Chime Bank vs. Varo Bank | Which Account is Best?

Chime Bank vs. Varo Bank:

▽MY FINANCIAL TOOLS▽

➤ SoFi Complete Money Management
1) 💸 SoFi App - https://magnifiedmoney.reviews/SoFiApp
SoFi Credit Card - https://magnifiedmoney.reviews/SoFiCreditCard
SoFi Invest - https://magnifiedmoney.reviews/SoFiInvest
SoFi Student Loan - https://magnifiedmoney.reviews/SoFiStudentLoans
----------

➤ POINT Cash Back DEBIT CARD
2)💳 POINT - Get $100 for FREE when you make your first purchase!
SIGN UP HERE: https://magnifiedmoney.reviews/POINT

----------

➤ Wealthfront Automated Investing
3) 📊 Get Your First $5,000 of Investments Managed for FREE
https://magnifiedmoney.reviews/Wealthfront

----------

➤ Yotta Savings
4) 💵 Yotta - Use code MAGNIFIED to Get 100 FREE Tickets
https://magnifiedmoney.reviews/Yotta

----------

➤ Chime Bank
5) 💰 Chime - Banking App - Get $50 When You Open an Account:
https://magnifiedmoney.reviews/Chime

----------

➤ ROBINHOOD
6) 📈 Robinhood - Investing App - Earn 1 Free Stock when you open an account.
https://magnifiedmoney.reviews/Robinhood

----------

➤ MY CAMERA GEAR
7) 📸🎤💡Camera, Microphone, and Lighting Kit
My Camera: https://magnifiedmoney.reviews/Camera
My Microphone: https://amzn.to/2HHT5eN
My Lights: https://amzn.to/31PJp8V

First up we have Chime Bank which is still going to offer that 1% interest which has really remained unchanged in recent months despite many competitors lowering their interest rates. You're also going to have that no fee structure that we've come to expect which means no minimum balances, no monthly fees, no foreign transaction fees, no overdraft fees, as well as free access to their network of 38,000 money pass ATMs. So Chime has a few different accounts that they offer which essentially breaks down to their spending account which is like a checking account and their savings account. These two accounts alone are going to give you access to some great features like early paycheck payment up to two days early, the ability to make mobile payments to friends right from within the app, and even some amazing savings tools such as their roundup spending option. You're also going to be fully FDIC insured up to $250,000 and Chime has 24/7 customer support. Now one big change that they've added since my original review is the credit builder account which is kind of like a credit card but not exactly. Instead of you using a credit card and paying that amount back which is basically a short-term debt, you instead are able to get a chime credit builder account and move money from your chime spending account to that credit card like a prepaid card. From there you can use that credit card up to the amount that you transferred and Chime is going to report these payments to the credit bureaus who calculate your credit score.

Varo bank is going to offer a slightly more complicated interest rate but I promise it's not that hard to keep track of so let's break this down. First off in your savings account you're going to earn 0.81% and you're going to get that 2.8% interest if make at least 5 qualifying purchases with your Varo card per month which should be pretty easy to use if you're using this for your regular everyday purchases and receive $1000 or more in qualifying direct deposits each month. Beyond that slightly confusing interest rate system, Varo bank is also going to offer the same get paid early feature as well as the same no fee structure meaning no monthly fees minimum balance fees overdraft fees foreign transaction fees and access to their network of 55,000 Allpoint ATMs.
Music from Storyblocks Audio and YouTube Audio Library

I am not a Certified Financial Planner®. The topics presented in this video are for entertainment purposes only. You, and you alone, are responsible for the financial decisions that you make.

Видео Chime Bank vs. Varo Bank | Which Account is Best? канала Magnified Money