Chime is a fintech company with banking services provided by its partner banks. Chime offers a free checking account, and a savings account with up to 1.25% APY for regular members or up to 3.75% for Chime+ members. The fintech also has a credit-building card with no annual fee or interest charges. But it lacks some features like a clear-cut rewards program, and you can’t open a joint account or deposit cash with an ATM. While it’s a top competitor among online banks and fintechs, other online banks like Chime with different strengths might fit your needs better.
Earn up to 4.30% APY on savings and $50 or $300 with direct deposit. Open a new SoFi Checking and Savings account by 31 January 2026, set up eligible direct deposit within 60 days, and maintain direct deposit for six months. T&Cs apply.
Like Chime, SoFi has no monthly fees, overdraft fees or opening deposit requirements. SoFi is an FDIC-insured online bank with an all-in-one digital account called SoFi Checking and Savings. Chime doesn't offer the ability to open two accounts in one, making a switch to SoFi more streamlined. SoFi and Chime also have a plus membership option, each requiring direct deposit. With SoFi+, earn up to 3.60% APY on savings. For comparison, Chime's rates are 1.25% APY or 3.75% APY for Chime+. Also, SoFi's checking is interest bearing, offering up to 0.50% APY with no requirements. Chime's checking account isn't interest-bearing at all.
APY
Up to
3.60%
Fee
$0 per month
Like Chime, SoFi has no monthly fees, overdraft fees or opening deposit requirements. SoFi is an FDIC-insured online bank with an all-in-one digital account called SoFi Checking and Savings. Chime doesn't offer the ability to open two accounts in one, making a switch to SoFi more streamlined. SoFi and Chime also have a plus membership option, each requiring direct deposit. With SoFi+, earn up to 3.60% APY on savings. For comparison, Chime's rates are 1.25% APY or 3.75% APY for Chime+. Also, SoFi's checking is interest bearing, offering up to 0.50% APY with no requirements. Chime's checking account isn't interest-bearing at all.
Pros
Up to 3.60% APY on savings
0.5% APY on checking
No monthly fees, overdraft fees or opening deposit
Cons
Deposit requirements for best APYs
$4.95 fee for cash deposits
Annual Percentage Yield (APY)
Up to 3.60%
Intro or bonus offer
Earn up to 4.30% APY on savings and $50 or $300 with direct deposit. Open a new SoFi Checking and Savings account by 31 January 2026, set up eligible direct deposit within 60 days, and maintain direct deposit for six months.
Rewards
Earn $50 or $300 when you sign up and set up eligible direct deposit. Terms apply. These offers are available until January 31, 2026.
Fee
$0 per month
ATM transaction fee
$0
Overdraft fee
$0
Foreign transaction fee
0%
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Enroll in SoFi Plus between 9/18/25 and 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/sofi-plus SoFi Bank, N.A. Member FDIC.
Get a $100 referral bonus by inviting your friends to join Current. Once the person receives the invite link, applies your unique referral code, and makes qualifying Eligible Payroll Deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $100. T&Cs apply.
Current is a fintech with banking services provided by Choice Financial Group and has very similar offerings to Chime. With a Current account, choose between a credit-building secured card or a debit card. Both come with a rewards program, no monthly fees, fee-free overdraft and budgeting features. Create up to three pods that can each earn 4% bonus on up to $2,000 by meeting deposit requirements, which is slightly higher than Chime's highest savings rate. Current also offers Paycheck Advances by meeting deposit requirements with no credit check, and the secured Current Build card has no interest charges or annual fees.
APY
4.00%
Fee
$0 per month
Current is a fintech with banking services provided by Choice Financial Group and has very similar offerings to Chime. With a Current account, choose between a credit-building secured card or a debit card. Both come with a rewards program, no monthly fees, fee-free overdraft and budgeting features. Create up to three pods that can each earn 4% bonus on up to $2,000 by meeting deposit requirements, which is slightly higher than Chime's highest savings rate. Current also offers Paycheck Advances by meeting deposit requirements with no credit check, and the secured Current Build card has no interest charges or annual fees.
Pros
Up to 4% bonus with deposit requirements
No monthly fees
Budgeting, overdraft protection and cashback points
Builds credit with Current's Build secured card
Cons
3% late fee on the Current Build card
Deposit requirements for best bonus on pods
No joint accounts
Annual Percentage Yield (APY)
4.00% on balances of $0.01 to $2,000
Intro or bonus offer
Get a $100 referral bonus by inviting your friends to join Current. Once the person receives the invite link, applies your unique referral code, and makes qualifying Eligible Payroll Deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $100.
