10 Online Banks Like Chime: Which One Is Best for You?

According to its website, Chime is a fintech company that provides “peace of mind” banking. And at nearly 10 million members strong, we can assume customers are happy with Chime.

However, many other fintech companies and online banks offer the same features as Chime. How do you know which one is best suited for you? In this article, I cover ten online banks similar to Chime, so you can compare them.

I’ve summarized the key features of each platform, and I let you know the similarities and the differences between them and Chime.

Table of Contents
  1. What Is Chime?
  2. Top 10 Chime Alternatives
    1. 1. Ally
    2. 2. Axos Bank
    3. 3. Varo
    4. 4. CapitalOne 360
    5. 5. CashApp
    6. 6. Dave
    7. 7. Brigit
    8. 8. Digit
    9. 9. MoneyLion
  3. 10. Self
  4. Chime Alternatives: Summary

What Is Chime?

Before we delve into the Chime alternatives, let’s talk briefly about what Chime is. Chime is a banking fintech developed to make banking helpful, easy, and free. 

Chime offers three types of accounts: 

  • Checking account
  • Savings account
  • Credit Builder account

The Chime Checking account has no minimum balance requirements, monthly fees, and free in-network ATM usage.

Chime’s savings account is also a no fee, no minimum balance account, with interest rates comparable to high-yield savings accounts.

Bonus: Checking account purchases made with your Chime debit card are automatically rounded up, and the extra funds go straight to your Chime Savings account.

Chime also offers a Credit Builder account that functions much like a secured credit card.

Transfer money from your Chime Checking account to your Credit Builder account, then make purchases using the credit card Chime sends you. Payments are made to your Credit Builder account, and Chime reports them to your credit bureau as on-time payments. 

There are no fees to use Credit Builder, and you won’t be charged interest. Also, there is no credit check when you apply for the Chime Credit Builder account. 

However, you need direct deposits of $200 or more to qualify. Chime provides banking and credit-building services for everyone, including those with poor or non-existent credit. 

Learn more in our Chime review.

Top 10 Chime Alternatives

As with Chime, the alternatives mentioned below often work to provide banking services for the underserved.  Each has its own features, benefits, and differences from Chime, which we’ll outline for you. 

1. Ally

Ally Bank is a division of Ally Financial, formerly known as GMAC Inc., founded over 100 years ago. The bank portion of the company was launched in 2001. 

Like Chime, the Ally Checking account comes with no fees or minimums. However, the Ally Checking account earns interest.

Ally’s Savings account is also free, but the interest rate you’ll earn isn’t as high as what Chime pays. Of course, interest rates fluctuate, so that could change.

Also, Ally’s Savings account comes with roundups (round up your Checking account purchases and put the difference in savings). 

It also features optional “Booster” savings deposits. The Booster feature transfers extra money from your checking to your savings when it sees the money is available. That being said, Ally also offers a high-yield Money Market account and a high-yield CD. 

One glaring difference between Ally and Chime is that Ally has no type of Credit Builder account. 

Similarities to Chime

  • Checking accounts with no minimum requirements and no fees
  • Savings accounts with no minimums and no fees
  • High-interest savings option (with the Ally Money Market account)
  • Savings roundup options

Differences from Chime

  • No credit building account with Ally
  • Ally has physical bank locations

Which should I choose? 

Choose Chime if you need or want to build or improve your credit. Choose Ally if you’re interested in CD options or like having physical branch locations. 

2. Axos Bank

Axos Bank is a digital bank that opened on July 4, 2000. Today the company has over $14 billion in assets. 

Axos has three different personal checking accounts you can choose from. The Essential checking account is a basic online checking account with no minimums and fees.

The Rewards checking account earns interest of up to 1.00% if you meet the qualifying rate requirements, such as having a minimum of $1,500 in Direct Deposits each month.

Axos’ Cashback checking account gives you up to 1.00% cash back on signature-based debit card purchases. 

The bank’s High Yield savings account has no minimums and fees and pays a competitive interest rate, as does Axos’ Money Market account.

Similarities to Chime

  • Checking accounts with no minimum requirements and no fees
  • Savings accounts with no minimum balance and no fees
  • High-interest savings option 

Differences from Chime

  • No credit building account with Axos
  • The High-Yield Savings has a $250 opening requirement

Which should I choose? 

Choose Chime if you need or want to build or improve your credit. Choose Axos if you want higher savings interest or loan options through your bank. Learn more about Axos Bank promotions.

