Current, Chime, and Varo are three of the most popular mobile banking apps in 2025. They all offer fee-free checking, early direct deposit, and mobile-first experiences—but each one has a slightly different specialty.
Here’s our take:
Current is ideal for teens, parents, and anyone who wants to build their credit using their checking account.
Chime stands out for its overdraft protection (up to $200) and early access to your paycheck.
Varo is the only one that’s a real bank, and it offers industry-leading savings APYs.
*In June 2025
All three are FDIC-insured, even if they partner with banks to make it happen. But the best choice for you depends on what you actually need.
Use the comparison table above to quickly see how they stack up—or keep reading for a deeper dive into which one wins on the features that matter most to you: APY, overdraft protection, customer experience, and more.
Table of Contents
What are Current, Chime, and Varo?
These three platforms all fall under the “neobank” or financial technology (fintech) category. That means they’re not traditional banks with branches, but they offer many of the same services, often with fewer fees and better mobile tools.
Current
Best mobile banking app for teens and parents and for building credit
Current is a mobile banking app backed by Choice Financial Group and Cross River Bank (both FDIC members). It offers these banking products:
- A free checking account with a built-in secured credit card, so you can build credit as you pay bills, go to the ATM, and more.
- Savings pods with high interest and auto-saving rules.
- Teen banking tools with spending limits, chore setting, and monitoring
- Cash advances of $50 – $750 if you earn at least $200 in eligible payroll deposits each month. Borrow as many times as you’d like each month, up to your total cash advance limit.
- An investment platform to buy and sell cryptocurrency.
Chime
Best mobile banking app for overdraft protection
Chime partners with The Bancorp Bank and Stride Bank to offer its banking services. Customers with at least $200 in qualifying direct deposits in the past 34 days are Chime+ members, which unlocks additional perks. (Chime+ memberships are free.)
Chime has these banking products:
- A fee-free checking account with early paydays
- A high-yield savings account with automatic savings tools
- A second-chance checking account for those with a poor ChexSystems report
- Credit Builder card that helps improve credit without interest
- SpotMe for fee-free overdrafts up to $200
- MyPay for early paycheck access (up to $500)
Varo
Best mobile banking app for high APYs
Varo is a full-fledged bank with its own FDIC charter, not just a fintech app. That means your account is insured directly through Varo, not a partner bank.
Varo Bank offers these standout products:
- A free checking account with early direct deposits, a cashback debit card, and free cash deposits at standalone CVS locations.
- A high-yield savings account with no fees, plenty of automatic savings tools, and an APY of 2.50% or 5.00% on the first $5,000 when you have at least $1,000 in monthly direct deposits with a positive account balance.
- Cash advances of $20 to $250 initially, with the option to work your way up to $500 over time. There’s no tipping, but there is a one-time flat fee.
- Personal lines of credit of $600 to $2,000 with a single flat fee.
- A secured credit card with no fees and no credit checks.
Current vs. Chime vs. Varo: Which is better?
So now that you know what each of these mobile apps offers, how do they all stack up? This is how Current, Chime, and Varo compare when it comes to fees, APYs, cash advance requirements, and more.
Fees and minimums
Here’s how fees and minimums compare at Current vs Chime vs Varo:
| Feature | Current | Chime | Varo |
| Monthly fee | $0 | $0 | $0 |
| Minimum opening deposit | $0 | $0 | $0 |
| Foreign transaction fee | 3% | $0 | $0 |
| Overdraft fee | $0 (with coverage) | $0 (with SpotMe) | None, but not true overdraft |
Current is the only one with a foreign transaction fee. Varo denies any transaction that would bring your balance below $0, so you’re not charged a fee.
Overdraft protection
| Feature | Current | Chime | Varo |
| Overdraft coverage type | Overdrive | SpotMe | None; offers Varo Advance instead |
| Coverage amount | Up to $200 | Up to $200 | Up to $500 cash advance (not true overdraft) |
| Fee to use | $0 | $0 (optional tip) | Flat fee based on amount borrowed (e.g., $20 for $250 advance) |
| Requirements | $500+ in qualifying direct deposits in last 35 days | $200+ in qualifying direct deposits in last 34 days | $800+ in direct deposits (current/previous month) + account in good standing |
| How it works | Covers debit card purchases; coverage grows with account history | Covers debit card purchases; coverage grows with account history | Advance is deposited to checking; coverage grows with account history |
Winner
Both Current and Chime offer true overdraft protection with no fees and up to $200 in coverage for eligible users. But Chime edges out Current here because it requires $200 in qualifying direct deposits instead of $500. Varo’s Advance is helpful in a pinch—but it’s technically a short-term loan, not overdraft coverage, and a flat fee applies.
Savings APYs
Winner
Varo offers the highest APY potential (5.00%)—and even if you don’t qualify, its 2.50% base rate is better than most competitors’ boosted tiers. That said, both Varo and Current limit how much of your balance can earn their top rate, so it’s worth checking your habits before picking a winner.
