Chime vs Current: Which Digital Banking Account Is Better In 2023?
Chime and Current are two financial services companies that offer innovative solutions for managing personal finances.
Chime focuses on providing users with access to banking, savings, and investing tools, while Current provides a range of products designed to help people budget better and save money.
Both Chime and Current have their own unique features that make them stand out from other financial service providers.
In this article, we will compare Chime vs Current in terms of their fees, customer service offerings, product selection, security measures, and more so you can decide which one is right for you.
Chime Vs Current
Current offers a selection of 40,000+ ATMs and Up to 4% APY on up to a $6,000 balance in savings, with no withdrawal fees.
The two services differ in how they handle savings and investments. Chime allows customers to open a high-yield savings account called the “Chime Savings Account.” This account earns up to 2.00% APY on deposits up to $200,000.
It also includes a “Saving Goals” feature which allows customers to set aside money for their goals and track their progress.
Regarding investments, Chime offers customers access to fractional ETFs and individual stocks with zero fees.
What Is Chime?
It is a financial technology company founded by Chris Britt (CEO) and Ryan King (CTO) in 2012. The company launched publicly in 2014 and now has over 13 million customers. Although Chime is not a traditional bank, they have carved out its niche in the online banking sector.
They don't maintain physical branches; all services are offered through an easy-to-use digital platform. Chime offers customers access to an FDIC-insured bank account, cashback rewards, budgeting tools, and more.
Chime has no minimum balance requirements, overdraft fees, or monthly maintenance charges. Cime gives customers access to 60,000 fee-free MoneyPass ATMs. Chime allows customers to open a high-yield savings account called the “Chime Savings Account.”
This account earns up to 2.00% APY on deposits up to $200,000. It also includes a “Saving Goals” feature which allows customers to set aside money for their goals and track their progress. Regarding investments, Chime offers customers access to fractional ETFs and individual stocks with zero fees.
In 2021, Chime achieved an impressive feat of generating $950 million in revenue and landed a remarkable valuation of $25 billion.
What Is Current?
Current is a digital bank founded in 2015 by Stuart Sopp. Current is a full-service banking platform with no monthly fee. It offers customers access to an FDIC-insured Checking account with a Visa debit card, free withdrawals at over 40,000 ATMs nationwide, and up to 4% APY on savings of $6,000.
Current also offers customers a range of financial tools, such as budgeting and expense tracking features, automated savings options, and real-time spending notifications so you can stay on top of your finances.
The service is free to use. However, a $3 fee and a 3% International transaction fee will be charged for cash withdrawals with ATM transactions and all international dealings.
Chime And Current Banking Options
- Savings accounts - Yes
- Business loans - No
- Investing ability - No
- Government mortgage - No
- Credit cards - Yes
- Debit cards - Yes
- CDs - No
- Checking accounts - Yes
- mortgage - No
- Money market account - No
- Personal loans - No
- Savings accounts - Yes
- Business loans - No
- Investing ability - No
- Government mortgage - No
- Credit cards - No
- Debit cards - Yes
- CDs - Yes
- Checking accounts - Yes
- mortgage - No
- Money market account - No
- Personal loans - Yes
Chime Vs Current - Saving Accounts
With a Chime Savings account, you could be making up to 2.00% APY with no fees or minimums necessary to open your own personal account.
And what's even more incredible? You can begin earning interest on just $1 in your savings - that's right, one dollar. With their "Saving Goals" feature, customers can also track their progress as they work towards achieving specific objectives.
Current does not have any saving account. Current allows you to create saving pods and organize your finances to save more. With the Current premium account, you can have up to three pods - one for a vacation, one for eating out, and any other short-term financial goal.
You earn up to 4% APY on savings of $6,000 with no fees or minimums necessary to open a personal account.
Chime Vs Current - Checking Accounts
- Chime offers customers access to an FDIC-insured Checking account with no minimum balance requirements, overdraft fees up to $200, or monthly maintenance charges can also use the roundup auto savings feature. You can manage your money with the Chime mobile banking app, which is available 24/7.
