Chime vs Varo Money
High-Yield Savings Accounts Comparison
Last Updated: August 1, 2025
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Summary of Chime vs. Varo Bank
As of 8/1/2025 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 competitive APY of 3.75%, unchanged from 30 days ago.
- No maintenance fees for Chime Savings Account.
- Chime has a solid App Store rating of 4.8.
Potential Drawbacks
- Chime's BBB rating is B, indicating lower trustworthiness.
- Direct deposit of $200 is required to achieve the highest APY.
- Chime has no physical branches.
Varo Bank
Strengths
- Varo Bank provides a high APY of 5.00%, consistent over the last month.
- Varo's BBB rating is A-, showing better trustworthiness.
- Varo has an excellent App Store rating of 4.9.
Potential Drawbacks
- Varo requires a minimum direct deposit of $1,000/month for the highest APY.
- Varo has no physical branches.
- The lower APY for amounts over $5,000 is 2.50%.
Summary: Varo Bank offers a higher APY of 5.00% compared to Chime's 3.75%, with a better BBB rating of A- versus Chime's B. Both banks have no maintenance fees and no physical branches, but Chime requires a lower direct deposit of $200 to achieve its APY, while Varo requires $1,000/month. Chime has a slightly lower App Store rating of 4.8 compared to Varo's 4.9.
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 8/1/2025) | 2.50% - 5.00% (as of 8/1/2025) | |
| 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. | |
| 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 6 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) | 36.8 | 0.0 | |
| Rate Changes / Mo | 0.16 | 0.00 | |
| Days Since Last Change | 125 | 185 | |
| High (-6 m) | 3.75 % | 5.00 % | |
| Low (-6 m) | 2.00 % | 5.00 % | |
| Draw-down from High | 0.0 % | 0.0 % | |
| Volatility (CV) | 0.258 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 6 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 (-6 m)
- Highest APY in the last 186 days.
- Low (-6 m)
- Lowest APY in the last 186 days.
- Draw-down from High
- How far today sits below the 6-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: $2,273.8 (11.22%)
- Total contributions: $13,000 (64.12%)
- Initial deposit: $5,000 (24.66%)
Your total balance
$20,273.80
Effective APY: 3.75% (based on your deposit and contributions)
Total balance: $20,273.8
Earnings: $2,273.8
Bank OverviewVaro Bank
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 $62.4 higher than Varo Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
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 | 3.50% | $0 |
| Chime vs Axos Bank | 4.46% | $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 | 4.85% | $100 |
| Chime vs Marcus by Goldman Sachs | 3.65% | $0 |
| Chime vs Presidential Bank | 4.50% | $5,000 |
| Chime vs SoFi Bank | 3.80% | $0 |
| Chime vs Synchrony Bank | 3.80% | $0 |
| Chime vs UFB Direct | 4.21% | $5000 |
| Chime vs Wells Fargo | 2.51% | $25 |
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 | 3.50% | $0 |
| Varo Bank vs Axos Bank | 4.46% | $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 | 4.85% | $100 |
| Varo Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Varo Bank vs Presidential Bank | 4.50% | $5,000 |
| Varo Bank vs SoFi Bank | 3.80% | $0 |
| Varo Bank vs Synchrony Bank | 3.80% | $0 |
| Varo Bank vs UFB Direct | 4.21% | $5000 |
| Varo Bank vs Wells Fargo | 2.51% | $25 |