Table Of Content
Current is an online-only bank accessible through a mobile app, offering unique features like Savings Pods for goal-setting, fast direct deposits, and parent-teen accounts to encourage good financial habits.
Parents can link accounts, provide allowances, and track teen spending. While convenient, most accounts, except basic checking, come with monthly fees.
Chime, also online-only, partners with two banks to offer fee-free checking and savings accounts.
It features automated savings tools, no monthly or overdraft fees, and round-up savings options. However, cash deposits can be challenging.
Banking Options
Current | 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 has a conventional savings account option that offers 2.00% APY with no fees or account charges.
Current doesn’t particularly have a savings account as such. Instead, the Current account allows you to create savings pods. These are not really to attract interest, but rather they help you to organize your finances and save more.
With the premium Current account, you can have three pods. One pod can be used to save for your vacation, another for eating out, or any other short-term financial goal.
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Checking Account
Chime offers a more conventional checking account with features like fee-free overdraft protection (up to $200, subject to requirements) and a round-up auto-savings tool.
With this feature, debit card purchases are rounded up to the nearest dollar, and the difference is transferred to savings.
For instance, a purchase of $8.55 is rounded to $9, and $0.45 goes into savings—small amounts that add up over time, boosting savings effortlessly.
Current, on the other hand, provides a modern take on managing finances.
It offers a basic account with no monthly fee or a Premium account for $4.99 per month. Both accounts include a debit card and tools to track spending by category.
Current also provides spending insights to support budgeting, focusing on flexibility and intuitive money management rather than traditional banking.
Current | Chime | |
|---|---|---|
APY | 4.00% | 0% |
Fees | $0 | $0 for the basic account or $4.99 per month for premium |
Minimum Deposit | $0 | $0 |
Main Benefits |
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Credit Cards
Chime’s credit card is a secured card with the aim to help you build credit. There is no annual fee or interest and no credit check to apply. You need a security deposit for the card, but there is no required minimum.
Chime reports your card payments to all three credit bureaus, so you can start to build your credit over time. Chime claims that its members have an increase of 30 credit score points on average.
Current offers a debit card that connected to your account . While Premium account holders can benefit from up to $100 “Overdrive”, this is more of an overdraft facility for your debit card rather than a credit card.
Customer Service
Chime 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.
Current also offers 24/7 customer service via phone, chat and email.
Online/Digital Experience
Both Chime and Current have an app to help you to manage your accounts on the go. Chime’s app is rated 4.8/5 on Apple and 4.7/5 on Google. The Current app is rated 4.7/5 on the Apple Store and 4.6/5 on Google Play.
However, while Chime has a website packed with learning resources, the Current app is the hub for your account. You’ll need to use it to access your account activity and spending insights.
This means that you need to be completely comfortable with an app based account, since the website is more of a Q&A resource rather than a dashboard to manage your account.
Which Bank is The Winner?
To sum up, we’ll need to look at which bank is better, according to what you’re looking for.
If you have a less than perfect credit rating, Chime offers a great trifecta of products. The checking and savings accounts are solid products, but having a no credit check secured credit card is a nice touch.
However, Current has evolved the traditional checking account to offer an app based banking system that allows you to earn points on your purchases and manage your account transactions on the go.
FAQs
What is the reputation of Chime Bank?
- A+ on BBB – BBB assigns ratings ranging from A+ (highest) to F (lowest) (lowest). BB ratings are based on information in BBB files about factors such as the business's complaint history with the BBB, the type of business, the length of time in business, transparent business practices, and more.
- 2.39/5 on BBB customer reviews (675 reviews) – BBB customer reviews allow customers to leave positive, negative, or neutral feedback about their marketplace experiences.
- 4.4/5 on Trustpilot (6508 reviews) – TrustScore is an overall measure of reviewer satisfaction that ranges from 1 to 5.
What are the savings options Chime offers for customers?
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 account.
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.
Does Current have any special plans for children and teenagers?
There are special accounts available to teach young people how to use a checking account. The teen can open their own account and receive their own debit card, but parents can set blocks for specific purchases and spending limits, receive notifications, and even schedule allowances.
What is the most significant disadvantage of Current?
Aside from the limited product offering, while many traditional banks waive fees, only the basic checking account is fee-free. Premium checking costs $4.99 per month, and Teen Checking costs $36 per year. While qualifying Premium account holders receive free overdraft protection, these costs can quickly add up if you're used to fee-free banking.
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Chime vs Axos
Axos Bank offers home improvement loans as well as checking and savings accounts online. Because Axos is a low-cost online lender, it is able to pass on significant savings to its customers. Axos waives many fees and reimburses ATM and rewards checking fees.
Chime is an online-only company that works with two banks to provide checking and savings accounts. 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.
Read Full Comparison: Axos VS Chime: Which Online Bank Is Better?
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 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.
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.
How We Compared Chime and Current: Methodology
In our comprehensive banking comparison, The Smart Investor team thoroughly assessed Chime and Current 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.
Chime Disclosure:
- *The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of November 17, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.
- 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. Credit Builder card issued by Stride Bank, N.A. Chime Spending Account and $200 or more qualifying direct deposit required to apply for the secured Chime Credit Builder Visa® Credit Card. See chime.com to learn more.
