Table Of Content
Axos Bank, formerly known as Bank of Internet, United States of America, was established in 2000 as a digital bank. It provides a wide range of financial services, such as checking and savings accounts, personal loans, and more.
Axos Bank is an online lender that provides home improvement loans as well as checking and savings accounts. Because Axos is an online lender with low overhead, it is able to pass on significant savings to its customers. Axos waives many fees and provides ATM and rewards checking reimbursements.
If you value face-to-face interaction, you should consider using other banks or lenders. There are no physical branches on Axos.
Chime is an online-only company that offers checking and savings accounts in collaboration with two banks. Chime online banking is not the same as using a traditional banking system. Chime protects and secures your online financial accounts. It is a secure location where you can store your money and access it without any technical difficulties.
Because Chime has no monthly or overdraft fees, you can round up your purchases to the nearest dollar amount and save the difference. When using this online banking system, you should be aware that cash deposits can be difficult to navigate.
Banking Options
Axos Bank | Chime | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
Chime offers 2.00% rate for its savings account, while Axos offers Up to 0.61%.
However, on Axos you’ll get this rate on any balances up to $24,999, but after this point the rate drops down a bit. The rate also drops again once you reach $100k, but this stands to reason as this is not the right vehicle for keeping such large sums for any substantial period of time.
However, while Chime has no minimum deposit, you do need $250 to open an Axos savings account. But, once your account is open, you don’t need to worry about minimum monthly account balance requirements.
It is also worth noting that Axos does provide an ATM card for its savings account on request, if you want ready access to your funds.
Axos Bank | Chime | |
|---|---|---|
APY | Up to 0.61% | 2.00% |
Fees | $0 | $0 |
Minimum Deposit | $250 | $0 |
Checking Needed? | No | No |
Main Benefits |
|
|
Checking Account
Both the Axos and Chime checking accounts are quite similar. Both are fee free, but there are some different features. For example Axos has the Direct Deposit Express feature that allows you access to your paycheck up to two days early, while Chime offers a $200 fee free overdraft, subject to terms.
The main difference between these two banks is that Axos has several different checking account options. For the purposes of the above comparison, we used the Essential Checking account, which is the basic account, but you can upgrade.
The Cash Back checking account offers up to 1% cash back, while the Rewards checking account pays 1% on your account balance. These upgrade options are still fee free accounts, but they do have opening requirements. For example, there is a $50 minimum deposit requirement to open either the Cash Back Checking or Rewards Checking.
Axos Bank | Chime | |
|---|---|---|
APY | Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).
| 0% |
Fees | $0 | $0 |
Minimum Deposit | $0 | $0 |
Main Benefits |
|
|
CDs
There is no CD comparison, as while Axos has a decent rate and a reasonable $1,000 minimum deposit, Chime does not currently offer CD products.
Axos Bank | |
|---|---|
Minimum Deposit | $1,000 |
APY Range | 0.20% |
Credit Cards
Unfortunately, while Axos has an impressive product line, at this time, the bank does not offer even one credit card option. If you want financing, you have to apply for an Axos personal loan.
Chime is limited to just one credit card offering. This is a secured card to help you build your credit. There is no credit check when you apply and no annual fees or interest to worry about. You will need to pay a security deposit for your card, but there is no set minimum requirement.
Once your card is up and running, Chime will report your monthly payments to all three credit bureaus. This will help you to start building your credit over time. In fact, Chime claims its members have seen an average increase of 30 credit score points.
Personal Loans
Axos Bank provides personal loans through their website. Personal loans from $5,000 to $35,000 are available from Axos, with terms ranging from 12 to 60 months. Borrowers must make a monthly payment.
If you have a low credit score, a high debt-to-income ratio, and no income or credit history, it may be difficult to qualify with Axos Bank.
Regardless of how you apply, your credit should not be affected during the pre-qualifying process. Because Axos personal loans do not charge an early payoff fee, you can pay off your loan early and save a significant amount of money in interest.
You should receive funds within two days after your loan has been approved and you have agreed to the terms.
Axos Bank | |
|---|---|
APR | 11.79% – 20.84% |
Loan Amount | $5,000 – $50,000 |
Terms | 36-72 months |
Customer Service
Axos has a 24/7 helpline, but you can also chat with the Evo virtual assistant or browse the extensive support page on the website.
Chime also has a toll free number that is available 24/7, so you can access the customer service team at any time if you have any queries or questions.
Online/Digital Experience
Both Axos and Chime have an easy to use website to help explore products and access support and guidance with various finance topics. This ensures a great user experience, particularly if you’re not 100% on what banking services and products are the best option for you.
Both the banks also have highly rated apps. The Axos is rated 4.7/5 and 4.5/5 for Apple and Google respectively, while Chime’s app is rated 4.8/5 on Apple and 4.7/5 on Google.
These apps allow you to not only transfer funds and manage your transactions, but you can access support and manage your card. You can even locate the nearest fee free ATM through the app, making it highly convenient if you’re in an unfamiliar neighborhood.
Top Offers From Our Partners
Which Bank is The Winner?
While they have some products in common, Axos and Chime have a different approach but does this mean one is a better bank? We’ll need to look a little closer to make that determination.
Both Axos and Chime offer fee free accounts to make managing your money easy. However, Axos offers a far better savings rate and you can upgrade your checking account to enjoy up to 1% on your balance or 1% cash back on your debit card purchases, a feature that is standard with the Discover checking account. In terms of CDs, Chime does not offer a CD, so Axos has the edge.
However, the big difference between these banks is that while Chime has a credit card, at this time, Axos does not have one. So, if you’re looking to have a checking account, savings account and credit card with the same bank, Chime is a better option. On the other hand, if you don’t particularly need a credit card, Axos offers far better terms.
 |  |  | |
|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| 2.00% | Up to 0.61%
| Up to 5.02%
|
Checking Fee
The monthly fee on checking account
| $0 | $0 | Compare Banking |
Mobile App Rating | 4.8/5 on iOS 4.6/5 on Android | 4.7/5 on iOS 4.4/5 on Android | Various Banks
|
on Chime website |
on Axos website |
on our website |
FAQs
What promotion does Chime offer?
Chime doesn't offer a bonus for new accounts. If you're looking for a promotion, here you can find the best banking bonuses as of September 2024.
Does Axos provide promo code for new accounts?
As of September 2024, you can $500 .
Does Axos personal loan worth it?
Personal loans from Axos Bank are best for borrowers with good to excellent credit. Axos should be considered if you need a home improvement loan or a debt consolidation loan.
If you have financial needs that are less than $5,000 or greater than $35,000, you should consider using a different lender. In order to make an informed decision, when comparing personal loan offers, you should include the cost of origination fees.
What is Axos Bank's most significant advantage?
Axos Bank is a full-service online bank that offers checking, savings, and money market accounts, as well as certificates of deposit (CDs), loans, and investment options. Axos customers also receive unlimited domestic ATM fee reimbursements through Rewards.
What are the main two savings programs provided by Chime?
Chime employs two optional programs to help you save money. Save When You Spend is the name of the program. This program allows you to save small amounts of money when you shop. When you use your Chime debit card to make a purchase, Chime rounds up to the nearest dollar and transfers the difference to your savings account4.
Chime also has a savings program called Save When I Get Paid. This feature allows you to set up a recurring transfer of 10% of your direct deposit paycheck of $500 or more from your spending account to your savings account each time you are paid4. This is a valuable tool for saving you money on a regular and consistent basis.
How Chime help you build credit?
If you don't have a credit file or have bad credit, Chime can help you build one. The Chime products are intended to assist you in regaining your credit so that you can access a wider range of financial products in the future.
