Chime is one of the most popular fintech companies that's known for its lack of fees and ease-of-use. However, it's not always the best choice if you want higher interest rates, cash-back rewards, or more in-depth banking features.
Thankfully, there are numerous online banks like Chime you can consider if you're on the market for a new bank.
The Best Chime Alternatives Right Now
Our list of online banks like Chime includes a “best for” bank for various categories as well as our overall favorite option. Think about the banking features that are most important to you or what Chime's missing and then pick a bank that suits your needs.
Best Overall: Ally Bank
Why We Chose Ally: In our opinion, Ally is the most comprehensive alternative to Chime you can use. This online bank has low fees and an excellent high-yield savings account that pays more than Chime. It also offers a competitive money market account. And unlike Chime, its checking account pays up to 0.25% interest.
We also like Ally over Chime if you want more investing features. It offers both self-directed trading that's commission-free for stocks and ETFs. You can also trade bonds, options, and mutual funds. And for passive investors, there's Ally's robo-advisor service.
- High savings account APY
- Numerous investing features and other banking features
- Minimal fees just like Chime
- Its checking account has a fairly low interest rate versus other Chime alternatives
Best For Small Balances: Varo
Why We Chose Varo: Chime's high-yield savings account currently pays 0.50% APY. But with Varo's online savings account, you start out with 1.20% APY. And you can earn an astonishing 5% APY on balances under $5,000 if you get direct deposits totalling $1,000 per month and have an open Varo Bank account as well.
This APY is tough to beat, and it's an excellent Chime alternative if you have under $5,000 in cash. Plus, Varo lets you earn up to 6% cash back if you shop with your Varo debit or credit card. And like Chime, you can use Varo's secured Visa card to improve your credit score without paying annual fees or interest. Throw in its $100 cash advance feature and free withdrawals from 55,000+ AllPoint ATMs, it's clear why Varo is one of the best banks like Chime there is.
- No minimum account balance requirements like Chime
- Earn cash-back rewards with your Varo card
- Earn an impressive 5% APY if you meet qualifying deposit terms
- Varo is best for account balances under $5,000
Best Rewards Checking Account: Axos
Why We Chose Axos: This Chime alternative is best known for its array of fee-free checking accounts. But the reason Axos made this list is for its Rewards Checking account. This account pays up to 1.25% APY and has zero monthly maintenance fees or minimum balance requirements. Your base APY starts at 0.40% for having monthly direct deposits of at least $1,500. From there, you increase your interest rate by trying other Axos products like Axos Invest or adding loan payments.
Axos also has a decent high-yield savings account and both active and managed investing options. The other online checking accounts it offers are also compelling, especially if you're trying to avoid bank fees or want to open a checking account for your teenager.
- A full-service online bank with checking, saving, MMA, and investing products
- A flexible rewards checking account and other useful checking accounts
- Low-fee just like Chime
- Reaching 1.25% APY with your Rewards Checking account takes a few steps
Best Eco-Friendly Alternative: Aspiration Spend & Save
Why We Chose Aspiration: If you want an alternative to Chime that's focused on being more green, Aspiration is for you. This online bank pays you up to 10% cash back for shopping at eco-friendly partners in its Conscience Coalition program. And if you open an Aspiration Zero credit card, a tree gets planted every time you make a purchase.
But Aspiration is more than just an environmentally-friendly bank. Its Spend & Save account pays up to 5% APY on balances up to $10,000, which is one of the highest rates out there. And thanks to Aspiration's sign up bonus, you can get up to $200 for opening a new account and spending $1,000 within your first 60 days.
- Earn up to 5% APY on up to $10,000
- Impressive cash sign up bonus
- Earn rewards for eco-friendly purchase
- Aspiration's premium plan costs $7.99 per month or $5.99 when paid annually
Best For Crypto Fans: OnJuno
Why We Chose OnJuno: Since crypto investing is growing in popularity, it's no surprise many online banks are jumping on the bandwagon. And with OnJuno, you can easily trade popular cryptos like Bitcoin and Ethereum with funds right from your bank account. Customers also earn 3% APY on BTC and ETH holdings and 6% on USDC for some passive income.
But OnJuno isn't just a crypto banking solution. It currently pays up to 1.20% APY on cash deposits and 5% cash back at five of your favorite brands. Like Chime, OnJuno doesn't charge monthly account fees either, and you don't pay foreign transaction fees or withdrawal fees.
- Easily buy cryptocurrencies from the OnJuno app
- Earn passive crypto rewards
- A competitive 1.20% base APY rate
- You only earn cash back on up to $3,000 in annual spending
Best For Entrepreneurs: Novo
Why We Chose Novo: If you're a small business owner, freelancer, or entrepreneur, online banks like Chime are useful since you save on banking fees. And with business banks like Novo, you don't have to sacrifice features to stay low-fee.
With Novo's Business Checking account, you can easily send invoices, track income and expenses, and set money aside for taxes and payroll. But its invoicing capabilities are the main selling point. Novo integrates with Stripe, PayPal, and Square and also lets you accept ACH and check payments.
And if you sign up with Stripe through Novo, you get up to $20,000 in fee-free processing to sweeten the deal. Novo also lets you send unlimited free transactions within the U.S. and works with Wise for international transfers.
- Offers flexible payment terms
- Robust invoice tools
- Numerous bonuses from Novo partners like Stripe
- No monthly fees or minimum balance requirements
- Integrates with business tools like Quickbooks and Xero
- You can't make cash deposits
- No business savings account
Chime Pros & Cons
How to Choose The Best Chime Alternative
Chime is an excellent option for storing your cash because it doesn't charge any monthly fees or overdraft fees. You don't pay foriegn transaction fees either and get 60,000+ fee-free ATMs. When you look for an alternative to Chime, make sure you find one with as few fees as possible or banks where the annual membership fee make sense for the rewards.
Think About Balance & Spending Requirements
Another perk of Chime is that there's no minimum balance requirement. You don't have to spend a certain amount of money per month to unlock the best perks either.
In contrast, some online banks have opening requirements or require receiving direct deposits to earn rewards. And banks like Aspiration require spending $1,000 per month to earn the most interest on your Spend & Save account.
Consider Rewards & Sign-Up Bonuses
Chime has had numerous sign up bonuses and referral bonuses since its inception. Many online banks offer similar promos, and you can often get $500 to $150 or even more for opening and funding a new account. If you're on the fence between two Chime alternatives, these bonuses often help break a tie.
Look For Extra Banking Features
One benefit of Chime is that you have three account options: a checking account, the Chime Credit Builder, and a savings account. But you don't have access to investing features or many retirement tools. This makes Chime useful for using a low-fee checking or savings account but a poor choice if you want a full-service bank.
Options like Ally Bank and Axos are some of the best online banks like Chime because they have enough features to support your financial growth. Decide which banking features are most important to you and then pick a bank that supports your needs.
When picking the best online banks like Chime, we considered factors like monthly fees, minimum deposits, interest rates, cash-back rewards, and other banking features. We also looked for banks that suit specific types of customers best, like those with smaller balances or those who like crypto.
The companies that made our list didn't influence our rankings in any way. Note that there are plenty of other quality options that didn't make our list that you can consider as well. However, the names above are all excellent online-only banks and are our favorite Chime alternatives right now.Chime Disclosure - Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
1Chime cannot guarantee when files are sent by the IRS and funds can be made available.
^Early access to direct deposit funds depends on payer