Since its inception in 2013, Chime has been quietly establishing itself as a leader in the neobank space — and for good reason – but are there other banks like Chime?
Its intuitive, low-cost platform offers one of the best savings rates around. That said, as much as I love Chime, it would be foolish not to consider banks like Chime.
In this post, we’ll do just that. Keep reading to learn about the best banks like Chime – which also offer high APY earnings and low fees.
From there, you should be able to figure out if Chime, or one of its alternatives, is right for you.
9 Chime Alternatives
Here are our top picks for the best Chime alternatives:
We looked for the best banks like Chime that had similarities, such as high APY, no/low fees, and many options for fee-free ATM access. However, the best option for you depends on which services you need from each provider.
1. Varo
- APY: up to 5.00% APY on balances up to $5,000 (decreases after $5,000)
Varo is one of the most recent neobanks to get ahold of its own banking charter, so it doesn’t need to rely on a partner bank to back its accounts.
Varo offers a checking account, a savings account, cash advances, and tools to help build your credit score.
Varo is almost entirely fee-free, like Chime, so you won’t pay monthly maintenance, transfer, or foreign transaction fees. It’s also part of the Allpoint ATM network, so users can access over 55,000 free ATMs.
Pros:
- Offers checking and savings accounts
- Fee free
- Part of the Allpoint network
Cons:
- Limited accounts (like Chime)
- No sign-up bonus
Learn More:
2. Discover® Bank
- APY: 4.00% APY
Discover is best known for its massive presence as a credit card issuer. It also offers some of the best online bank accounts available, similar to Chime, such as no monthly fees and access to many ATMs.
The Discover® Cashback Checking account has no monthly fees and comes with 1% cash back on up to $3,000 in monthly debit card purchases.
There are no withdrawal fees at more than 60,000 ATMs, and you won’t pay for checks, bill pay, overdrafts, or card replacements.
Discover® Online Savings is similarly fee-free and earns high-interest rates. The excellent Discover® Bank app lets you easily move money between the two accounts and handle any other task.
Discover also has a Money Market, CDs, and retirement accounts.
Pros:
- Competitive APYs
- User-friendly
- Can earn cash back
Cons:
- Cash back is limited to $3,000 in spending monthly
- Only one checking or savings account option
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3. Ally Bank
- APY: 4.00% APY
Ally is the heaviest hitter in online banking and one of the biggest banks in the US, period.
In many ways, Ally is similar to a traditional brick-and-mortar bank in that its product offerings are expansive and cover everything from deposit accounts to credit cards to loans and investments. Fortunately, that’s where the similarities end.
Ally accounts have no fees, like Chime, and their savings rates are consistently high. There is also no minimum balance requirement in its high-yield savings account.
Ally also offers an interest checking account, a money market account, and three different Certificates of Deposit (CDs).
Pros:
- Many options, including loans
- High-interest money market with no minimum balance requirement
- Up to $10 in ATM reimbursements monthly
Cons:
- Cannot deposit cash
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4. Axos Bank
- APY: up to 0.61% APY
Axos is one of the bigger names in online banking and offers personal and business banking financial services and is one of the banks like Chime.
With five different consumer checking accounts, Axos has one of the widest account selections of any digital bank. It also offers a savings and Money Market account, CDs, and home, auto, and personal loans.
All of Axos’ accounts are free of monthly maintenance fees, and it reimburses users for all domestic ATM fees.
The Axos mobile app is highly rated for both Apple and Android devices, so you can easily make mobile check deposits, monitor your account balance, and transfer money from your smartphone.
Pros:
- Many checking and savings account options
- Large ATM network
- Great welcome bonuses
Cons:
- Low CD rates
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5. Current
- APY: up to 4.00% APY
Current is a neobank that offers banking services through partnerships with Choice Financial Group and Cross River Bank.
Current has a spend, save, and invest account so you can spend, save and invest in crypto in one place. It doesn’t charge monthly fees or overdraft fees and comes with benefits like early direct deposit and automated savings pods, like Chime. Current is also part of the Allpoint network for fee-free ATM use.
Plus, if you have kids, you can open a connected Teen Banking account to help instill positive financial habits in your children.
When you make debit card purchases at more than 14,000 participating retailers, you get up to 15x points, which you can redeem for cash in your account.
Pros:
- Multiple account types to handle all banking needs
- Option to invest in crypto
- No monthly fees
Cons:
- May pay more fees than Chime
- Only one checking or savings account option
Learn More:
6. One Finance
- APY: up to 4.35% APY
One is a digital bank that’s built around high savings rates and low-interest lines of credit. Coastal Community Bank, an FDIC-insured partner, provides its accounts.
One offers a single account that acts as both a checking account and a savings account. You get a debit card, early direct deposit, free overdraft protection, and savings perks like customizable Pockets and up to a 5.00% APY.
To earn the highest savings rate, you must have direct deposits of at least $500 per month or have a daily balance of at least $5,000. You can also set up AutoSave and 5.00% APY applies to your entire Auto-Save balance.
One does not have any account fees or minimums.
Pros:
- High-interest rates
- Single account for checking and savings
- Savings pods
Cons:
- Direct deposit is necessary to earn the highest APY
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7. Revolut
- APY: Up to 4.25%
Revolut is a digital bank that’s made its name as a “challenger bank” in the UK. It’s the largest neobank in Europe and is now widely available in the US.
With a Revolut account, you get mobile banking, free transfers between Revolut users, instant currency exchange, and early direct deposit.
Revolut also has a rewards program offering cash back with its partner brands and helpful budgeting and analytics tools.
Revolut offers three tiers of its digital bank account: Standard, Premium, and Metal.
Here’s a look at what you get (and what you pay) with each one.
