Chime vs. Varo Bank
Comparing Chime and Varo Bank for high-yield savings: Chime's Chime High-Yield Savings Account pays 3.00% APY while Varo Bank's High-Yield Savings Account pays 5.00% APY.
Note: Varo Bank caps its top rate at $5,000.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Varo Bank pays $75 more than Chime annually ($375 vs $300).
Choose Varo Bank if getting the best rate matters most, or you want Zelle for quick transfers.
Important Considerations
Watch out: Varo Bank's 5.00% APY only applies to the first $5,000. With a $10,000 balance, your effective rate drops to 3.75% APY ($375 annually).
At balances above $25,000, Chime earns more due to Varo Bank's APY cap.
Both banks require a checking account to access their highest savings rates.
| Metric | ChimeChime High-Yield Savings Account Feb 6, 2026 | Varo BankHigh-Yield Savings Account Feb 6, 2026 |
|---|---|---|
| APY | 0.75% - 3.00% | 2.50% - 5.00% |
Est. Earnings | $5,000+$150 $10,000+$300 $25,000+$750 | $5,000+$250 $10,000+$375 $25,000+$750 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | - | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. A Varo bank account & direct deposit required. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingStable Rate |
Looking for Simplicity?
Don't want a checking bundle? We track many high-yield banks that offer competitive rates without checking requirements.
Executive Summary
Varo Bank offers a High-Yield Savings Account with a competitive APY of 5.00%, significantly higher than Chime's 3.00% APY for its High-Yield Savings Account. Both accounts require a qualifying direct deposit: Varo mandates a minimum of $1,000 per month, while Chime requires a direct deposit of $200 or more within the preceding 34 days. Varo's account allows you to earn 5.00% APY on the first $5,000 and 2.50% on any amount over that, making it a more attractive option for savers. Both banks operate online only and have no maintenance fees.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Chime?
No distinct advantages found vs Varo Bank.
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 3.00%) on balances up to $5,000 (requires checking bundle & direct deposit)
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
Varo BankVaro Bank's High-Yield Savings Account earns more on smaller deposits (approx. $375 vs $300/yr).
Requires Banking Relationship
Both banks require a checking account bundle and qualifying requirements to access their highest rates.
Shared Benefits
Over a 1-year period, Varo Bank's High-Yield Savings Account pays $75 more interest on a $10,000 balance than Chime's Chime High-Yield Savings Account.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Non-sponsored link to official site
Non-sponsored link to official site
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Chime vs. Varo Bank Savings Calculator
You earn $75 more with Varo Bank than Chime on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Chime
Chime High-Yield Savings Account
Savings Breakdown
- Interest Earned+$300.00(2.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,300.00
Varo Bank
High-Yield Savings Account
5.00% on first $5,000 and 2.50% thereafter.
Savings Breakdown
- Interest Earned+$375.00(3.6%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,375.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $299 per year in interest.
Both Chime and Varo Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Chime | Varo Bank |
|---|---|---|
| APY | 3.00% Range: 0.75% - 3.00% Verified: 2/6/2026 ↘︎ 0.50%90d Change | 5.00% Range: 2.50% - 5.00% Verified: 2/6/2026 Stable (90d) |
| Product Name | Chime High-Yield Savings Account | High-Yield Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0.01 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | N/A | None |
| Direct Deposit Req. | RequiredYou need to receive a qualifying direct deposit of $200 or more within the preceding 34 days | RequiredMin. $1,000/month |
| Checking Bundle | Yes | Yes |
| Mobile Apps | ||
| FDIC Insured | Yes | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Requires history of qualifying direct deposits. |
| BBB Rating | A+ | A |
| Important Notes | - | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. A Varo bank account & direct deposit required. |
| Next Steps | Visit SiteVerify at Chime Non-sponsored link to official site | Visit SiteVerify at Varo Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Chime | Varo Bank |
|---|---|---|
| Chime High-Yield Savings Account | High-Yield Savings Account | |
Current APY | 3.00% | 5.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | 6.6 | 0.0 |
Days Since Change | 7 | 365 |
12-Month High | 3.75% | 5.00% |
12-Month Low | 2.00% | 5.00% |
Adjustments / Mo | 0.25 | 0.00 |
Volatility Score | 0.165 | 0.000 |
How to read these metrics(Click to expand)
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