3. Varo

Founded in 2015, Varo was the first U.S. consumer fintech to receive a national bank charter from the OCC.

Like Chime, Varo offers a (checking) bank account with no minimums and fees. In-network ATM transactions are free as well.

Varo’s Savings account is fee-free, with a minimum balance/deposit requirement of just $0.01. Auto-savings from your Direct Deposits and purchase round-ups help you save more money.

One nice thing about the Varo Savings account is that you can earn up to 3.00% interest if you meet the designated requirements stated on the Varo website. 

The Varo Believe account is a credit builder account available for those with at least $1,000 in Direct Deposits each month. 

Similarities to Chime

  • Credit builder account available
  • Checking accounts with no minimum requirements and no fees
  • Savings accounts with no minimum balance and no fees
  • High-interest savings option 

Differences from Chime

  • The direct deposit requirement for credit builder accounts is higher
  • The savings rate is better

Which should I choose? 

Choose Chime if you need a lower Direct Deposit requirement. Choose Varo if you want higher savings interest.

4. CapitalOne 360

CapitalOne 360 offers attractive online checking and savings options for consumers. The 360 Free Checking account has no fees or minimums and earns interest on all balances. 

The 360 Performance Savings account also carries no minimums to open or maintain and doesn’t have any monthly fees. 

The interest rate on the 360 Performance Savings account is a high-yield interest rate comparable to that of the best money market accounts.  

There are over 70,000 fee-free ATMs when you have a CapitalOne account. And you can go to a branch location or a CapitalOne Cafe’ to get in-person help or to grab a cup of coffee. 

Similarities to Chime

  • Checking accounts with no minimum requirements and no fees
  • Savings accounts with no minimum balance and no fees
  • High-interest savings option 

Differences from Chime

  • No credit building account with CapitalOne
  • CapitalOne offers loans and other banking products as well

Which should I choose? 

Choose Chime if you need or want to build or improve your credit. Choose CapitalOne if you’re searching for a solid online banking-only option. 

5. CashApp

CashApp is a fintech company that, like Chime, offers a spending account. You can get Direct Deposit to your spending account up to two days early and transfer cash to friends and family.

But there are a few CashApp features that differ from Chime, and you’ll want to take note of those differences.

There’s no credit builder option with the CashApp and no savings option. However, there is an investment option that you can use to buy stock and bitcoin shares for as little as $1.

There’s no fee for the spending account or the investment account. That being said, there are $2 ATM fees and a $7 max monthly reimbursement for ATM fees.

Similarities to Chime

  • Spend account with no minimum requirements and no fees

Differences from Chime

  • No savings account
  • No credit builder account
  • Fee-free investing with fractional share purchasing options available

Which should I choose? 

Choose Chime if you need or want to build or improve your credit or if you want to save money. Choose the CashApp if you like the idea of fee-free investing with low investment minimums. 

6. Dave

Dave is a fintech named after the story of David vs. Goliath. In other words, the seemingly docile superhero banking alternative gives big banks a run for their money, so to speak.

Dave has a spending account with no minimums and fees, except a $1 per month membership fee.

There is a payday loan feature that doesn’t charge you interest. The app also has a budgeting feature to help you manage your income and expenses.

Dave can help you build credit by reporting your on-time rent payments to the three major credit bureaus.

Bonus: Dave has a side hustle feature that can help you bring in more money.  

Similarities to Chime

  • Spend account with no minimum requirements 
  • Credit building feature
  • Fee-free spend account 

Differences from Chime

  • $1 per month membership fee
  • Side hustle feature for additional income

Which should I choose? 

Choose Chime if you need or want a savings account or a loan to or improve your credit. Choose Dave if you want simplicity and/or side hustle options. 

7. Brigit

Brigit is a financial app working to help members build a better financial picture, and the app is backed financially by big-name celebrities and philanthropists.

The app boasts two main products – a payday loan-type of advance called Brigit Instant Cash that you tie to your external checking account and a 12 to 24-month loan to help you build credit. 

Unlike your typical payday loan company, the payday loan feature doesn’t charge interest. The optional credit builder loan is interest-free as well.

However, there is a $9.99 monthly fee users will pay for Brigit if they get the credit builder loan feature. If you simply want the Brigit Instant cash, there’s no charge. 

Similarities to Chime

  • Helps you build credit
  • No interest charges on credit-building products

Differences from Chime

  • No checking or savings account options
  • $9.99 monthly fee if you use the credit builder feature
  • Has an overdraft advance feature you can tie to an external checking account

Which should I choose? 