- Customers can access an FDIC-insured bank account and Visa debit card with a Current Checking account. You can withdraw cash for free at over 40,000 ATMs nationwide. The service is free to use. However, a $3 fee and a 3% International transaction fee will be charged for cash withdrawals with ATM transactions and all international dealings.
- Additionally, you can use the Current mobile banking app to manage your finances 24/7 and enjoy features such as budgeting tools, automated savings options, and real-time spending notifications so you can stay on top of your funds.
- Furthermore, customers can set up daily balance updates and real-time transaction alerts with the customizable debit card. You can also protect your account from unauthorized charges with Visa Zero Liability.
What Credit/Debit Cards Do Chime And Current Offer?
Chime is equipped with debit and credit cards, giving you all the payment options you need. Chime offers customers the option to apply for their Visa Debit Card.
With Chime, you can access an incredible 60,000+ fee-free ATMs with no minimum balance or monthly maintenance fees.
With Chime, you can enjoy the unparalleled security of a customizable debit card.
- If you lose your card, you can block transactions
- Set up daily balance updates
- Real-time transaction alerts
- Protect from unauthorized charges with Visa Zero Liability
- Plus, enjoy the added perk of a free overdraft service. They also offer cashback rewards on select purchases made with the card. Unfortunately, Chime has a credit builder-secured visa credit card.
- With the Chime visa credit card, you will get great features.
- No annual fee or interest
- No credit check to apply
- No minimum security deposit required
Current does not offer credit cards but offers customers a free Visa Debit Card. You can withdraw cash for free at over 40,000 ATMs nationwide.
With the Current debit card, enjoy daily balance updates and real-time transaction alerts and protect your account from unauthorized charges with Visa Zero Liability. You can also benefit from Overdrive, an overdraft facility for your debit card up to $100.
With Current, you can have the confidence of a uniquely tailored debit card that offers unbeatable security.
- If your card has gone missing, blocking all transactions is simple. And when you locate it again, unblocking and resuming use is as easy as ever.
- Secure Bank Connections.
- Effortlessly connect and transfer funds from any banking account securely.
- Thanks to the EMV chip on your card, you can rest assured that any personal data stored will remain safe and secure from the threats of cyber criminals using card skimmers.
- Maximize your security by utilizing fingerprint and facial recognition locks on iOS and Android devices. With these safeguards, you can rest assured that your privacy is protected.
Chime and Current make managing finances easy, but Chime has additional bank and debit card options. Current has a free Visa Debit Card, but Chime has a Credit Builder-Secured Visa Credit Card.
The personalized debit card and complimentary overdraft service provide Chime consumers extra safety. Current provides daily balance updates and real-time transaction warnings to prevent illegal charges.
Security Concerns About Chime and Current
Protect your finances with Chime Bank, FDIC insured through The Bancorp Bank N.A. and Stride Bank N.A., up to $250,000.
Alongside their first-class security features, such as customizable debit cards with extra protection against fraudulent charges or an EMV chip for added safety, you can activate/deactivate your card anytime so no one can take advantage of you.
Chime's two-factor authentication and fingerprint/face ID authentication offer users additional security when logging in. You can rest assured that your personal information is kept safe.
Chime provides a secure environment for banking, with daily balance updates, real-time transaction alerts, and Visa's Zero Liability policy. You'll also receive cashback rewards on debit card purchases at selected stores.
Current provides unparalleled security with their Visa Debit Card backed by Federal Deposit Insurance Corporation (FDIC) insurance up to $250,000. Current users can also benefit from daily balance updates and real-time alerts.
Current is built upon a foundation of bank-level security and has multiple layers of protection to keep your personal information safe. With Current, you can rest easy knowing that all transactions are encrypted with Secure Socket Layer (SSL) technology.
Additionally, they use customer authentication and fraud filters to verify all transactions and prevent unauthorized activity on your account.
Current also takes a proactive approach to security and offers features such as two-factor authentication, facial recognition, and fingerprint locks. These features make it virtually impossible for someone to access your account without your consent.
How Is The Customer Service at Chime And Current?
