Chime is a fintech company with banking services provided by its partner banks. Chime offers a free checking account, a savings account with up to 2% APY and a credit-building card with no annual fee or interest charges. But it lacks some features like a cashback or points reward program, and you can’t open a joint account or deposit cash. While it’s a top competitor among online banks and fintechs, other online banks like Chime with different strengths might fit your needs better.
SoFi® is an FDIC-insured online bank with an all-in-one digital account called SoFi Checking and Savings. Similar to Chime, there are no monthly fees, overdraft fees or opening deposit requirements. Chime doesn't offer the ability to open two accounts in one, making a switch to SoFi more streamlined. And unlike Chime's low 2% APY, SoFi allows you to earn up to 4.00% APY on savings by setting up direct deposits or depositing at least $5,000 per month, and you earn 0.50% APY on your checking account. Chime's checking account isn't interest-bearing at all. SoFi also accepts cash deposits, unlike Chime, but you'll pay $4.95 per deposit.
APY
Up to 4.00%
Fee
$0 per month
Minimum deposit to open
$0
SoFi® is an FDIC-insured online bank with an all-in-one digital account called SoFi Checking and Savings. Similar to Chime, there are no monthly fees, overdraft fees or opening deposit requirements. Chime doesn't offer the ability to open two accounts in one, making a switch to SoFi more streamlined. And unlike Chime's low 2% APY, SoFi allows you to earn up to 4.00% APY on savings by setting up direct deposits or depositing at least $5,000 per month, and you earn 0.50% APY on your checking account. Chime's checking account isn't interest-bearing at all. SoFi also accepts cash deposits, unlike Chime, but you'll pay $4.95 per deposit.
Pros
Up to 4.00% APY on savings
Up to 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 4.00%
Intro or bonus offer
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
Rewards
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
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 Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of 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 Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% 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 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://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 Checking & Savings 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 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 $2M through participation in the program. See full terms at SoFi.com/banking/fdic/termsSee list of participating banks at SoFi.com/banking/fdic/receivingbanks
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 incurred when using out-of-network ATMs are not subject to reimbursement. 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.
Get a $50 referral bonus by inviting your friends to join Current. Once the person receives the invite link and makes qualifying deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $50
Current is a fintech with banking services provided by Choice Financial Group and has very similar offerings to Chime. When you get a Current account, you can choose between a credit-building secured card or a debit card. Both cards come with an account offering 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 much higher than Chime's savings with a 2% APY. 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 and reports to TransUnion to help build a credit history.
APY
4.00%
Fee
$0 per month
Minimum deposit to open
$0
Current is a fintech with banking services provided by Choice Financial Group and has very similar offerings to Chime. When you get a Current account, you can choose between a credit-building secured card or a debit card. Both cards come with an account offering 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 much higher than Chime's savings with a 2% APY. 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 and reports to TransUnion to help build a credit history.
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 $50 referral bonus by inviting your friends to join Current. Once the person receives the invite link and makes qualifying deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $50
Rewards
Earn up to 15x the points when you use your debit card at one of 14,000+ participating merchants
Step is a fintech offering a secured card backed by the Step deposit account. It requires no opening deposit and has no 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 — unlike Chime, which requires you to be at least 18 years old to open its secured card. A Step account also offers up to 5% 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. For comparison, Chime has no cashback rewards, no investing platform and has strict eligibility requirements for its secured card.
APY
4.00%
Fee
$0 per month
Minimum deposit to open
$0
Step is a fintech offering a secured card backed by the Step deposit account. It requires no opening deposit and has no 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 — unlike Chime, which requires you to be at least 18 years old to open its secured card. A Step account also offers up to 5% 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. For comparison, Chime has no cashback rewards, no investing platform and has strict eligibility requirements for its secured card.
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
Similar to Chime, Axos Bank offers online accounts, except Axos is a full bank on its own. None of Axos’ accounts have monthly fees, including the interest-bearing Axos ONE account, which is a hybrid checking and savings account. You earn interest on both checking and savings balances, up to 4.86% APY on savings and up to 0.51% APY on checking with at least $1,500 in total direct deposits per statement cycle and maintaining an average daily balance of at least $1,500 in your checking account. These APYs are much higher than Chime’s offerings. Additionally, Axos accepts cash deposits at Green Dot locations, has a very large no-fee 90,000-strong ATM network and also offers specialty checking like teen banking and senior checking. On the whole, Axos has significantly more products and services and higher APYs than Chime.
