as a customer and $1,000 in deposits within a rolling 61 daysBank site, confirmed Sep 27, 2026 |
| Branches and ATMs | ||
| Branches | No branchesBank site, confirmed Sep 27, 2026 | No branchesBank site, confirmed Sep 27, 2026 |
| Fee-free ATMs | MoneyPass (in 7-Eleven), Allpoint and Visa Plus Alliance, 47,000+Bank site, confirmed Sep 27, 2026 | Allpoint, 40,000+Bank site, confirmed Sep 27, 2026 |
| Apps | ||
| App Store rating | 4.8 of 5Store listing, confirmed Sep 27, 2026 | 4.9 of 5Store listing, confirmed Sep 27, 2026 |
| Google Play rating | 4.7 of 5Store listing, confirmed Sep 27, 2026 | 4.5 of 5Store listing, confirmed Sep 27, 2026 |
| The bank behind it | ||
| Charter | Not a bank. Deposits are held at The Bancorp Bank, N.A.; Stride Bank, N.A.Bank site, confirmed Sep 27, 2026 | Utah · one of 44 insured banks chartered thereFDIC call report, Q2 2026 |
| Size | No FDIC filing | 2,708th-largest by deposits of 4,238 insured banksFDIC call report, Q2 2026 |
| Deposit growth | No FDIC filing | Higher than at 96% of 4,226 insured banks over the four quarters to Q2 2026FDIC call report |
“Not stated” means the bank’s own pages say nothing that answers the question. “Not confirmed yet” means no one has confirmed the fact against its source.
How each bank has moved its rates
Banksparency reads each bank’s rates every day. A bank that cuts often, or lets a promotion lapse to a lower rate, costs more over a year than its rate today shows.
Chime
- Chime High-Yield Savings Account: 2 rate changes since Jan 21, 2026, 2 raises.The last was on Oct 6, 2026, up 0.25 points.
Varo Bank
- High-Yield Savings Account: one rate change since Jan 21, 2026, 1 cut.The last was on Jul 2, 2026, down 1.25 points.
What each bank pays on deposits
An advertised rate tells you what a new savings account earns today. It cannot tell you how the bank has priced the savings and money market deposits it already holds, over time. This section shows that. The figure is computed from the interest expense and deposit balances that every bank files with the FDIC in the same form. That is what makes it comparable across banks and across quarters.
Chime
Chime is not a bank and files no call report. Its deposits are held at partner banks.
Each figure is that bank's own charter-level average across its whole deposit book, so the two are shown one after the other and are not a ranking.
Varo Bank
The two figures answer different questions, so they sit side by side and are not combined. The 3.75% applies to the first $5,000. The balance above that earns 1.00%.
Average annualized rates paid on savings and money market deposits, and on all interest-bearing deposits, quarterly. The FDIC line for savings includes money market deposit accounts and business savings deposits and does not separate consumer accounts. Source: FDIC call report data, as reported; it may be amended. The percentile compares all FDIC filers, count-weighted. A missing quarter is suppressed, never interpolated. The percentile counts the banks that paid strictly less on savings and money market deposits, one vote per bank, among the banks that reported a figure for the quarter.
More on these two banks
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Varo Bank compared with other banks: