Current vs. Chime®: Which fintech is right for you?

Chime and Current are both fintech companies with banking partners. Each offers checking and savings with no monthly fees, savings tools and a credit-building secured card. Compared to Chime, Current has more happy customers, high bonus on savings and perks Chime doesn’t have, like a cashback program and a teen banking option.

Feature or product	Current	Chime®
	Go to site	Go to site
Bonus	$50 bonus after signing up for Current with code WELCOME50 and adding a qualifying direct deposit of $200 or more within 45 days.	$100 referral bonus for Chime checking account
Savings	Up to 4% bonus rate on up to $2,000 in each savings pod.	2.00% Annual Percentage Yield (APY)
Checking	Monthly fee: $0 Minimum deposit: $0 Cashback rewards program	Monthly fee: $0 Minimum deposit: $0
CDs	N/A	N/A
ATMs	Total ATMs: 55,000 Allpoint ATMs ATM fee: $2.50 out-of-network cash withdrawal fee	Total ATMs: 60,000 MoneyPass and Allpoint network ATM fee: $0 within network, $2.50 out-of-network cash withdrawal fee
Branches	Online only	Online only

• Chime terms and conditions

  Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC.
  ATMs: Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
  Deposit: Once the retailer accepts your cash, the funds will be transferred to your Chime Checking Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.
  Mobile Deposit: Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member's direct deposit enrollment status.
  Chime Savings Account: Chime Checking Account is required to be eligible for a Savings Account.
  APY: The Annual Percentage Yield (“APY”) is variable and may change at any time. The disclosed APY is accurate as of May 22, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
  Get Paid Early: Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
  Credit Builder: To apply for Credit Builder, you must have an active Chime® Checking Account.
  SpotMe: Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.

Current vs. Chime: Account options

Chime and Current are both online banking options with no physical branches. While neither has physical locations for cash deposits, both fintechs let you deposit cash at retailers like CVS and Walmart, but neither fintech allows ATM cash deposits.

It’s also worth noting that Current and Chime don’t support joint accounts or offer certificates of deposit.

Banking

Chime has over 22 million customers, which is significantly higher than Current’s four million customer base. Chime might have more customers, but Current’s savings bonus rate is significantly higher than Chime’s APY.

Current’s digital account is a hybrid checking and savings, and it offers a teen account:

• Current checking. Current’s all-in-one account includes a checking account and a savings account with “pods” to split up savings goals. There are no monthly or overdraft fees, and there’s no minimum deposit required. You can earn cashback rewards points, get early direct deposit, budgeting tools and paycheck advances. Having a Current account also unlocks the Current teen account and the Current Build card.
• Current savings pods. Included with the Current account, you can earn up to 4% bonus on up to $2,000 in each savings pod, with an allotment of up to three pods. There are no monthly fees or balance requirements.
• Current teen banking. For ages 13 to 17, having the regular Current account unlocks the Current teen account. There are no monthly or overdraft fees, and parents can easily send funds from their Current account to the teen account. Parents get parental controls such as spending limits and the ability to turn the account on and off.

Chime has a separate checking and savings account with similar fees and features to Current:

• Chime checking. The Chime® Checking Account has no monthly or overdraft fees or opening deposit requirements. With direct deposit of at least $200 per month, you can unlock the optional overdraft service SpotMe®, cash advances and the Chime Credit Builder Secured Visa® Credit Card.
• Chime savings. If you have Chime’s checking account, you can open the optional Chime savings account for no monthly fees and an APY of 2.00%.

Borrowing

Current and Chime both offer cash advances and a credit-building secured card — if you have their respective accounts to qualify.

• Chime cash advances. Chime MyPay unlocks for users with a direct deposit of at least $200 per month into the Chime® checking account. You may qualify for cash advances between $20 and $500, depending on your eligibility, and your loan term lasts until your next direct deposit, similar to payday loans. However, it’s not available to all users or in all states and is expected to widen its availability in late 2024.
• Chime Credit Builder Secured Visa® Credit Card. If you have Chime’s checking account, you can apply for its credit-building secured card. It requires you to repay your balance every cycle to avoid APR. The Chime checking account backs the card, so you can only spend what’s in the account. Chime also reports to all three major credit bureaus.

Current’s borrowing options are nearly the same as Chime’s:

• Current cash advances. Offering up to $500 in paycheck advances, this feature is available to Current users who have direct deposit of at least $500 in eligible payroll deposits in either the Current account or an external account linked to your Current app.
• Current secured card. Very similar to Chime’s secured card, the Current account backs the Build card, so the spending limit is based on what you have deposited. There are no annual fees, interest charges or hard credit check. However, unlike Chime’s card, Current only reports payments to TransUnion.

Investing

Chime doesn’t offer an investing platform. However, with a Current account, you can buy and sell crypto such as Bitcoin, Ethereum, Tether and many more. Plus, it’s only $1 to get started.