Choose Chime if you need or want to have checking or savings account options as you build or improve your credit. Choose Brigit if you don’t want checking or savings accounts and only need the payday loan or credit building loan feature. Our review of Brigit goes into greater detail about the service and its offerings.

8. Digit

Digit is designed to help you do four things: spend, budget, save and invest. Like Chime, you can open a spending account with Digit without minimum balance requirements.

Digit analyzes your spending habits and makes small transfers to savings when it sees you’ve got extra money in your spending account.

You can pause the auto-savings transfers at any time. The same concept applies to the investment account you open with Digit. 

The app transfers money from Spend to Invest depending on your spending habits and financial goals. 

It costs $9.99 to become a member of Digit. However, you can save 20% on that price if you pay annually. The first 30 days with Digit are free. 

Similarities to Chime

  • Checking accounts with no minimum requirements 
  • Savings accounts with no minimum requirements
  • Interest earned on savings

Differences from Chime

  • No credit building account with Digit
  • Monthly or annual membership fee
  • A lower interest rate on savings than with Chime

Which should I choose? 

Choose Chime if you need or want to build or improve your credit. Choose Digit if you want basic bank accounts with no credit building options. 

9. MoneyLion

MoneyLion is on a mission to rewire the banking system so that every hard-working American has a chance at a better financial path.

The fintech offers its RoarMoney spending account with no minimums and no monthly fees. 

Instead of a savings account, MoneyLion offers a no-minimum, no-fee investment account. You can customize the account to invest conservatively, aggressively, or anywhere between.

MoneyLion uses roundups from your RoarMoney account to help fund your investment account faster.

The CreditBuilder Plus account is a loan you can get approved for that will help you build credit. 

And while most of the loan proceeds are stored in a savings account, you get immediate access to some of the money. 

Note that MoneyLion’s CreditBuilder Plus account has a $19.99 monthly fee. 

Similarities to Chime

  • Checking accounts with no minimum requirements and no fees
  • For people with no or struggling credit
  • Credit builder account available

Differences from Chime

  • CreditBuilder account is not free
  • Fee-free investment account
  • No savings account option

Which should I choose? 

Choose Chime if you want basic checking and savings options. Choose MoneyLion if you want access to a free investment account with roundup deposits to grow it faster. 

10. Self

Self is similar to Chime and MoneyLion in that it offers credit-building options. However, Self is solely focused on credit building. 

There are no checking accounts such as spend accounts and no investment accounts. 

With Self, you can choose from two different credit building options. The payments on the four loan options range from $25 a month to $150 a month.

You can choose from all four options depending on the payment you’re comfortable with and other factors. 

Self also offers a Self Secured Visa card. The Visa card is secured by money in your Self Credit Builder (savings) account. 

Your Visa credit card limit equals the amount of money in your Self Credit Builder account. The minimum amount you need to deposit to open a Self Credit Builder account is $100.

You will pay interest fees on your Self loan and your Self credit card. Interest rates vary. Check the Self website for more details. 

Similarities to Chime

  • Credit building accounts are available
  • No monthly or annual fees
  • Affordable credit building plans

Differences from Chime

  • CreditBuilder account is not free
  • Interest rates on loans may be high
  • No checking account feature

Which should I choose? 

Choose Chime if you want basic checking, savings options, and credit building. Choose Self if you want access to a variety of different credit builder accounts to choose from. 

Chime Alternatives: Summary

Chime has plenty to offer, such as a spending account, a savings account, and a credit builder loan. You can access many features for free and expect a competitive interest rate on your Chime savings account. 

While all of our Chime alternatives offer some of the same features, no other app can offer the same exact features at the same price. Chime is worthy of consideration if you want to build credit and open a spending or high-interest savings account with no monthly fees. 

If you don’t need or want all of those features, you might want to consider one of the alternatives to Chime listed here. 

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About Laurie Blank

Laurie Blank is a blogger, freelance writer, and mother of four. She’s psyched about teaching others how to manage their money in a way that aligns with their values and has been quoted in Bankrate.

She's a licensed Realtor with Edina Realty in Minneapolis, Minnesota (also licensed in Wisconsin too) and has been freelance writing for over six years.

She shares powerful insights on her blog, Great Passive Income Ideas, that will show you how you can create passive income sources of your own.

Opinions expressed here are the author's alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.

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