Online-only banks are attractive to anyone looking for a simple and convenient banking solution.
Two leading players in the online banking space,ChimeandSimple, exemplify those subtle differences.
One is great for paycheck-to-paycheck living, and the other is better for more sophisticated budgeting and savings.
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See how they stack up:
No Interest Til Almost 2027?
Balance Transfer = Credit Card Cheat Code
Chime vs.
Which is best for you lies in the details.
Heres how we rated each.
Chime Features
Chime is one of the earliest digital banking platforms and a leader in the space.
Each online bank has its strengths and weaknesses.
Lets take a closer look at each companys features.
Chimes Checking account is a non-interest-bearing checking account linked to a Visa debit card.
This envelope-style budgeting helps you cover bills, work toward major purchases and enjoy stress-free day-to-day spending.
Simple lets you set savings goals and fund your Protected Goals account from Simple checking or an external account.
Both banks limit services to spending and savings.
But each has room for improvement.
Chimes banking app is simplistic, lacking the budgeting tools Simple and many other banking apps include.
Youll pay no monthly maintenance fees or face minimum balance requirements for checking or savings with either company.
Which Bank Is Right for You?
Which is best for you depends on what you need from an online bank account.
Ready to Switch to Chime or Simple?
you’ve got the option to sign up for eitherChimeorSimpleby downloading their mobile apps or visiting their websites.
you could also set up direct deposit and start funding your accounts when you get paid.
1 thing you look for in a bank.
Ratings are assigned across the following categories:
Credit card and loan products are not currently considered.
1Chime 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.
Credit Builder card issued by Stride Bank, N.A.
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 Chimes discretion.
Although there are no overdraft fees, there may be out-of-connection or third party fees associated with ATM transactions.
SpotMe wont cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions.
See Terms and Conditions.
The disclosed APY is accurate as of October, 25th, 2022.
No minimum balance required.
Must have $0.01 in savings to earn interest.
Visit National Rates and Rate Caps to learn more.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