For customer service, Chime offers online banking support 24/7 and has a full suite of tools to help you find answers quickly. You can access their FAQs, discussion forums, and live chat anytime. To contact Customer Service, you can call or send an email.
With Current, customer service is available 24/7 via email, helping form, and live chat, and you can also use phone support, but phone support is currently limited. They also provide a full suite of online banking tools to help you find answers quickly.
In addition, they offer in-depth tutorials and articles when needed. You can also contact their team via social media or visit a physical branch in select states.
Some Other Features of Chime And Current
Current and Chime come with a plethora of features that we have outlined below.
With the Credit Builder, you can rebuild your credit without worrying about interest or annual fees. The card does not check your credit score and allows you to build a positive financial history.
Second chance banking:
Chime provides banking solutions even to those who have had a rough history with past accounts. So, if you don't possess the best credit score out there, Chime won't consider it while assessing your application because they don't use ChexSystems reports.
Peer-to-peer transfers to anyone:
With Chime, you can conveniently send money to anyone in an instant. Current, only Current members can transfer funds through peer-to-peer transactions.
Reporting to the major bureaus:
By taking advantage of Chime's services, you can report to all three major credit bureaus (Equifax, Experian, and TransUnion). If you make your payments on time, your credit score will improve quickly.
With the Current, parents can equip their teenagers with an opportunity to learn financial responsibility safely. This teen banking account has the same features as a typical adult's account but comes equipped with parental oversight for even more security.
Plus, when teens use their debit cards at selected stores, parents and children will receive cashback rewards. All this becomes available once your teen turns 13 years old; perfect timing to begin developing financial literacy skills before adulthood.
To keep track of your finances, Current provides spending insights that allow you to monitor your transactions easily. With this feature, you can categorize expenses and see how much money you spend in various areas. This allows for better budget tracking and helps you identify trends before it's too late. This feature also comes with bonus cashback rewards when shopping at participating merchants.
Take your investing to the next level with Current, allowing you access to up to 30 cryptocurrencies. With this volatile asset that has made millionaires out of some ambitious users and rewarded steadfast investors alike, there's no better way for you to maximize your profits.
To help you make informed decisions on crypto trading, Current also includes tutorials and a wealth of resources within their platform. Start taking advantage of digital currency today with Current.
Gas holds refunds for premium members:
If you're a premium subscriber of Current, you can receive up to 72 hours' worth of refunds for accidental gas holds. With this feature, no longer will you have to worry about fluctuating prices at the pump when going on road trips - swipe your card and know that if an overcharge occurs, Current's got your back.
Signing Up For Chime And Current
Signing up for Chime is easy, and you can do it online via a mobile app from the app store and google play or a website. All you need to do is provide your personal details, such as name, address, date of birth, email address, and phone number.
You must also provide a valid Social Security Number (SSN). Once the details are verified, Chime will ask you to create a username and password for your account.
You can sign up for Current online or through their app store, Google Play, or website. Before you can create an account with Current, we need your information.
Provide your name, address, date of birth, email address, and phone number, along with your Social Security number. Then in no time at all, you'll be ready to access our services.
Chime vs Current - Pros & Cons
Every online bank always comes with pros and cons. Here are some of the advantages and disadvantages associated with both Chime and Current:
- Savings accounts have no minimum deposits or cash limits
- Send money to anyone without incurring any fees
- No foreign exchange fees
- 24/7 customer support
- Send paper checks free of cost
- Easy to sign up
- Automatic savings feature
- FDIC insured up to $250,000
- You can build your credit with a credit builder
- No cash-back rewards
- No joint accounts
- You can't invest in crypto like the current
- Limited withdrawal options
- No cash deposits
- Lower Annual Percentage Yield (APY)
- Higher APY than Chime
- You can earn cash-back rewards from thousands of retailers across the country
- Teen Banking Feature with parental oversight
- Up to 72 hours' worth of gas holds refunds for premium members
- Cryptocurrency trading capabilities
- Spending insights to track transactions and budget better
- Easy signup process
- Limited customer service support options
- The 4% APY caps at $6,000
- Phone customer support isn't available
- Peer-to-peer transactions are not available for non-Current members
- Foreign transactions charge 3%
- Current doesn't have a credit-building tool like Chime
- No joint accounts option
Chime And Current - Which Option Is Best For You?