APY
Up to 4.86%
Fee
$0 per month
Minimum deposit to open
$0
Similar to Chime, Axos Bank offers online accounts, except Axos is a full bank on its own. None of Axos’ accounts have monthly fees, including the interest-bearing Axos ONE account, which is a hybrid checking and savings account. You earn interest on both checking and savings balances, up to 4.86% APY on savings and up to 0.51% APY on checking with at least $1,500 in total direct deposits per statement cycle and maintaining an average daily balance of at least $1,500 in your checking account. These APYs are much higher than Chime’s offerings. Additionally, Axos accepts cash deposits at Green Dot locations, has a very large no-fee 90,000-strong ATM network and also offers specialty checking like teen banking and senior checking. On the whole, Axos has significantly more products and services and higher APYs than Chime.
Pros
Higher APYs than Chime
4.86% APY on savings and 0.51% APY on checking
No monthly fees on hybrid account
Accepts cash deposits and large ATM network
Multiple checking and savings options
Cons
Online only
Low APYs on CDs
Requirements to earn best APYs
Annual Percentage Yield (APY)
4.86% on balances of $0+ 1.00% on balances of $0+ 0.51% on balances of $0+
Earn 10% cash back at Walmart, up to $20, on your first purchase. Limited time offer. Get 3% cash back on future purchases up to an additional $50 a year with eligible deposits.
One's online, all-in-one account offers a much higher 3.75% APY than Chime's 2%. To earn the high 3.75% APY, you'll have to direct deposit at least $500 per month, or keep an average balance of least $5,000. If you don't meet the requirements, your savings still earns 1% APY. One also offers cashback rewards, such as 3% cashback at Walmart up to $50 per year if you meet the same deposit requirements to earn the 3.75% APY. Like Chime, One doesn't charge any monthly fees, and it offers overdraft protection services. However, also like Chime, One also doesn't accept joint accounts.
APY
Up to 3.75%
Fee
$0 per month
Minimum deposit to open
$0
One's online, all-in-one account offers a much higher 3.75% APY than Chime's 2%. To earn the high 3.75% APY, you'll have to direct deposit at least $500 per month, or keep an average balance of least $5,000. If you don't meet the requirements, your savings still earns 1% APY. One also offers cashback rewards, such as 3% cashback at Walmart up to $50 per year if you meet the same deposit requirements to earn the 3.75% APY. Like Chime, One doesn't charge any monthly fees, and it offers overdraft protection services. However, also like Chime, One also doesn't accept joint accounts.
Pros
No monthly fees
All-one-account digital account
High 3.75% APY on savings
Cashback rewards at Walmart
Cons
No joint accounts
Limited phone support
Annual Percentage Yield (APY)
3.75% on balances of to $250,000 1.00% on balances of +
Intro or bonus offer
Earn 10% cash back at Walmart, up to $20, on your first purchase. Limited time offer. Get 3% cash back on future purchases up to an additional $50 a year with eligible deposits.
Rewards
Earn 3% cash back at Walmart, up to $50 annually, with eligible deposits
One is a financial technology company, not a bank. Banking services provided by Coastal Community Bank, Member FDIC. Debit card rewards: ● Earn 10% cash back at Walmart, up to $20, on your first purchase. Limited time offer¹ ● Get 3% cash back on future purchases, up to an additional $50 every year, with eligible deposits² ● Earn up to 5% cash back on select brands³ Early Pay: Get paid up to 2 days early. Direct deposit may be available up to 2 days in advance, but depends on when your employer sends paycheck data. 3.75% APY on Savings with eligible deposits: 3.75% annual percentage yield (APY) applies to the Savings balance of One Cash customers who either (i) received $500 or more of Direct Deposits in the previous month or (ii) have a total daily account balance of $5,000 or more. 3.75% APY is also earned on Pay Autosave balances without these deposit or balance requirements. In all instances, 3.75% 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 12/20/2024, but may change at any time before or after account opening. ATM: Allpoint Network ATM transactions are fee-free for accounts with eligible direct deposits totaling at least $500 in the previous month. For all other ATM transactions the One ATM Fee will apply and third-party ATM fees may be incurred. Overdraft Protection: Available with Direct Deposits totaling at least $500 in the previous month. You must be 18 or older to receive Overdraft Protection. When on, Savings Backup will be used before Overdraft Protection. Overdraft balance is due right away. Transactions eligible for Overdraft Protection are at the discretion of One and may exclude certain transactions (e.g., bill pay, global transfers). See terms for details. ¹Only available to consumers who open an account through Walmart.com, the Walmart app, one.app, or the One app from 8/8/24 - 10/31/24. Terms apply. ²To receive 3% cash back, eligible customers (at the time their purchase settles) must (i) have received $500 or more of eligible direct deposits in the previous month, or (ii) have a total account balance of $5,000 or more. 3% cash back is limited to up to $50 per year and applies only to purchases made at U.S. Walmart locations and on Walmart.com. This promotion may not be combined with other One promotions that offer cash back on purchases at Walmart. Terms apply. ³Cash back can be earned through the Debit Rewards Program. Individual offer details can be found in the One app. Terms apply.
