Chime vs. Varo Money
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 2, 2025
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Summary of Chime vs. Varo Bank
Key Metrics at a Glance
| Feature | Chime | Varo Bank |
|---|---|---|
| Top Savings APY | 3.50% Chime Savings Account | 5.00% High-Yield Savings Account |
| Minimum to Open | $0 | $0 |
| Minimum Balance for Top APY | $0.01 | $0.01 |
| Note | Chime® is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. To open a savings account you must first open a checking account. To qualify for Chime+ with the 3.50% APY, you must have a Chime Checking account and receive a direct deposit of at least $200. Otherwise, the APY is 1.00%. | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. |
Chime
Strengths
- Chime offers a competitive APY of 3.50%, though it's down from 3.75% last month.
- Chime has a higher App Store rating of 4.8 compared to Varo's 4.9.
- Chime has no maintenance fees or minimum balance requirements.
Potential Drawbacks
- Chime requires a direct deposit of $200 to qualify for the 3.50% APY.
- Chime's BBB rating is A+, but it is not accredited.
- Chime's Google Play rating is lower at 4.7 compared to Varo's 4.6.
Varo Bank
Strengths
- Varo offers a higher APY of 5.00%, unchanged from last month.
- Varo is BBB Accredited and has an A- rating.
- Varo's Google Play rating is 4.6, slightly better than Chime's.
Potential Drawbacks
- Varo requires a direct deposit of $1,000/month to earn the 5.00% APY.
- Varo's App Store rating is slightly lower at 4.9 compared to Chime's 4.8.
- Varo has no physical branches, similar to Chime.
Summary: Varo Bank offers a higher APY of 5.00% for its High-Yield Savings Account compared to Chime's 3.50%. However, Varo requires a higher direct deposit of $1,000/month, while Chime requires $200. Chime has a better App Store rating of 4.8, but is not BBB accredited, whereas Varo holds an A- rating and is accredited. Both banks have no maintenance fees and no minimum balance requirements.
→ As of November 2, 2025 Chime offers an APY of 3.50% for its Chime Savings Account, with a minimum balance of $0.01, compared to Varo Bank's 5.00% APY for its High-Yield Savings Account, with a minimum balance of $0.01.
→ Varo Bank yields $25 more than Chime on a $10,000 balance after one year. Chime pays $350, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for Varo Bank.
Calculate Savings Growth for Chime vs Varo Bank
All calculations are based on APY.
Chime - Chime Savings Account
Top APY: 3.50%
Total savings breakdown:
- Interest earned: $2,114.1 (10.51%)
- Total contributions: $13,000 (64.63%)
- Initial deposit: $5,000 (24.86%)
Your total balance
$20,114.10
Effective APY: 3.50% (based on your deposit and contributions)
Total balance: $20,114.1
Earnings: $2,114.1
Bank OverviewVaro Bank - High-Yield Savings Account
Top APY: 5.00%
ℹ️You earn 5.00% on the first $5,000 and 2.50% on the rest.
Total savings breakdown:
- Interest earned: $2,211.4 (10.94%)
- Total contributions: $13,000 (64.32%)
- Initial deposit: $5,000 (24.74%)
Your total balance
$20,211.40
Effective APY: 3.65% (based on your deposit and contributions)
Total balance: $20,211.4
Earnings: $2,211.4
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Chime's total earnings would be $97.3 lower than Varo Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Chime's vs Varo Bank's Savings Accounts
| Chime | Varo Bank | ||
|---|---|---|---|
| Product | Chime Savings Account | vs | High-Yield Savings Account |
| APY | 1.00% - 3.50% (as of 11/2/2025) | 2.50% - 5.00% (as of 11/2/2025) | |
| Bundled Account | Yes | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $0 | |
| Minimum Balance for APY | $0.01 | $0.01 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | Yes. You need to receive a qualifying direct deposit of $200 or more within the preceding 34 days | Yes. Min. $1,000/month | |
| Note | Chime® is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. To open a savings account you must first open a checking account. To qualify for Chime+ with the 3.50% APY, you must have a Chime Checking account and receive a direct deposit of at least $200. Otherwise, the APY is 1.00%. | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. | |
| App Store Rating | 4.8/5 | 4.9/5 | |
| Google Play Rating | 4.7/5 | 4.6/5 | |
| BBB Rating | A+ | A- |
Comparative Historical APY Insights (Last 9 Months)
| Chime | Varo Bank | ||
|---|---|---|---|
| Product | Chime Savings Account | vs | High-Yield Savings Account |
| Latest APY | 3.50 % | 5.00 % | |
| Trend | Rising | Sideways | |
| Slope (bps/mo) | 17.7 | 0.0 | |
| Rate Changes / Mo | 0.22 | 0.00 | |
| Days Since Last Change | 18 | 276 | |
| High (-9 m) | 3.75 % | 5.00 % | |
| Low (-9 m) | 2.00 % | 5.00 % | |
| Draw-down from High | -6.7 % | 0.0 % | |
| Volatility (CV) | 0.212 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 9 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-9 m)
- Highest APY in the last 277 days.
- Low (-9 m)
- Lowest APY in the last 277 days.
- Draw-down from High
- How far today sits below the 9-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.
More Comparisons
Compare Chime's APY of 3.50% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Chime vs Ally Bank | 3.30% | $0 |
| Chime vs American Express | 3.50% | $0 |
| Chime vs Axos Bank | 4.51% | $0 |
| Chime vs Bank of America | 0.01% | $100 |
| Chime vs Barclays | 4.10% | $0 |
| Chime vs Bask Bank | 4.05% | $0 |
| Chime vs BrioDirect | 4.00% | $5,000 |
| Chime vs Capital One | 3.40% | $0 |
| Chime vs Chase Bank | 0.01% | $0 |
| Chime vs CIT Bank | 3.85% | $100 |
| Chime vs Citizens Access™ | 3.35% | $0.01 |
| Chime vs Discover Bank | 3.40% | $0 |
| Chime vs Elevault | 4.34% | $0 |
| Chime vs EverBank | 4.05% | $0 |
| Chime vs Fitness Bank | 4.75% | $100 |
| Chime vs FNBO Direct | 3.00% | $1 |
| Chime vs FVCbank | 3.85% | $500 |
| Chime vs GO2bank | 4.50% | $0 |
| Chime vs LendingClub | 4.20% | $0 |
| Chime vs Marcus by Goldman Sachs | 3.65% | $0 |
| Chime vs Neighbors Bank | 4.50% | $0 |
| Chime vs Newtek Bank | 4.35% | $0 |
| Chime vs Peak Bank | 4.20% | $100 |
| Chime vs Pibank | 4.60% | $0 |
| Chime vs Presidential Bank | 4.50% | $5,000 |
| Chime vs Santander Bank | 0.01% | $25 |
| Chime vs SoFi Bank | 4.50% | $0 |
| Chime vs Synchrony Bank | 3.80% | $0 |
| Chime vs TIMBR | 4.40% | $1,000 |
| Chime vs UFB Direct | 3.71% | $5000 |
| Chime vs Valley Direct | 4.10% | $1,000 |
| Chime vs Wells Fargo | 0.05% | $25 |
| Chime vs Zynlo Bank | 4.20% | $10 |