Chime is one of the preferred banking options in the United States. Although it is not a banking entity, it has similar services you can enjoy. It was created in 2013, and since then, it has had interesting services.
However, in its options, you will find only one debit card you can use for your transactions. If you want to expand your possibilities, it will be necessary to look for cards from similar financial institutions with more possibilities.
The best alternatives to Chime
Chime’s banking option is one of the best alternatives to have your money protected and be able to make all transactions online. But when your options are not enough, it is time to find new alternatives such as:
Axos Bank
The main difference between Chime and Axos Bank is that the latter is a real banking institution and is FDIC insured. Furthermore, with Axos Bank, you have more account options, and debit/credit cards you can get and the rewards are flashier.
However, their technology is more complex and less advanced than Chime. It is not a good alternative if you commonly rely on automatic notifications or transactions. It also has the alternative of direct deposits, although they are not as fast.
Quontic
This community development bank offers deposit rewards to benefit low-income families wishing to acquire mortgage financing. There are three interesting accounts to choose from.
The first is a high-interest checking account, cash rewards checking account and a Bitcoin rewards checking account. The latter is one of their preferred features and is often preferred by users.
But once again, its technological options are less efficient compared to Chime. A minimum deposit of $100 is required to access Quontic for any of its accounts. A different situation with Chime.
Ally Bank
Another alternative is the former GMAC; Ally is a full-service digital bank with competitive rates. Ally’s APY savings account is similar to Chime’s. As for their checking accounts, each has a different interest rate.
You find the paper check feature with Ally, and it also has options for IRA retirement accounts, money market accounts, home, personal or auto loans.
Varo
One of the most similar alternatives to Chime is Varo; their offerings are pretty much the same. With Varo, you can only opt for checking, credit-building or savings accounts. They also have a direct deposit service with two day’s notice.
For balances under $5k, you have better rates compared to Chime. The rest of their services are the same.
Capital One 360
Capital One 360’s banking options are quite competitive; their savings and checking accounts are one of the best choices. In addition, it offers business and commercial bank accounts, a point that Chime does not have.
Of all the options mentioned, this is the only one that can match and surpass Chime’s technology. Its application is the simplest thing you will find to make your transactions; it is easy to use and offers a lot of security to users.
You can access debit or credit cards depending on the account chosen. With the 360 checking account, there is no minimum opening fee, monthly maintenance fees, and 0.10% APR and you can access more than 40,000 Allpoint ATMs.
MoneyLion
To get a digital account, you only have to register and add the requested financial information; that is, it is free. It has the special service of receiving prepayments and offers you cash advances up to $1,000 with 0% APR.
It is expected to offer a flexible payment plan and investment in cryptocurrencies in the coming months. You can also join the personal finance monitor, where you can track your financial situation and determine your spending.
Is it good to have additional cards besides Chime?
Most Americans have more than one card in their wallets; each offers different benefits for completing payments and keeping up with services. Now, that’s not to say that you should have an account at each of the banks mentioned above.
Chime is an excellent alternative to save and avoid certain additional fees. But it does not have some benefits such as credit cards or the possibility of accessing special loans with its cards. It is time to explore new options if you are looking for these benefits.
Another point you should consider is that you will not be affecting your credit history by acquiring Chime products. However, when you apply for a new card at any of the above banks, they may review your credit history, and, as a result, your credit score will be affected for a few weeks.