Standard
- No monthly fee
- 3.25% APY
- Fee-free ATM withdrawals (up to $300 per month)
- Revolut Teen account for one child
Premium
- $9.99 per month
- 4.25% APY
- Fee-free ATM withdrawals (up to $600 per month)
- Premium debit card
- LoungeKey Pass access
- Revolut Teen account for up to five children
- 20% off all international transfer fees
Metal
- $16.99 per month
- 4.25% APY
- Fee-free ATM withdrawals (up to $1200 per month)
- Priority customer support
- Overseas medical insurance
- Exclusive metal debit card
- LoungeKey Pass access
- Revolut Teen account for up to five children
- 40% off international transfer fees
Pros:
- Discounted international transfers
- High APY on all plans
- Cash back options
Cons:
- Monthly fees get high
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8. Capital One
- APY: 4.00% APY
Capital One is more than a credit card company. They offer some great online banking options, and like Chime, they don’t charge any monthly fees. However, unlike Chime, Capital One has some physical locations, in New York, Louisiana, Texas, and a few other states.
You have access to 70,000 fee-free ATMs, and there are no monthly minimum requirements or fees to worry about. Capital One has an award-winning mobile app that simplifies transferring funds, making mobile deposits, and locking/unlocking your debit card.
While there’s only one checking and one savings account to consider, they have many benefits, including early access to direct deposit and a 4.00% APY on savings.
Capital One also offers a Teen checking account, a kids’ savings account, and high-yield CDs.
Pros:
- Has some physical locations
- Pays high APYs
- User-friendly app
Cons:
- No money market account
Learn More:
9. Aspiration
- APY: up to 3.00% APY
Aspiration is an online bank with a conscience. The bank promises that your deposits will not fund industries that harm the environment. Furthermore, it rewards customers for spending money with socially conscious brands.
Aspiration offers two all-in-one accounts: Aspiration Spend & Save and Aspiration Plus.
- Spend & Save: Employs a “choose what you pay” fee structure, so you can completely avoid a monthly fee. You earn 0%, 3% to 5% back on Conscience Coalition purchases, and the account comes with early direct deposit.
- Aspiration Plus: Costs $7.99 per month, and in exchange for the fee, you get up to 3.00% APY, 10% back on Conscience Coalition purchases, and one out-of-network ATM reimbursement per month.
Both accounts have access to Aspiration’s network of 55,000 free ATMs and a Visa debit card.
Pros:
- Socially responsible banking
- Option to choose what you pay
- High APY
Cons:
- All accounts have some type of fee, even if it’s choose what you pay
Learn More:
Summary of the Best Banks Like Chime
| Bank | Account Minimums | Fees |
| Varo Bank | $0 | $0 monthly |
| Discover | $0 | $0 monthly |
| Ally Bank | $0 | $0 monthly |
| Axos | $0 | $0 monthly |
| Current | $0 | $0 monthly |
| One Finance | $500 direct deposit | $0 monthly |
| Revolut | $0 | Up to $16.99 monthly |
| Capital One | $0 | $0 monthly |
| Aspiration | $0 | Up to $7.99 monthly |
What is Chime?
Chime is a financial technology company, or fintech, that provides FDIC-insured bank accounts through partnerships with Bancorp Bank and Stride Bank.
Like most online banks, Chime doesn’t charge fees typical of traditional banks and uses its lack of overhead to pass on higher-than-average annual percentage yield (APY) rates to its customers.
Chime’s two flagship financial products are the Chime Savings Account and the Chime Spending Account. Chime Savings currently comes with a 2.00% APY, no fees, and automated savings round-ups that round your checking purchases to the nearest dollar and drop the change in your savings.
Chime’s Spending Account is also fee-free, with a debit card and early payday deposits. Chime is part of both the MoneyPass, Allpoint and VisaPlus ATM networks, so you can make free ATM withdrawals from more than 60,000 locations
On top of its product offerings, Chime also boasts one of the best mobile apps in all of banking. The Chime app currently has an impressive 4.8-star rating (out of 5) in the App Store and a 4.8-star rating (out of 5) in the Google Play Store.
Learn More:
Frequently Asked Questions
What’s another app like Chime?
There are a lot of apps like Chime, but its biggest competitors are other neobanks, including One, MoneyLion, Current, and chartered online banks like Ally and Axos.
What is the best online-only bank like Chime?
The best online-only bank for you is the one that meets your specific financial needs. The online banking industry is massive, and you have many different options.
To narrow it down, think about what you want and need from a bank, whether it’s a low-cost cost platform, high savings rates, or something else. Whatever it is that you’re looking for, chances are there’s a digital bank that can provide it.
What is the best banking app?
Again, it all depends on what works well for you. A good banking app should make your financial life easier and allow you to handle your account needs wherever you are.
Regarding overall ratings and usage, Chase Mobile: Bank & Invest and Capital One Mobile are the top-rated mobile banking apps. That said, online banks tend to focus more on their tech.
Chime, Ally, Axos, and Discover® Bank have highly-rated mobile apps that should do the job.
Which Chime Alternative is Best for You?
Chime is arguably one of the most attractive online banking options. But it’s far from the only one, so it’s worth checking out the banks like Chime.
And, since you’re reading this post, the odds are that you like what Chime has to offer, but something is missing. Your next step is to identify what that something is.
Maybe you want a broad range of product offerings like Ally has or cash-back opportunities from a bank like Discover.
Or maybe you’re looking for accounts for the whole family, which would make Current and Revolut stand out.
Whatever your preferences are, you’re on the right track to finding an online bank that can service them.
Now that you know what’s up for grabs from Chime and its competitors, it’s as simple as taking that next step.
Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC
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