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 1.00% APY for regular members or up to 3.00% 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.
See how Chime competitors stack up, including SoFi, Varo, and Capital One.
| Bank or fintech | Products offered | Savings APY | Checking monthly fee |
|---|---|---|---|
| Chime | Chime Checking, Chime Savings, Chime Card™, tax filing, lines of credit, credit cards | Up to 0.75% APY | $0 |
| SoFi | SoFi Checking & Savings, personal loans, mortgages, investing | Up to 3.30% APY | $0 |
| Mine (formerly Fizz) debit card | Credit-building secured card, cashback rewards | N/A | Starts at $5 |
| Step | Credit-building secured cards, savings, kids’ banking, cashback rewards, investing | Up to 4% in savings rewards | $0 |
| Revolut | High Yield Account, multi-currency spending, international perks, investing, business banking, kids and teens banking | Up to 5.50% for Metal plan in a High Yield account | From $0 for Standard plan |
| Varo | Varo account, savings, cashback debit card, cash advances, tax filing | Up to 5.00% APY on up to $5,000 | $0 |
| Current | Checking, savings, cashback rewards, credit-building secured card, paycheck advances, teen banking | Up to 4.00% savings bonus on up to $2,000 per pod | $0 |
| OnePay Cash | Checking, savings, cashback rewards | Up to 3.35% APY | $0 |
| Ally Bank | Checking, savings, credit cards, money market account, mortgages, personal loans, auto loans | Up to 3.2% APY | $0 |
| Capital One | Checking, savings, kids’ banking, business financing, credit cards | Up to 3.3% APY | $0 |
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 0.75% APY with no monthly fees, or up to 3.00% 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.
No, Chime does not offer business bank accounts. Compare top free business checking accounts, or the best business savings accounts.
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.
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.
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.
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.
Interest-bearing accounts passively grow your money. Compare common types of accounts that earn interest and find the best one for you.
Banks with the largest networks of no-fee ATMs include SoFi, CIT and more.
The $500 Axos Bank bonus is now expired, but you can still earn $50 per qualifying referral.
Axos ONE is a new hybrid savings and checking account with no monthly fee, early direct deposit set up and a high APY. See pros and cons.
SoFi, Capital One, Chase and Revolut have some of the best student bank accounts for savings, checking and building credit.
Some of the best-rated mobile banking apps include SoFi, Chase and Wells Fargo. See our full list here.
Charlie, Chase and SoFi are some of the best free bank accounts for seniors and retirees, with competitive APYs and low deposit requirements.
Banks like SoFi, PNC, HSBC, US Bank, Axos, KeyBank, Fifth Third Bank and more offer instant fund availability with mobile check deposit.
Tracking the Fed funds rate from 1954 to now.
Budgeting, high-yield savings and cash back, but the cost of Albert may not make up for the perks.