Choosing the right banking platform for you is largely based on your financial objectives and savings goals. Consider the amount of money you'd like to store away and any long-term plans or aspirations before deciding.
Looking to maximize your returns while earning cashback? Current is the perfect option for you. Chime gives you access to effortless money transfers and no costly foreign transaction fees.
Plus, with their credit-building tool and lack of cash limits, you can trust that your financial needs are in good hands. As such, review your demands carefully and make a wise decision.
4 Best Online Banks Like Chime And Current: Top Alternatives
If you’re still unsure whether Chime or Current is the right option, here are some of our top alternatives.
Expand your finances with Discover Bank's exceptional cashback program. Score 1% back on up to $3,000 of debit card purchases.
You'll never pay a dime for withdrawals at over 60,000 ATMs. And if that wasn't enough - our high-yield Online Savings Account gives 3.50% APY without any minimum deposit required.
Ally Bank is perfect for saving, checking, and investing. With an APY of up to 3.40% on its savings accounts with zero minimum balance requirement, Ally provides mobile banking access and tailored investment advice.
You have the option of a money market account or interest checking one too – plus you can even open three distinct Certificates of Deposit (CDs) if needed.
With Varo Money's powerful digital banking platform, users can access checking and saving accounts with a jaw-dropping 5.00% APY on savings if they carry $5,000 or less in the account.
With this amazing offer, you can quickly build your financial health while taking advantage of one of the highest interest rates available today.
Axos Bank is the ideal financial destination for anyone seeking an all-inclusive solution. It offers five different consumer checking accounts and a vast selection of products - from savings accounts to CDs and high-yield Money Market choices.
Without any monthly fees attached, you can effortlessly grow your wealth with multiple joint account access if needed.
Best of all? You get up to 0.61% APY on its High Yield Savings Account which will help you reach those ambitious saving goals faster than ever. Plus, with Axos' 24/7 Customer Support, you can rest assured that your finances are safe.
FAQs About Chime And Current
What types of accounts do Chime and Current offer?
Chime provides both checking and savings accounts to its customers, while Current offers a top-tier high-yield savings account along with their regular checking account.
Does Current have any special plans for children and teenagers?
Yes, Current offers a variety of youth accounts for children and teenagers, including Kid's Savings Accounts. These accounts provide an easy way to teach young people about the importance of budgeting and saving.
Do either Chime or Current offer peer-to-peer payments?
While Chime provides peer-to-peer payments to its members, non-members of Current cannot take advantage of this feature.
What is the downside of Chime?
Unlike most traditional banks, Chime does not provide services like check cashing or deposits in person. Additionally, they do not offer a physical debit card to customers.
Does Current have any minimum balance requirements?
No, Current does not require any minimum balance to open an account. This makes it easy for anyone to begin saving without worrying about costly fees or maintaining a minimum balance.
How secure is Chime?
Chime is a 100% secure digital bank, boasting 13 million users. All accounts are FDIC insured, and the company implements top-level encryption technology to ensure your account data is safe. With Chime's advanced security protocols, you can rest assured that your financial needs are in good hands.
What is the limit for Chime withdrawal?
With Chime, you can withdraw up to $515 daily from any ATM for only $2.50 - even if it's not in the network.
Choosing the right bank for your financial needs can be a difficult decision. But whether you opt for Chime, Current, or another provider, make sure to compare the features of each and decide on one that offers the best combination of customer service, security, convenience, and interest rates.
With the abundance of options available today, you will surely find a banking experience perfectly tailored for you. Before making your selection, make certain that the bank is FDIC insured. Regardless of one's needs, however - we recommend considering one of our top alternatives to guarantee an optimal user experience.
Carefully analyze your requirements and make an informed decision. If you require additional assistance, don't be afraid to contact a financial advisor or professional who can give individualized investment advice. We wish you the best of luck finding something that suits you perfectly.