Updated June 2, 2022

Chime Alternatives

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Chime offers a convenient and rewarding mobile app. But can you earn better rewards and get more account options with one of Chime's top competitors?

Current

Current Savings with Interest - Up to 4% APY

  • 4.00% APY on up to $6,000 balance if you receive and maintain a qualifying direct deposit of $200 or more in a rolling 35 day period. (Otherwise, 0.25% APY.)
  • Simply add money to your Savings Pods and enable the Interest feature.
  • Earn interest on up to 3 Savings Pods, up to $2,000 balance each.
  • Interest accumulates daily.
Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC
Discover Bank
Member FDIC

Online Savings Account - Earn 3.30% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required
Pros:
  • High APY
  • No balance requirement
  • No fees
Cons:
  • Online Only

Our Review: StarStarStarStarStarEmpty Star (4.8) Discover Bank online savings account offers a high interest rates and no monthly fees. But is it the right place for your money? Read on to find out, plus the best way to open an account... Read full review

Axos Bank
Member FDIC

Essential Checking

  • Unlimited domestic ATM reimbursements
  • No monthly maintenance fees
  • No annual fee
  • No overdraft or non-sufficient funds fee

Chime is a popular digital app that offers great technology and high APY. But Chime is not a bank, Chime is a financial technology company.

Check out how Chime alternatives like Axos Bank, Quontic Bank, and Ally Bank stack up in this review.

The Top 5 Alternatives to Chime

Chime provides a great alternative banking option, especially for people who can't open a traditional bank account due to a bad ChexSystems score.

However, Chime is not without its limitations. Below, review the top Chime alternatives you should consider.

Unlike Chime, Axos is an actual FDIC-insured banking institution — not a fintech company that provides banking services through a third-party bank.

Whether Axos is right for you depends on what you're prioritizing in a bank. Overall, Axos offers more account options and better rewards than Chime, but their technology isn't as fast or user-friendly.

If you heavily rely on features like push notifications or transactions, Axos may not be the best alternative for you (but there's plenty more to choose from further down).

Axos Bank
Member FDIC

Rewards Checking - Up to 1.25% APY

  • Use the promo code RC100 when you apply for a Rewards Checking account by 3/31/2023. Then have qualifying direct deposit(s) to earn a $100 welcome bonus!
  • Up to 1.25% APY
  • Zero monthly maintenance fees
  • Zero overdraft or NSF fees
  • Zero minimum monthly balance reqs
  • Unlimited domestic ATM fee reimbursements
  • Online debit card management
  • Simple, 3-step process for direct deposit
  • Only $50 to open an account
Axos Bank
Member FDIC

Essential Checking

  • Unlimited domestic ATM reimbursements
  • No monthly maintenance fees
  • No annual fee
  • No overdraft or non-sufficient funds fee
Axos Bank
Member FDIC

CashBack Checking - Earn up to 1.00% Cash Back

  • Earn up to 1.00% cash back on signature-based purchases
  • Unlimited domestic ATM fee reimbursement
  • No monthly maintenance fee
  • $50 minimum balance required to open account
Axos Bank
Member FDIC

First Checking - 0.10% APY

  • Joint checking account for 13-17 year olds
  • No fees
  • Up to $12 domestic ATM fee reimbursements per month
Axos Bank
Member FDIC

Golden Checking - 0.10% APY

  • Interest-bearing checking account for age 55+
  • No fees
  • Free personal checks
Axos Bank
Member FDIC

High Yield Savings - Up to 0.61% APY

  • 0.61% APY on balance < $25,000
  • 0.25% APY on balance $25K-$100K
  • 0.15% APY on balance > $100K
  • No monthly maintenance fees
  • No minimum balance requirements
  • $250 minimum opening deposit
  • Free incoming wires
  • Zero minimum balance requirement

Chime vs. Axos takeaway: Axos may come up short in the technology factor, but this digital-only bank offers better rewards and more accounts to choose from than Chime

Read more: Axos Bank Review

Quontic is a community development bank that gives back by using deposits to help lower-income families secure mortgage financing.

This bank really shines in the checking account space. They offer three distinct and impressive account options: High-Interest Checking, Cash Rewards Checking, and the first-ever Bitcoin Rewards Checking.

However, like Axos, Quontic falls short due to slow and unimpressive technology. It also requires a $100 minimum deposit for each account, compared to $0 for Chime.