Banking Reviews
Ally Bank Review
Capital One Bank Review
Discover Bank Review
Chase Bank Review
Bank of America Review
Wells Fargo Bank Review
Citi Bank Review
SoFi Bank Review
Barclays Bank
Synchrony Bank
American Express Bank
Varo Bank Review
TD Bank Review
Aspiration Review
Merrick Bank Review
Sallie Mae Bank Review
BMO Harris Bank Review
Citizens Bank Review
Quontic Bank Review
Axos Bank Review
CIT Bank Review
PNC Bank Review
Connexus Credit Union Review
U.S. Bank Review
LendingClub Review
PenFED Credit Union Review
Alliant Credit Union Review
Compare More
Axos vs Ally Bank
Ally Bank is an online bank that arose from the banking division of General Motors Acceptance Corporation. GMAC used to be an auto financing company before being purchased by Ally Bank. This bank now offers a wide range of products. Among the products available are credit cards, home loans, investing products, savings accounts including certificates of deposit, and checking account options. Ally Bank serves millions of customers and provides high-quality banking services.
Axos is a well-established online-only banking service. It has been in business since 2000 and is constantly expanding its services for both individuals and businesses. The bank is a subsidiary of Axos Financial and is headquartered in San Diego, California. Despite the fact that the bank has three locations, the vast majority of its customers are served online.
Read Full Comparison: Axos Vs Ally Bank Comparison – Which Is Better?
Axos vs Discover
Axos Bank is still committed to providing a “100% digital” experience, as evidenced by the absence of branches. When there are no branches, customers benefit from higher rates of return on financial products. Axos Bank is also a full-service bank, providing individuals and businesses with deposit accounts and loans.
Discover Bank, while not a full-service bank, is part of the Discover Group, which provides a wide range of loan products. If you have a Discover Bank account, you will be in their system if you ever need a loan or a credit card. With the exception of Delaware, Discover Bank does not have bank branches.
Read Full Comparison: Axos vs Discover: Which Bank Account Is Better?
Axos vs Marcus
Marcus, on the other hand, made Goldman Sachs banking more accessible to the general public when it debuted in 2016. Our in-depth Marcus review can help you decide if this online bank is right for you. Goldman Sachs is one of the world's largest investment banks, with offices in every major financial center and a client list that includes other banks as well as the state of New Jersey. With Marcus, however, you could be next on the list.
Axos online bank, which provides checking, savings, CDs, investing, and other services, has a lot to offer. A variety of checking account options allow customers to earn interest or cash back. The APY on Axos Bank's Rewards Checking account isn't the highest among online banks, but it's sufficient to justify opening an account as part of a larger online banking strategy, and there are almost no fees.
Read Full Comparison: Axos vs Marcus: Which Online Bank is Better?
Axos vs Varo
Axos is a large online bank that offers checking, savings, CDs, investing, and other services. Customers can earn interest or cash back on a variety of checking account options. The APY on Axos Bank's Rewards Checking account isn't the highest among online banks, but it's high enough to justify opening an account as part of a larger online banking strategy, and there aren't many fees.
Varo Bank is a web-based bank that offers a variety of deposit and loan products. It was founded in 2015 and is based in San Francisco. Varo offers high-yield savings accounts and cash-back checking accounts, as well as a fee-free ATM network (see below for more information from Varo) and automatic savings tools.
Read Full Comparison: Axos vs Varo: Compare Banking Products
Chime vs Aspiration
Aspiration and Chime both have a fairly streamlined banking product offering. Aspiration offers only one hybrid account with a $7.99 per month upgrade option and one credit card option. Chime offers a savings account, a checking account, and a credit card. The product lines' premise, however, differs.
While Aspiration is a banking service aimed at assisting people in living a more environmentally friendly lifestyle, Chime's products are aimed at assisting those who want to build their credit. This will help you decide whether Aspiration or Chime is a better fit for you.