Apps, features and more

Chime’s app has a ton of other perks, like Pay Anyone, Chime’s P2P service that lets you send money to anyone with a debit card with no fees. There’s also Chime SpotMe®, an optional overdraft service available to users with direct deposit of at least $200 per month. With it enabled, you may overdraft on your account between $20 to $200, depending on your eligibility, with no fees or tips required. Chime also offers a savings rounds-up feature that rounds up debit card purchases to the nearest dollar and sends the rounded-up amount to your savings.

Just like Chime, Current also offers savings round-ups and early direct deposit. But what Chime doesn’t have is a cashback rewards program. Current’s cashback rewards program offers cash-redeemable points at over 14,000 participating merchants, such as local businesses, restaurants and gas stations. Every 100 points is redeemable for $1. Current also offers budgeting features, letting you set categories with spending limits — and you approach the limit for each category, the app alerts you.

How Current and Chime’s fees compare

Current and Chime’s fees are nearly identical. Neither charges monthly maintenance or overdraft fees, and neither requires an opening deposit for either of its banking products. Both fintechs’ out-of-network ATM fees are the same, charging $2.50 per cash withdrawal outside its ATM network.

What customers say about Chime and Current

Current holds a great A rating with the Better Business Bureau (BBB), and Chime has a lower C+ rating with the bureau. Current also holds significantly fewer BBB complaints, with under 700, and Chime has over 8,000 complaints in the last few years.

Customers are pretty happy with Current, holding a stellar 4.5-star rating on Trustpilot. Customers say transfers are quick, the chat support is helpful and responsive, and they like the savings pods, high bonus rates and love the lack of maintenance fees. They also claim the app is easy to use, and overall, most say they’ve yet to have any issues.

Chime has had a rough go of it. Its fraudulent alert system was flagging and freezing accounts, thinking they were fraudulent, resulting in thousands of negative reviews and complaints in the last year. The BBB also flagged a large number of complaints, and Chime responded, stating they resolved the issue, and these complaints have slowed considerably. On Trustpilot, Chime’s 2.4-star rating results from many poor reviews about frozen account issues, poor customer support, reports of fraudulent charges and struggles to get refunds.

Chime’s complaints are common with banks and fintechs with banking services, but directly compared to Current’s overwhelmingly positive feedback, Chime doesn’t look so hot.

Final verdict: Current wins

Current and Chime are very similar fintechs. Both offer no monthly fee checking and savings, but Current’s better customer reviews, high savings bonus and cashback points program earn it the win in this battle.

Current’s savings pods can earn up to a 4% bonus on balances up to $2,000, letting you create up to three pods to separate your savings goals. Chime’s savings only offers 2.00% APY, and while that’s decent, Current is the clear option to grow your savings.

And if you want rewards, Current is the answer. Chime doesn’t offer any cashback rewards, while Current offers a points program with thousands of participants and the points are redeemable for cash. Additionally, Current’s customer reviews are much better. It has a great BBB rating, thousands of fewer complaints, and a great 4.5-star rating with Trustpilot — practically unheard of among fintechs.

If you’re looking to build credit history, Current and Chime both offer a credit-building card secured by their respective accounts. Neither card has deposit requirements, but it’s worth noting that Chime reports to all three bureaus. Current only reports to TransUnion, so Chime’s card may be a better option for building credit thanks to more reporting action.

Current at a glance

Featuring a no-fee, all-in-one bank account with a high savings bonus rate, large ATM network, teen banking, credit-building opportunities and much more.

Chime at a glance

Chime falls a little short compared to Current, but its secured card is the better option to build credit history because it reports to all three major credit bureaus.

Alternatives to Chime and Current

Chime and Current are online banking options, and neither are true banks. If you’d rather have a more traditional option with physical branches, more deposit account options or just an online banking option with different perks, consider these alternatives:

• SoFi®. A top competitor among online bank accounts, SoFi is an online bank with one of the best online accounts out there. It offers a hybrid checking and savings account with no monthly or overdraft fees and no opening deposit requirements. SoFi also has an investing platform, various lending services, interest-bearing checking, and you can earn up to 4.20% APY on savings if you meet activity requirements.
• Chase. If you like going to a branch for cash deposits or need in-person support from time to time, Chase is worth considering. Unlike Chime or Current, Chase has a large branch network, a variety of personal and business accounts, lending services, credit cards and much more.
• PNC Bank. PNC offers digital all-in-one accounts similar to Current and Chime, but it’s also a full-service bank with thousands of branches and a large ATM network. Its high-yield savings account offers a high 4.65% APY, but many of its accounts have monthly fees.

See how even more bank accounts stack up

• SoFi vs. Chime
• Step vs. Current
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