Chime vs Varo Money
High-Yield Savings Accounts Comparison
Last Updated: July 7, 2025
Summary of Chime vs. Varo Bank
As of 7/7/2025 both Chime (Chime Savings Account) and Varo Bank (High-Yield Savings Account) offer an APY of 3.75% .
Both banks yield $375 in interest on a $10,000 balance after one year. Neither has an APY advantage, so consider other features (fees, access, app ratings, etc.) when choosing.
Chime
Strengths
- Chime offers a 3.75% APY on its savings account, competitive for online banks.
- No maintenance fees on the Chime Savings Account.
- Chime has a solid App Store rating of 4.8.
Potential Drawbacks
- Chime's BBB rating is B-, indicating lower trustworthiness.
- A direct deposit of $200 is required to earn the 3.75% APY.
- Chime has no physical branches, limiting in-person support.
Varo Bank
Strengths
- Varo Bank has a higher APY of 5.00% on its High-Yield Savings Account.
- Varo is BBB Accredited with a solid A- rating.
- Varo's App Store rating is slightly higher at 4.9.
Potential Drawbacks
- Varo requires a minimum direct deposit of $1,000/month to earn the 5.00% APY.
- Varo has no physical branches, limiting in-person support.
- The lower APY of 2.50% applies to amounts over $5,000.
Summary: Chime offers a 3.75% APY with a lower direct deposit requirement compared to Varo's 5.00% APY, which requires $1,000/month. Varo has a better BBB rating (A-) and a higher App Store rating (4.9). Both banks are online-only and lack physical branches, but Chime's lower APY applies without a high deposit requirement, while Varo's lower APY applies to funds exceeding $5,000.
Compare Chime's vs Varo Bank's Savings Accounts
| Chime | Varo Bank | ||
|---|---|---|---|
| Product | Chime Savings Account | vs | High-Yield Savings Account |
| APY | 1.25% - 3.75% (as of 7/7/2025) | 2.50% - 5.00% (as of 7/7/2025) | |
| 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 3.75% APY, you must have a Chime Checking account and receive a direct deposit of at least $200. Otherwise, the APY is 1.25%. | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. | |
| Visit Bank | Chime Savings Account | High-Yield Savings Account | |
| App Store Rating | 4.8/5 | 4.9/5 | |
| Google Play Rating | 4.7/5 | 4.7/5 | |
| BBB Rating | B- | A- |
Comparative Historical APY Insights (Last 5 Months)
| Chime | Varo Bank | ||
|---|---|---|---|
| Product | Chime Savings Account | vs | High-Yield Savings Account |
| Latest APY | 3.75 % | 5.00 % | |
| Trend | Rising | Sideways | |
| Slope (bps/mo) | 46.7 | 0.0 | |
| Rate Changes / Mo | 0.19 | 0.00 | |
| Days Since Last Change | 98 | 158 | |
| High (-5 m) | 3.75 % | 5.00 % | |
| Low (-5 m) | 2.00 % | 5.00 % | |
| Draw-down from High | 0.0 % | 0.0 % | |
| Volatility (CV) | 0.276 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 5 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 (-5 m)
- Highest APY in the last 159 days.
- Low (-5 m)
- Lowest APY in the last 159 days.
- Draw-down from High
- How far today sits below the 5-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.
Calculate Savings Growth for Chime vs Varo Bank
All calculations are based on APY.
Chime
APY: 3.75%
Total savings breakdown:
- Interest earned: $37.5 (3.61%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.39%)
Your total balance
$1,037.50
Effective APY: 3.75% (based on your deposit and contributions)
Total balance: $1,037.5
Earnings: $37.5
Bank DetailsVaro Bank
APY: 5.00%
Total savings breakdown:
- Interest earned: $50 (4.76%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (95.24%)
Your total balance
$1,050.00
Effective APY: 5.00% (based on your deposit and contributions)
Total balance: $1,050
Earnings: $50
Bank DetailsAfter 1 year Chime would earn you $12.5 less than Varo Bank.
More Comparisons
Compare Chime's APY of 3.75% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Chime vs Ally Bank | 3.50% | $0 |
| Chime vs American Express | 3.60% | $0 |
| Chime vs Axos Bank | 4.66% | $0 |
| Chime vs Bank of America | 0.01% | $100 |
| Chime vs Barclays | 4.10% | $0 |
| Chime vs Capital One | 3.50% | $0 |
| Chime vs Chase Bank | 0.01% | $0 |
| Chime vs CIT Bank | 4.00% | $100 |
| Chime vs Discover Bank | 3.50% | $0 |
| Chime vs Fitness Bank | 5.00% | $100 |
| Chime vs Marcus by Goldman Sachs | 3.65% | $0 |
| Chime vs SoFi Bank | 3.80% | $0 |
| Chime vs Synchrony Bank | 3.80% | $0 |
Compare Varo Bank's APY of 5.00% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Varo Bank vs Ally Bank | 3.50% | $0 |
| Varo Bank vs American Express | 3.60% | $0 |
| Varo Bank vs Axos Bank | 4.66% | $0 |
| Varo Bank vs Bank of America | 0.01% | $100 |
| Varo Bank vs Barclays | 4.10% | $0 |
| Varo Bank vs Capital One | 3.50% | $0 |
| Varo Bank vs Chase Bank | 0.01% | $0 |
| Varo Bank vs CIT Bank | 4.00% | $100 |
| Varo Bank vs Discover Bank | 3.50% | $0 |
| Varo Bank vs Fitness Bank | 5.00% | $100 |
| Varo Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Varo Bank vs SoFi Bank | 3.80% | $0 |
| Varo Bank vs Synchrony Bank | 3.80% | $0 |