Read Full Comparison: Aspiration vs Chime: Which Banking Service Wins?
Chime vs Varo
Chime differs from many banks and other financial institutions in that it screens customers in an unusual way. If you don't have perfect credit or are still building your credit history, this may make it easier to open an account with Chime.
Varo, a mobile-only bank, was established in 2015. As a result, there are no bank branches. To use Varo's services, first download and sign into the bank's Apple and Android mobile apps. Varo offers a lot of functionality for on-the-go users, which may entice you to go online.
Read Full Comparison: Chime vs Varo Comparison: Which Online Bank Wins?
Chime vs Current
There are some key differences between Current and a traditional checking account. Current, for example, allows you to access direct deposits up to two days faster and manage your account completely through the mobile app. Keep in mind that Current does not have any physical locations, so you will be unable to deal with any banking issues in person.
Online banking with Chime is not the same as using a traditional banking system. Chime secures and protects your online financial accounts. It is a safe place to keep your money and access it without any technical difficulties. You can round up your purchases to the nearest dollar amount and save the difference because Chime has no monthly or overdraft fees.
Read Full Comparison: Chime vs Current – Which Banking Service Is Better?
Chime vs Marcus
Marcus, a Goldman Sachs Bank division, provides online savings accounts, CDs, and personal loans. Marcus has no physical locations, so you can only access your accounts through the Marcus website, mobile app, or phone-based customer service.
In addition to assisting you in avoiding typical bank fees, Chime includes useful new features such as early direct deposits and automatic saving. While Chime does not provide credit cards or loans, its savings options and competitive interest rates make it an excellent choice, especially for younger people.
Read Full Comparison: Chime vs Marcus: Which Online Bank Wins?
Chime vs SoFi
SoFi's online Spend and Save account, like the Chime online checking account, is fee-free, but it has some different checking account features. Chime, for example, offers a $200 fee-free overdraft facility subject to terms, whereas SoFi provides cash back if you have recurring direct deposits of $500 or more each month.
Read Full Comparison: SoFi vs Chime: Which Online Banking Wins?
Chime vs Ally
Ally has a robust banking product offering that rivals that of a traditional bank. Savings accounts, checking accounts, CDs, investments, retirement products, personal loans, auto loans, and mortgages are all available.
Chime's product line has been simplified. All Chime products are designed to assist customers in rebuilding or establishing credit. There are only two savings accounts, one checking account, and one credit card available.
Read Full Comparison: Ally vs Chime: Which Banking Account Wins?
How We Compared Axos Bank and Chime: Methodology
In our comprehensive banking comparison, The Smart Investor team thoroughly assessed Axos Bank and Chime across five main categories:
- Checking Accounts (30%): We scrutinized essential features like direct deposit, debit card availability, monthly maintenance fees, ATM and branch access, check deposit, bill pay options, and account alerts. Additionally, we considered any special checking account options and promotions offered to customers.
- Savings Accounts including CDs (20%): Our evaluation focused on critical factors such as APY (Annual Percentage Yield), minimum deposit requirements, Terms and Flexibility of accounts, and the assurance of FDIC insurance. We also examined special savings options, variety of CDs, automatic renewal options, and early withdrawal penalties.
- Credit Cards (15%): We analyzed the rewards program, annual fees, intro bonuses, travel benefits, APR, and balance transfer options offered by each bank's credit cards, ensuring a comprehensive comparison of available features.
- Lending Options (15%): We assessed the variety of lending options available, including personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, providing consumers with insights into the bank's lending capabilities.
- Customer Experience And Bank Reputation (20%): Our evaluation included an analysis of online banking and mobile app usability and ratings, customer support accessibility, online reviews, JD Power research, Trustpilot ratings, and the overall Financial Stability of each bank, ensuring a holistic view of customer experience and reputation.
The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.
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. The secured Credit Builder card issued by Stride Bank, N.A.