Rewards
Earn up to 15x the points when you use your debit card at one of 14,000+ participating merchants
Chime doesn’t provide accounts for teens, making Step a similar teen alternative. Step is a fintech offering a secured card backed by the Step deposit account. There's no opening deposit, monthly fees or interest charges. Step is heavily designed for teens and young adults to start building a credit history without the risk of accumulating debt, offering anyone under 18 to get the card with adult approval and sponsorship. Chime requires you to be at least 18 years old to open its secured card. A Step account also offers up to 3% in savings rewards on your savings balance by meeting deposit requirements, and you can earn cashback rewards, open its optional investing platform and teens can learn financial literacy through its Money 101 course. Chime doesn't have an investing platform or similar educational resources.
APY
3.00%
Fee
$0 per month
Chime doesn’t provide accounts for teens, making Step a similar teen alternative. Step is a fintech offering a secured card backed by the Step deposit account. There's no opening deposit, monthly fees or interest charges. Step is heavily designed for teens and young adults to start building a credit history without the risk of accumulating debt, offering anyone under 18 to get the card with adult approval and sponsorship. Chime requires you to be at least 18 years old to open its secured card. A Step account also offers up to 3% in savings rewards on your savings balance by meeting deposit requirements, and you can earn cashback rewards, open its optional investing platform and teens can learn financial literacy through its Money 101 course. Chime doesn't have an investing platform or similar educational resources.
Pros
No credit check, APR or monthly fees
Open to kids with adult sponsorship
Savings and cashback rewards
Optional investing platform and financial literacy course
OnePay Cash is a digital, all-in-one account that offers a similar savings rate to Chime. To earn OnePay's 3.35% APY, you'll have to direct deposit at least $500 per month, or keep an average balance of least $5,000. Otherwise, your savings earns up to 1% APY. OnePay Cash also offers cashback rewards, such as up to 3% cash back at Walmart on up to $150 spent per month if you meet the same deposit requirements to earn the 3.35% APY. Like Chime, OnePay Cash doesn't charge any monthly fees, and it offers overdraft protection services. However, also like Chime, OnePay Cash also doesn't offer joint accounts.
APY
Up to
3.35%
Fee
$0 per month
OnePay Cash is a digital, all-in-one account that offers a similar savings rate to Chime. To earn OnePay's 3.35% APY, you'll have to direct deposit at least $500 per month, or keep an average balance of least $5,000. Otherwise, your savings earns up to 1% APY. OnePay Cash also offers cashback rewards, such as up to 3% cash back at Walmart on up to $150 spent per month if you meet the same deposit requirements to earn the 3.35% APY. Like Chime, OnePay Cash doesn't charge any monthly fees, and it offers overdraft protection services. However, also like Chime, OnePay Cash also doesn't offer joint accounts.
Pros
No monthly fees
All-one-account digital account
High 3.35% APY on savings with eligible deposits
Cashback rewards at Walmart
Cons
No joint accounts
Limited phone support
Annual Percentage Yield (APY)
3.35% on balances of $5,000 to $250,000 1.00% on balances of $0 to $4,999 1.00% on balances of $250,001+
Intro or bonus offer
For a limited time, earn 10% cash back at Walmart on your first purchase made within your first month, on up to $200 spent.
Rewards
Earn 3% cash back at Walmart on up to $150 spent per month, with eligible deposits.
Fee
$0 per month
Overdraft fee
$0
Foreign transaction fee
0%
For a limited time, earn 10% cash back at Walmart on your first purchase made within your first month, on up to $200 spent. OnePay is a financial technology company, not a bank. Banking services provided by Coastal Community Bank or Lead Bank, Members FDIC. 10% cash back at Walmart: Only available to customers who initiate their account application through certain channels from 3/21/25 - 1/31/26. Cash back earned as OnePay Points. See terms at onepay.com/10percent. 3% cash back at Walmart: Cash back is earned as OnePay Points, redeemable into a OnePay Cash account or other available options. Only available to customers who unlock OnePay Cash+ with eligible deposits. Customers can choose to earn on gas instead of at Walmart. Spend cap applies to your total spend across the cash back categories you selected during the month. See OnePay Rewards Terms. Early Pay: Get paid up to 2 days early. Direct Deposit is required. Funds may be available up to 2 days in advance, depending on when your employer sends paycheck data. 3.35% APY on Savings with eligible deposits: 3.35% annual percentage yield (APY) applies to the Savings balance of OnePay Cash accounts that have either (i) received $500+ of Direct Deposit in the current or previous month or (ii) have a balance of $5,000+ at the end of the previous month. 3.35% APY is also earned on Pay Autosave balances without deposit or balance requirements. 3.35% APY is limited to a total Savings balance of up to $250,000. All other Savings balances will earn 1.00% APY. APYs are as of 10/7/2025, but may change at any time before or after account opening. ATM: Only applies to OnePay Cash accounts that have either (i) received Direct Deposit totaling $500+ in the current or previous month, or (ii) have a balance of $5,000+ at the end of the previous month. For all other ATM transactions the OnePay ATM Fee will apply and third-party ATM fees may be incurred. Fee-Free Overdraft: Fee-Free Overdraft is available to OnePay Cash accounts that have either (i) received Direct Deposits totaling $500+ in the current or previous month, or (ii) have a balance of $5,000+ at the end of the previous month. You must be 18 or older. When on, Savings Backup will be used before Fee-Free Overdraft. Overdraft balance is due right away. Eligible transactions are at the discretion of OnePay and may exclude certain transactions (e.g., bill pay, global transfers). See details.