Quontic
Member FDIC

High Interest Checking - Up to 1.10% APY

  • Earn up to 1.10% APY
  • $100 minimum opening deposit
  • APY is based on the account balance and making at least 10 qualifying debit card point-of-sale transactions of $10.00 or more per statement cycle.
Quontic
Member FDIC

Bitcoin Rewards Checking

  • Get 1.5% Bitcoin on All Eligible Debit Card Purchases
  • $500 minimum opening deposit
Quontic
Member FDIC

Cash Rewards Checking

  • Get 1.5% Cash Back on All Eligible Debit Card Purchases
  • $100 minimum opening deposit
Quontic
Member FDIC

High Yield Savings - 3.50% APY

  • 3.50% APY
  • $100 minimum opening deposit
  • No monthly service fees

Chime vs Quontic takeaway: Quontic has a feel-good mission behind their banking, plus an impressive suite of checking accounts with modern features that Chime doesn't offer

Ally was originally the financial sector of General Motors, then called GMAC.

Now, Ally is a full-service online bank with competitive rates. While Ally offers a higher savings account APY than Chime, they also pay interest on checking accounts.

In addition, Ally provides paper checks, a feature Chime does not have. If you need to use a traditional paper check as a Chime account holder, your only option is to have a pre-printed check mailed to the recipient from Chime corporate HQ, which can be time-consuming.

In addition to spending and savings accounts, Ally offers IRA retirement accounts, money market accounts, certificates of deposit (CDs), and home, auto, and personal loans.

Interest Checking

  • 0.10% APY for daily balances less than $15,000
  • 0.25% APY for daily balance over $15,000
  • Be reimbursed $10/month for ATMs outside of Ally Network
  • $0 Minimum Opening Deposit
  • No Fees to Open or Maintain Account
  • FDIC insured
  • Daily Compounding Interest

Online Savings Account - 3.40% APY

$0 minimum opening deposit. No minimum balance requirement. No fees to open or maintain account.

Chime vs. Ally takeaway: Ally provides far more traditional banking products than Chime, a good option for those who want a one-stop-shop bank

Read more: Ally Bank Review

Other Checking Promotions You May Like
BMO Harris Bank
Member FDIC

BMO Harris Smart Advantage™ Account - $200 Cash Bonus

Open a new BMO Harris Smart Advantage™ Account online and get a $200 cash bonus when you have a total of at least $4,000 in qualifying direct deposits within the first 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO Harris personal checking customers (including signers on joint accounts) or those who have closed a BMO Harris personal checking account within the past 12 months. Conditions apply.

Expires 5/12/2023
Other Savings Promotions You May Like
Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY323 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 3/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 3/15/2023

Varo is Chime's most similar alternative — in fact, the offerings from these two companies are virtually identical.

Like Chime, Varo only offers checking, savings, and credit-builder (called Varo Believe) accounts.

Varo customers can also receive their direct deposits two days early and have access to 55,000+ Allpoint ATMs with their Visa debit card, just like Chime.

Varo's savings account pays a higher interest rate than Chime's (1.50% for Chime vs. 2.00% for Varo). Varo offers a base rate of 2.00% and can earn up to 5.00% APY when certain requirements are met. This includes receiving $1,000+ in direct deposit and ending the month with a positive balance in your account.

Online Savings Account

  • Earn 3.00% up to 5.00% APY
  • No minimum to open
  • No monthly maintenance fee
  • Member FDIC

Chime vs. Varo takeaway: Varo is as close as you can get to Chime without actually using Chime.

Capital One 360 offers competitive banking options, including checking and savings accounts, business and commercial bank accounts, and auto loans.

Capital One 360 Savings has higher savings APY than Chime.

For starters, Capital One customers can deposit cash into their account with no fees and have access to "branch" locations using Capital One Cafes.

Capital One is also the only Chime alternative this writer has personal experience with that meets or exceeds Chime's technology — including app simplicity, user-friendliness, and security.