Cash advances and early paydays
| Feature | Current | Chime | Varo |
| Early paycheck access | Yes – up to 2 days early with direct deposit | Yes – up to 2 days early with direct deposit | Yes – up to 2 days early with direct deposit |
| Cash advance tool | Paycheck Advance: $50 – $750 | MyPay: Earned wage access up to $500 | Varo Advance: Flat-fee cash advance up to $500 |
| Advance availability | Unlimited advances as long as you qualify | Once per pay period (via MyPay line of credit) | Up to one advance at a time; increases with account usage |
| Fees | Free (3-day delivery) or instant for a small fee (undisclosed) | Free (24-hour delivery) or instant for $2 | Flat fee: $1.60 – $40 based on amount (e.g., $16 for $200) |
| Repayment structure | Flexible; repaid from your next deposit | Auto-deducted from direct deposit | Flexible due date within 30 days |
| Requirements | $200+ in payroll direct deposits; eligibility managed in-app | $200+ in qualifying direct deposits; employer must be supported | $800+ in direct deposits (current or prior month) + good account history |
Winner
Chime offers one of the smoothest experiences if you’re looking for instant cash with no fees—especially if your employer qualifies for MyPay. Varo lets you borrow more over time and repay flexibly, but it charges a flat fee. Current has the highest potential advance amount ($750), but fees and eligibility vary and aren’t as transparent.
Credit-building features
| Feature | Current | Chime | Varo |
|---|---|---|---|
| Credit card option | Current Build Card (included with checking) | Chime Credit Builder secured Visa | Varo Believe secured credit card |
| Credit check required? | No | No | No |
| Interest rate | 0% APR | 0% APR | 0% APR |
| Annual or monthly fees | $0 | $0 | $0 |
| How it works | Money in your checking account acts as your credit limit | Move money to a secured account; card limit equals that amount | Same structure: fund your limit, auto-pay in full monthly |
| Reported to credit bureaus? | Yes – all three major bureaus | Yes – all three major bureaus | Yes – all three major bureaus |
| Extra benefits | No separate account or deposit needed; use like a debit card to build credit | Safer Credit Building to avoid utilization issues | Claims average 40-point score boost in 3 months (Varo data) |
Winner
Current beats Chime and Varo with a more seamless, debit-style credit-building tool that’s built into your checking account. There’s no separate deposit or account setup—it just works with your balance. Chime and Varo offer strong tools too, especially if you want more control over how much you set aside for credit use, but Current is the most intuitive for beginners.
Teen banking and family features
Winner
Current wins this category by a landslide. It’s the only one of the three that offers built-in teen banking tools, with robust parental oversight and a separate login for kids. If you’re a parent teaching your teen about money, Current is your best bet. You can also create chores, block certain merchants, and instantly transfer money to your child’s account inside the app.
ATM and money access
Winner
All three mobile banking apps (Current, Varo, and Chime) have large ATM networks and accept cash deposits at Green Dot locations. But Varo wins out because you can deposit cash for free at many standalone CVS locations. With Chime and Current, fees may apply.
Customer support
| Support feature | Current | Chime | Varo |
| Availability | 24/7 | 24/7 | 24/7 |
| Support channels | Live chat, email, support form only | Phone, live chat, and email | Phone, live chat, and email |
| Extra perks | — | Priority support for Chime+ customers | — |
Winner
All three offer 24/7 customer support, but Chime offers the most robust access, including phone support and a priority line for Chime+ members. Varo is a close second with full coverage, while Current falls slightly behind due to the lack of phone support..
Customer reviews of Current vs. Chime vs. Varo
All three mobile banking apps have good reviews online and in Google Play and the App Store.
| Review source | Current | Chime | Varo |
| Trustpilot | 4.5/5 (12K reviews) | 3.4/5 (10K reviews) | 4.0/5 (3K reviews) |
| Google Play | 4.6/5 (167K reviews) | 4.7/5 (833K reviews) | 4.7/5 (243K reviews) |
| App Store | 4.8/5 (178K reviews) | 4.8/5 (1.1 million reviews) | 4.9/5 (233K reviews) |
Collected on June 20, 2025.
- Current has the best Trustpilot score of the bunch. Most people love how fast it moves money and how easy it is to use—especially parents setting up accounts for their kids.
- Varo holds its own with solid reviews. Users like the high savings rates and helpful credit tools, though a few mention occasional glitches or slower support.
- Chime has the most app store reviews and gets mixed feedback on Trustpilot. Plenty of users are obsessed with SpotMe and credit building, but others have had issues with frozen accounts or contacting support when they need it.
Current vs. Chime vs. Varo: Our final choice
Each app brings something different to the table—and the right pick depends on your priorities.
Here’s our bottom line:
Choose Current if either of these two situations is true:
1. You’re a parent or teen looking for a checking account with tools made just for you
2. You’re looking to rebuild your credit and want a checking account that helps you do just that (no separate account or card required).
Go with Chime if you care most about avoiding overdraft fees and getting your paycheck early. SpotMe and MyPay are standout features, and everything’s super simple to set up.
Pick Varo if you want to grow your savings and build your credit. It has the highest APY potential (up to 5.00%)—plus, it’s a real bank with its own FDIC charter.
Still undecided? All three are free to open and use, so you could always try one and switch later. Just be sure to check direct deposit requirements if you’re counting on features like overdraft coverage or higher APYs.