Similar to Chime, Fizz is a fintech company with banking services. The Fizz card is heavily geared toward college students, and it's backed by an external checking account, making it more like a prepaid credit card. There's no APR, foreign transaction fees, late fees and, best of all, no credit check when you apply. The cashback rewards are also impressive, offering up to 25% cashback offers daily and sometimes flash offers from 75% to 100% cash back at a monthly rotating list of merchants such as Starbucks, Auntie Anne's and Jamba Juice. In comparison, Chime's secured card requires you to have its checking account. However, the Fizz card has an annual fee that starts at $59.99 for students.
APY
N/A
Fee
From $5 per month
Similar to Chime, Fizz is a fintech company with banking services. The Fizz card is heavily geared toward college students, and it's backed by an external checking account, making it more like a prepaid credit card. There's no APR, foreign transaction fees, late fees and, best of all, no credit check when you apply. The cashback rewards are also impressive, offering up to 25% cashback offers daily and sometimes flash offers from 75% to 100% cash back at a monthly rotating list of merchants such as Starbucks, Auntie Anne's and Jamba Juice. In comparison, Chime's secured card requires you to have its checking account. However, the Fizz card has an annual fee that starts at $59.99 for students.
Pros
No APR
No credit check
High 25% to 100% cashback rewards
Cons
Annual fee starts at $59.99 for students
Requires external bank account
Not FDIC-insured
Doesn't report to Equifax
Annual Percentage Yield (APY)
N/A
Intro or bonus offer
Earn 1,000 points ($10 value) when you download the Fizz app and enter code FINDER.
Varo is very comparable to Chime, but Varo's checking account has a major leg up thanks to its great cashback rewards. You'll earn up to 6% in cash back with select merchants, which is unusually high for a checking account. Similar to Chime, Varo's checking account has no monthly fees, opening deposit requirement, overdraft fees or foreign transaction fees. Opening Varo's checking account also unlocks the savings account, which earns up to 5% APY on up to $5,000 with some direct deposit requirements, whereas Chime's savings account only earns up to 3.75% with Chime+. Also, unlike Chime, Varo is directly insured by the FDIC and accepts cash deposits for a fee.
Fee
$0 per month
Varo is very comparable to Chime, but Varo's checking account has a major leg up thanks to its great cashback rewards. You'll earn up to 6% in cash back with select merchants, which is unusually high for a checking account. Similar to Chime, Varo's checking account has no monthly fees, opening deposit requirement, overdraft fees or foreign transaction fees. Opening Varo's checking account also unlocks the savings account, which earns up to 5% APY on up to $5,000 with some direct deposit requirements, whereas Chime's savings account only earns up to 3.75% with Chime+. Also, unlike Chime, Varo is directly insured by the FDIC and accepts cash deposits for a fee.
Similar to Chime but slightly better, Ally is an online bank with free checking and savings accounts, integrated budgeting features, and a full suite of products and services. Create up to 30 customizable buckets to organize your spending and build a budget in checking and savings, and earn up to 0.25% APY on checking balances over $15,000, and 0.1% APY on balances under $15,000. Chime's and Ally's savings rates are similar, but Ally's earns up to 3.30% APY on all balance tiers and no deposit requirements. And unlike Chime, Ally also offers a money market account, certificates of deposit and supports joint accounts. But Ally doesn't have a way to accept cash deposits.