360 Checking Account

  • $0 opening minimum
  • No monthly service fee
  • No minimum balance requirement
  • 0.10% APY
  • 40,000+ Allpoint ATMs

MONEY Teen Checking Account

  • No monthly service fee
  • No minimum balance
  • Free debit card for kids
  • Parental controls

360 Performance Savings - 3.40% APY

  • 3.40% APY
  • $0 opening minimum
  • No monthly service fee
  • No minimum balance requirement

Chime vs. Capital One 360 takeaway: Capital One 360 offers the high APYs and less overhead that people love about modern banks plus the in-person support of traditional brick-and-mortar banks

Can I deposit cash into my Capital One 360 account?
Yes. One major perk of Capital One compared to the alternatives on this list is the ability to deposit cash into your checking or savings account at Capital One ATMs or Capital One Cafe locations.

Other Savings Offers You May Like
Discover Bank
Member FDIC

Discover Online Savings - $150 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY323 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 3/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 3/15/2023

Not sure if you're ready to pass on Chime? Review these pros and cons for a quick recap of the best and worst points about this digital-only financial technology company.

Pros

  • Automatically receive 1.50% APY on Savings
  • Up to $200 SpotMe fee-free overdraft protection[1]
  • Improve your credit score risk-free with a Credit Builder account
  • 60,000+ fee-free ATM locations
  • Compatible with Google Pay and Apple Pay

Cons

What bank does Chime use?
Chime is a financial technology company, not a bank. Chime's banking services are provided by either The Bancorp Bank or Stride Bank, N.A. Both are FDIC-insured institutions, so your money will be safe in the event of a bank default.

How to Choose the Right Bank for You

With the number of new digital banks offering great rewards constantly expanding, it can be difficult to decide on what banking option is best suited for your needs. Here are some things to keep in mind when deciding on your next financial institution:

Low Fees
The average monthly fee for interest checking accounts nationwide is $16.19. That means the average person wastes over $194 per year on maintenance fees![2]

When deciding on a bank account, make sure you find one that does not charge monthly maintenance fees and does not require a minimum average balance.

All five alternatives listed above meet this criteria, but you can find even more great fee-free bank accounts.

High Interest or Rewards
Are you a spender or a saver?

Several companies listed above provide the option to decide between a high-interest checking account (for savers with high account balances) and cash-back rewards checking accounts (best for big spenders).

Always choose a bank that incentivizes you to use their services with cash rewards in the form of interest or cash back.

After all, banks make their money by lending out your deposits in the form of loans — using a system called fractional-reserve banking.

Big ATM Network
If you use cash, you don't want to have to pay a fee every time you use your debit card at the ATM.

Most banks allow you to view their ATM network using a map feature so you can make sure you have fee-free locations nearest you.

ATM locator tools for all the banks listed above:

The Varo ATM locator tool is only available in the company's mobile app. However, it uses the same network as Chime.

Ability to Grow with You
One big drawback of Chime and Varo is the limited number of account options available.

If you have a checking and savings account, you've basically maxed out the usefulness of these companies.

Alternatives like Capital One, Axos, Ally, and Quontic offer account options like money market accounts, CDs, investment accounts, and loans that will be useful if you graduate past the point of living paycheck to paycheck and even have a full emergency fund.

If you reach that milestone (congratulations!), you don't want to have to switch banking institutions in order to open secondary savings accounts for specific goals like a home, car, or retirement.

The Bottom Line

While Chime offers a solid lineup of features, high APY compared to traditional banks, and easy-to-use technology, there are many alternatives to Chime that offer better rewards and more account options.

Always make sure to shop around to make the most out of your banking experience. Determine what your banking must-haves and nice-to-haves are to find the best bank for your needs.

References

Chase
Member FDIC

Chase Total Checking® - $200 Bonus

Expires 4/19/2023
  • New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
  • Access to more than 16,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*

*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.

Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY323 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 3/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 3/15/2023
Citibank

Citi Priority Account - Earn up to $2,000 Cash Bonus

Expires 4/4/2023
  • Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
  • Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
  • Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
  • If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
  • Bonus will be paid within 30 days after you successfully complete all required activities.
CIT Bank
Member FDIC

CIT Bank Savings Connect - 4.05% APY

  • Earn 12x the national average
  • $100 minimum opening deposit
  • No monthly maintenance fee
Bluevine

Business Checking - Up to 2.0% APY

  • 2.0% APY on your balance up to $100,000 for customers that meet monthly eligibility requirements
  • $0 minimum opening deposit
  • $0 monthly service fee
Banking services provided by Coastal Community Bank, Member FDIC

Write to Justin Barnard at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

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