Genuinely, Chime is a fintech company that provides safe or protected banking. With approximately 10 million members, we can presume that Chime’s customers are satisfied. Nonetheless, other fintech companies and online banks offer the same capabilities as Chime. Thus, how do you determine which one is best for you? This article compares and contrasts the five best online banks comparable to Chime. Significantly, we have highlighted the essential elements of each platform and outlined their similarities and differences with Chime.
List of Contents
What Exactly Is Chime?

Before discussing the alternatives to Chime, let’s briefly define Chime. Chime is one of the most well-known digital banks. It is designed to make banking beneficial, simple, and fee-free. Moreover, it is a 2014-founded American financial technology company in San Francisco, California. It is really popular. Chime has over 12 million customers, of which 8 million use the company as their primary bank. Chime was valued at $25 billion in 2021.
Chime provides users with the following three types of accounts:
- Checking account
- Savings account
- Credit Builder account
Nevertheless, Chime is among the most popular online banks, but it is not your only option. You can find which online banks are best like Chime in this article.
Ally Bank

Overview
Ally Bank is a branch of Ally Financial, originally known as GMAC Inc. It was established more than a century ago. The Ally Checking account, like the Chime Checking account, has no fees or minimums. However, the Ally Checking account earns interest.
Moreover, the Ally Savings account is free, but the interest rate is lower than what Chime offers. Obviously, interest rates fluctuate. Thus, this may alter.
Ally’s Savings account also includes roundups that round up your Checking account purchases and put the difference in savings.
In addition, Booster savings contributions are available. The Booster feature transfers excess funds from your checking account to your savings account when it detects available funds. However, Ally also offers high-yield Money Market accounts and certificates of deposit. Ally does not provide a Credit Builder account, a significant distinction from Chime.
Similarities to Chime
- Savings roundup options
- High-interest savings option
- Saving accounts with no minimums and fees
- Checking accounts with no minimum balance or fees
Differences to Chime
- Ally has physical bank locations.
- Ally does not offer credit-building accounts.
Which Option Should I Take?
You must choose Chime if you need to create or increase your credit score. However, Ally is the best option if you are interested in CD possibilities and want physical branch locations.
Website: Ally Bank
Axos Bank

Overview
Axos Bank is an online bank founded on July 4, 2000. Currently, the company’s assets exceed $14 billion. Significantly, there are three different personal checking accounts available at Axos. The Essential checking account is a no-fee, no-minimum online checking account.
The Rewards checking account can earn interest of up to 1.00% if certain conditions are met, such as having a minimum of $1,500 in monthly Direct Deposits.
In addition, the Cashback checking account from Axos offers up to 1% cash back on debit card purchases with a signature. Like Axos’ Money Market account, the bank’s High Yield savings account has no minimums or fees and pays a competitive interest rate.
Similarities to Chime
- High-interest savings option
- Saving accounts with no minimums and fees
- Checking accounts with no minimum balance or fees
Differences to Chime
- Axos has no credit-building accounts.
- Opening a High-Yield Savings account requires $250.
Which Option Should I Take?
You must choose Chime if you need to create or increase your credit score. However, you have to choose Axos if you want a bank with greater savings rates and loan alternatives.
Website: Axos Bank
Varo

Overview
Varo was founded in 2015. Significantly, it was the first consumer fintech in the United States to earn a national bank charter from the OCC. Similar to Chime, Varo provides accounts with no minimums or fees. Additionally, in-network ATM withdrawals are also free.
Varo’s Savings account is fee-free and has a minimum balance or deposit of $0.01. Automatic savings from Direct Deposits and rounding up purchases let you save more money. If you match the requirements outlined on the Varo website, the Varo Savings account allows you to earn up to 3% interest. The Varo Believe account is a credit-building account offered to people with monthly Direct Deposits of at least $1,000.
Similarities to Chime
- High-interest savings option
- Saving accounts with no minimums and fees
- Checking accounts with no minimum balance or fees
- Credit builder accounts
Differences to Chime
- The rate of savings is better.
- Higher direct deposit requirements are imposed on credit builder accounts.
Which Option Should I Take?
Genuinely, Chime has a lower Direct Deposit minimum requirement. However, you must select Varo if you desire a better savings rate.
Website: Varo
CapitalOne 360

Overview
CapitalOne 360 provides users with attractive online checking and savings solutions. The 360 Free Checking account has no fees or minimum balance requirements, and all balances earn interest. Moreover, the 360 Performance Savings account has no opening or maintenance requirements or monthly fees.
Additionally, the interest rate on the 360 Performance Savings account is equivalent to the highest-yielding money market account rates. There are nearly 70,000 fee-free ATMs available to CapitalOne account holders. You may visit a branch or CapitalOne Cafe’ for in-person assistance.
Similarities to Chime
- High-interest savings option
- Saving accounts with no minimums and fees
- Checking accounts with no minimum balance or fees
Differences to Chime
- CapitalOne provides loans and additional banking products.
- CapitalOne has no building credit account.
Which Option Should I Take?
You must choose Chime if you need to create or increase your credit score. However, you must choose CapitalOne if you are looking for a reliable online-only bank.
Website: CapitalOne 360
CashApp

Overview
Like Chime, CashApp is a fintech business offering a spending account. You can get Direct Deposit to your spending account up to two days early. Moreover, you can send money to family and friends.
However, a few CashApp features differ from those of Chime. In addition, you should take note of these distinctions. CashApp offers neither a credit-building nor a savings option. Nonetheless, an investment opportunity allows you to purchase stocks and bitcoin shares for as little as $1.Both the spending account and the investing account are free of charge. However, ATM costs are $2, and a maximum monthly refund of $7 for ATM expenses.
Similarities to Chime
- Spend account with no minimum requirements and no fees
Differences to Chime
- CashApp provides fee-free investment alternatives with fractional share purchase possibilities.
- CashApp has no credit builder account.
- CashApp has no savings account.
Which Option Should I Take?
You have to choose Chime if you need to enhance your credit score or if you want to save money. However, you must choose CashApp if the prospect of fee-free investing with minimal investment minimums appeals to you.
Website: CashApp
Conclusion
In summary, Chime provides various services, including a spending account, an investment account, and a credit builder loan. Your Chime savings account comes with a competitive interest rate and other free features.
Although our competitors to Chime offer some of the same features, no other app can provide the same features at the same price. Chime is worth considering if you want to establish credit and open a no-fee spending or high-yield savings account. However, if you don’t require or desire these features, consider one of the alternatives to Chime listed in this article.