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 and Chime's card doesn't have cashback rewards. However, the Fizz card has an annual fee that starts at $49.99 for students.
APY
N/A
Fee
From $4.17 per month
Minimum deposit to open
$150
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 and Chime's card doesn't have cashback rewards. However, the Fizz card has an annual fee that starts at $49.99 for students.
Pros
No APR
No credit check
High 25% to 100% cashback rewards
Reports to all three credit bureaus
Cons
Annual fee starts at $49.99 for students
Requires external bank account
Not FDIC-insured
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 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, whereas Chime's savings account only earns up to 2%. Also, unlike Chime, Varo is directly insured by the FDIC and accepts cash deposits for a fee.
Fee
$0 per month
Minimum deposit to open
$0
Varo is very comparable to Chime, but Varo's checking account has a major leg up thanks to its 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, whereas Chime's savings account only earns up to 2%. Also, unlike Chime, Varo is directly insured by the FDIC and accepts cash deposits for a fee.
Pros
Up to 6% cash back
Optional savings account with up to 5% APY
No monthly, foreign or overdraft fees
Directly FDIC insured up to $250,000
Cons
Up to $5.95 fee for cash deposits
No joint accounts
Annual Percentage Yield (APY)
N/A
Intro or bonus offer
Existing and new customers get a $25 referral bonus when signing up for a Varo Bank account. T&C apply.
Very 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. You'll get budgeting 'buckets,' similar to the envelope budget method, with both the Ally Bank Spending Account and the Savings Account. Create up to 30 customizable buckets to organize your spending and build a budget. As a bonus, you can earn up to 0.25% APY on checking balances over $15,000 and 0.1% APY on balances under $15,000. The Ally Savings Account is also better than Chime's, offering a high 4.2% APY with no requirements, compared to Chime's so-so 2% savings APY. And unlike Chime, Ally also offers a money market account, certificates of deposit, and accepts joint accounts. But Ally doesn't have a way to accept cash deposits.
APY
Up to 0.25%
Fee
$0 per month
Minimum deposit to open
$0
Very 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. You'll get budgeting 'buckets,' similar to the envelope budget method, with both the Ally Bank Spending Account and the Savings Account. Create up to 30 customizable buckets to organize your spending and build a budget. As a bonus, you can earn up to 0.25% APY on checking balances over $15,000 and 0.1% APY on balances under $15,000. The Ally Savings Account is also better than Chime's, offering a high 4.2% APY with no requirements, compared to Chime's so-so 2% savings APY. And unlike Chime, Ally also offers a money market account, certificates of deposit, and accepts 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 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 2% APY on its savings account, Capital One also offers its 360 Savings account with a 4.30% 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
Minimum deposit to open
$0
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 2% APY on its savings account, Capital One also offers its 360 Savings account with a 4.30% 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
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 2% APY with no monthly fees or minimum balance requirements. Chime Credit Builder secured card has no interest charges, requires no credit check, no APR, and no minimum opening deposit requirement. On the downside, you’ll need the Chime Checking Account to get the secured card and must have qualifying direct deposits of at least $200 per month. And unfortunately, Chime doesn’t offer any cashback rewards on its checking or secured credit card.
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, has cashback rewards, you’ll get a higher APY on savings, and SoFi supports joint accounts. 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.
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. See full bio
Bethany's expertise
Bethany has written 448 Finder guides across topics including:
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