APY
Up to
0.25%
Fee
$0 per month
Similar to Chime but slightly better, Ally is an online bank with free checking and savings accounts, integrated budgeting features, and a full suite of products and services. Create up to 30 customizable buckets to organize your spending and build a budget in checking and savings, and earn up to 0.25% APY on checking balances over $15,000, and 0.1% APY on balances under $15,000. Chime's and Ally's savings rates are similar, but Ally's earns up to 3.30% APY on all balance tiers and no deposit requirements. And unlike Chime, Ally also offers a money market account, certificates of deposit and supports joint accounts. But Ally doesn't have a way to accept cash deposits.
Pros
No fee checking and savings
Buckets for budgeting
Higher APYs than Chime
Accepts joint accounts
Offers CDs and MMAs
Cons
No cash deposits
Annual Percentage Yield (APY)
0.25% on balances of $15,000+ 0.10% on balances of to $15,000
Capital One offers a broader range of banking services than Chime. Capital One is a hybrid between an online and traditional bank. Its 360 Checking online account is a top option for globetrotters, with no foreign transaction fees or currency transaction fees. You'll also get access to a network of 70,000 ATMs, earn up to 0.1% APY on your balance and enjoy no overdraft fees or monthly fees. While the APY on that account isn't as high as Chime's savings rates, Capital One also offers its 360 Savings account with a 3.50% APY. Overall, Capital One is more like a full-service bank than Chime, offering more products like traditional credit cards, kids banking, loans and CDs, and some physical branches in a handful of states. You can also easily add a joint owner to your Capital One accounts, while Chime offers no joint account options at all.
APY
0.10%
Fee
$0 per month
Capital One offers a broader range of banking services than Chime. Capital One is a hybrid between an online and traditional bank. Its 360 Checking online account is a top option for globetrotters, with no foreign transaction fees or currency transaction fees. You'll also get access to a network of 70,000 ATMs, earn up to 0.1% APY on your balance and enjoy no overdraft fees or monthly fees. While the APY on that account isn't as high as Chime's savings rates, Capital One also offers its 360 Savings account with a 3.50% APY. Overall, Capital One is more like a full-service bank than Chime, offering more products like traditional credit cards, kids banking, loans and CDs, and some physical branches in a handful of states. You can also easily add a joint owner to your Capital One accounts, while Chime offers no joint account options at all.
Pros
No foreign or currency transaction fees with 360 Checking
High 4.3% APY on 360 Savings
Branches in few states
More products and services than Chime
Cons
High $30 outgoing wire transfer fee
Some accounts charge overdraft fees
Annual Percentage Yield (APY)
0.10% on balances of $0.01+
Intro or bonus offer
Earn a $250 bonus with 360 Checking. No fees, no minimums.
Checking, savings, credit cards, money market account, mortgages, personal loans, auto loans
Up to 3.3% APY
$0
Capital One
Checking, savings, kids’ banking, business financing, credit cards
Up to 3.4% APY
$0
How Chime compares
Chime has a lot going for it. It offers a no-fee checking account, the well-known overdraft service Chime SpotMe, automatic savings features and more. Chime’s savings account APY isn’t too shabby either, offering up to 1% APY with no monthly fees, or up to 3.75% APY for Chime+ members. Chime Credit Builder secured card has no interest charges, requires no credit check, doesn’t charge APR, and has no minimum opening deposit requirements. On the downside, you’ll need the Chime Checking Account to get the secured card, and to earn the best savings rate, you’ll need Chime+ ($200+ in monthly direct deposits). And as an online fintech, Chime doesn’t have any physical locations, and you can’t deposit cash via ATM.
Chime and Current are very similar. They’re both fintech companies with partner banks, have fee-free checking and savings accounts, use the Allpoint ATM network, offer a credit-building card, have overdraft services and require similar deposit requirements to earn their best available APY. The two fintechs also have similar downsides, as neither supports joint accounts or has any physical branches.
Is Chime or SoFi better?
Chime and SoFi are very similar, but SoFi has more to offer. SoFi’s checking earns interest, you’ll get a higher APY on savings and SoFi supports joint accounts. SoFi also has an investing platform and various lending products, things that Chime lacks. For a full comparison, see our SoFi vs. Chime review.
What are the easiest online banks to open?
If you have a clean banking history, any of the top online banks and fintechs like Chime, SoFi or Varo are pretty easy to open, just requiring some basic information and filling out an online application. Chime is one of the easiest places to get a checking or savings account since it doesn’t use ChexSystems, which is a bureau that keeps a record of your banking history. If your banking history isn’t super great, consider a second-chance bank account.
Are there free online banks like Chime?
Yes, there are plently of online banks like Chime with no monthly fees, such as SoFi, Varo, Current, Ally and OnePay Cash. Compare more free online bank accounts.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine.
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