What is another bank like Varo?
Varo's top competitors include Monzo, KOHO, and Atom Bank. Monzo operates a digital banking platform focused on personal finance management. The company offers personal and joint accounts, allowing users to track income, manage…
Chime, SoFi and Varo also feature savings accounts in their arsenal of offerings. They come with zero monthly fees and generous APYs. Though Chime's savings account gives orders of magnitude more return than savings accounts at many brick and mortar banks, it is still a third less than Varo.
GO2bank vs.
Like GO2bank, Varo offers a high-yield savings account. Direct deposits from your employer or the government may show up in your account up to two days early. One advantage of Varo is that the Varo Savings Account offers higher earnings potential.
Some don't even need to look at your credit and banking history before letting you open an account. The financial institutions we recommend with the easiest bank accounts to open online include Discover® Bank, SoFi, U.S. Bank, and Bank of America.
Our picks for the best online banks are SoFi Bank, Discover Bank, Ally Bank, Varo Bank, LendingClub, Upgrade, Alliant Credit Union, FNBO Direct, Zynlo Bank and Quorum Federal Credit Union. You may get a higher annual percentage yield (APY) compared to traditional banks when you choose an online-only bank.
- Checking account doesn't offer interest.
- Does not offer money market accounts or certificates of deposit (CDs)
- No physical branches available.
- Mobile check deposit only available with qualifying direct deposit.
You can withdraw up to $515 a day from your Chime account using an ATM. This $515 and any fees you incur from out-of-network withdrawals count toward the $2,500 daily limit on the Chime card.
We redefine digital banking with our hassle-free, instant account opening process. Join the digital banking revolution with YES Bank! Open your Digital Savings Account today and experience a new era of banking where simplicity meets sophistication.
| Company | Forbes Advisor Rating | ATM Network |
|---|---|---|
| Regions Now Card | 4.8 | 1,900 |
| ONE VIP | 4.7 | None |
| ACE Elite® Visa® Prepaid Debit Card (Pay As You Go) | 4.6 | 850 |
| Netspend Prepaid Card | 4.4 | None |
Discover, Varo, Ally, Axos and SoFi are some of the many banks that have totally free checking accounts, meaning they don't charge a monthly fee or require a minimum balance.
What is the strongest online bank?
- Quontic.
- SoFi.
- American Express.
- Ally.
- Laurel Road.
- Everbank.
- Capital One.
- Discover.
| Bank / Credit Union | Forbes Advisor Rating | LEARN MORE |
|---|---|---|
| Capital One 360 Checking Account | 4.5 | |
| Chime® Checking Account | 4.4 | Learn More On Chime's Website |
| LendingClub Bank Rewards Checking | 4.2 | Learn More Read Our Full Review |
| Varo Bank Account | 4.1 | Learn More Read Our Full Review |
Many popular banks such as Ally Bank, Axos, SoFi and PNC offer instant mobile deposit availability. The fastest way to deposit a check is usually via your bank's mobile app, with funds being available the same day or a couple days later—it depends on the bank.
| Bank | The Ascent's Rating | FDIC Insured? |
|---|---|---|
| Capital One | 4.50 | Yes |
| American Express® National Bank | 4.50 | Yes |
| Quontic | 4.50 | Yes |
| Chase | 4.50 | Yes |
- Alliant Credit Union. Alliant Credit Union's mobile app has a 4.7 out of 5 rating on the Apple App Store and a 4.5 out of 5 rating on Google Play. ...
- Ally. Ally's mobile app scores 4.7 on Apple and 3.1 on Google. ...
- Capital One. ...
- Chase. ...
- Chime. ...
- Discover. ...
- PNC Virtual Wallet. ...
- SoFi.
Is Chime legit? Yes. While not a bank, customer accounts through Chime are FDIC-insured through its partner banks. It currently services millions of customers—more than any other online financial institution by a wide margin.
Downsides: Fees for cash deposits and out-of-network ATM usage: Chime charges $2.50 per transaction at out-of-network ATMs, and the only way to deposit cash is at cash deposit partner locations. Cash deposits at Duane Reade and Walgreens are free, but other retailers may charge a fee.
Capital One 360
Capital One 360 is arguably one of the best alternatives to Chime if you're looking for a reputable online bank. It's the highest-rated, FDIC-insured digital bank with no account fees, an extra-large network of ATMs, and a user-friendly mobile banking app that makes managing money simple.
If your goal is to earn interest, SoFi is the better choice. While Chime offers a 2.00% APY on its savings account, SoFi offers up to 4.60%.
At Chime, information security is a top priority. Deposits are FDIC insured up to $250,000 through The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
Where can I make a large withdrawal from Chime?
All Members can withdraw $500 per day at over 60k+ fee-free ATMs and up to $2,500 per day at cash back locations such as Walmart.
Banks and credit unions: You can request a cash withdrawal by going into a bank or credit union and presenting your Chime Visa Debit Card to the teller. This is referred to as an over-the-counter withdrawal.
| Account | Approximate time to complete application | Minimum opening deposit |
|---|---|---|
| SoFi Checking and Savings Account: Best for Member Perks | 1 to 3 minutes | $0 |
| Wise: Best for Non-Residents | 1 to 3 minutes | $0 |
| Chime® Checking Account: Best for Bad Credit | 3 to 4 minutes | $0 |
With the First United Instant Issue Debit Card. You'll be on your way in no time! No more waiting weeks to get your debit card in the mail. We print your First United debit card immediately after you open a new checking account.
- Monzo: Monzo is a popular digital bank with an easy app and account opening. ...
- Starling Bank: Like Monzo, Starling Bank has a quick account opening and mobile app. ...
- Barclays: Barclays is a multinational British investment bank and provider of financial services.
