8 Best Online Banks Like Chime

The popular app Chime® has become known for its easy-to-use mobile interface, no monthly fees or minimums, and built-in automatic savings plans ¹². It's a good option for people who want a hassle-free experience, but it might not have some of the features of some online banks.

Many options are available for those searching for some of the best online banks that work like Chime but have additional features.

Most, like Discover® Bank, Ally, Axos, and Capital One, offer the same easy electronic access to your money but also have additional options that Chime doesn’t provide. Learn more about the best Chime alternatives.

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Key takeaways

• Many online bank accounts offer no minimum balance requirements and no or low fees.
• Some online banks, like Capital One, have physical locations in certain areas, but most only offer access via a mobile app or computer.
• Online banks generally offer a higher annual percentage yield (APY) on deposit accounts than traditional banks.
• Ally Bank offers the most comprehensive features of any bank on our list, including multiple investing features, a high-yield savings account, and an interest-bearing checking account.

The 8 best online banks like Chime

• Discover
• SoFi®
• Varo
• Ally
• Capital One
• Revolut
• Axos
• One

Best online banks like Chime comparison

Bank	Account minimums	Fees	ATM access
Discover	$0	$0	60,000+ fee-free ATMs via the Allpoint and MoneyPass networks
SoFi®	$0	$0 monthly maintenance4 and overdraft fees5	55,000+ via the Allpoint ATM network6
Varo	$0	$0 monthly maintenance fees; other fees may apply	55,000+ via the Allpoint ATM network
Ally Bank	$0	$0 on checking and high-yield savings accounts	55,000+ via the Allpoint ATM network
Capital One	$0	$0	70,000+ fee-free ATMs via Capital One, the Allpoint network, and MoneyPass network; only Capital One branded ATMs can accept cash deposits
Revolut7	$0	$0 for card payments but currency exchange fees may apply	55,000+ via the Allpoint ATM network
Axos	$0	$0 no monthly maintenance fees or minimum balance fees	55,000+ via the Allpoint ATM network
One	$0	$0 monthly fees	55,000+ via the Allpoint ATM network

Discover

As a financial institution, Discover is best known for its credit card options but also provides online banking services like checking, savings, and retirement accounts. The Discover® Cashback Checking account offers up to 1% cash back on up to $3,000 in monthly Discover debit card purchases and has no monthly fees or minimum balance requirements.

Discover also offers an option to order paper checks, which may appeal to some people.

The Discover® Online Savings Account has a 4.00% APY (as of 10/22/24), and its 12-month CD currently offers 4.10% APY (as of 10/22/24). The Discover® Money Market Account earns 3.80% (as of 10/22/24) APY depending on the balance. CDs and money market accounts require a $2,500 minimum deposit but don’t have account fees.

Check out our full Discover bank review.

Or visit Discover.

SoFi®

SoFi® provides a checking and savings account that offers up to 4.20% APY. You don’t have to worry about monthly service charges or overdraft fees.

SoFi is a Member, FDIC ⁹. SoFi® is an online-only financial institution, but you can still receive up to $2 million in FDIC insurance for your stored funds. That’s up to $250,000 of standard FDIC insurance and up to $2 million coverage if you opt-in to SoFi’s insured deposit program at no extra cost.

Read our full SoFi® review.

Or visit SoFi®.

Varo

Unlike Chime, which partners with The Bancorp Bank, N.A. and Stride Bank, N.A. to offer banking services and debit cards, Varo Bank provides its own checking and high-yield savings accounts but with a higher interest rate than Chime ¹¹.

While Chime only offers a 2.00% (as of Sept. 9, 2024) APY on its savings account, Varo provides 5.00% (as of 07/01/24) on the first $5,000 deposited.¹² To get the highest rate, you must receive a qualifying direct deposit of $1,000 or more each month and maintain a positive amount in your Varo Spending and Savings accounts. Any additional balance over $5,000 earns a lower APY.

Additionally, Varo offers budgeting tools, doesn’t charge monthly fees on its savings accounts, and provides access to over 55,000 ATMs through the Allpoint network. Varo will charge a $3 fee if you use an out-of-network ATM, and you can’t withdraw more than $1,000 per calendar day from your Varo account.

Read our full Varo review.

Or visit Varo.

Ally

Ally Banks’ robust features make it one of the best online banks for people who want to keep all their finances at one company. The FDIC-insured, online-only bank offers a high-yield savings account with 4.00% (as of 10/28/24) interest and an interest checking account earning 0.25% (as of 10/28/24) interest.

Ally does not charge monthly maintenance or minimum balance fees and also doesn’t charge overdraft fees. It provides access to more than 55,000 ATMs through the Allpoint network without fees and will reimburse customers up to $10 monthly for fees charged by other ATMs.

Since Ally is online only, one of its main drawbacks is that it accepts no cash deposits. It does accept mobile checks, direct deposits, wire transfers, and checks can be mailed to Ally for deposit.

Read our full Ally review.

Or visit Ally.

Capital One

If you’re looking for online checking accounts, Capital One offers checking and savings accounts with no fees or minimum balance requirements. It has multiple account options, including ones specifically for kids and teens. Capital One’s primary checking account, 360 Checking, is an interest-bearing account that pays 0.10% (as of 10/28/24) on your account balance.

Its 4.00% (as of 10/28/24) APY on the 360 Performance Savings account is one of the highest rates on this list. However, Capital One’s interest rates on CDs are only average compared to other banks, offering 3.50%-4.50% (as of 10/28/24).

Capital One is one of the few digital banks with brick-and-mortar locations, though physical branches are limited and may be outside your area. It offers access to over 70,000 ATMs through Capital One ATMs plus the Allpoint and MoneyPass networks. Customers can only deposit cash at Capital One branded ATMs, though they can withdraw cash without fees from all in-network ATMs.

Read our full Capital One 360 review.

Or visit Capital One.

Revolut

Revolut is a financial technology company like Chime that offers users a single mobile banking app to manage their spending, saving, and investing needs. Revolut's banking services are provided by Community Federal Savings Bank. Unlike Chime, which only provides a checking or savings account, Revolut also offers investment accounts so users can purchase shares of stocks and ETFs.

Revolut’s Standard Plan is free and offers no-fee currency exchanges up to $1,000 per month, so users can easily send or receive money for free in 28 different currencies. It has free ATM withdrawals at more than 55,000 ATMs in the Allpoint network.

Revolut’s Savings Vault feature allows users to save more by rounding-up purchases or establishing automatic transfers. Vaults earn 3.25%-4.25% (as of 07/01/24) APY, and potentially more, if you sign up for a Premium or Metal subscription, which cost up to $16.99 monthly.¹³

Visit Revolut.

Axos

Axos Bank has multiple banking products, but its main feature is the interest-bearing checking account. The Rewards Checking account provides a base APY when customers set up a direct deposit and the Axos personal finance manager. Customers can earn up to 3.30% APY by meeting specific criteria, such as maintaining a minimum investment account balance with Axos and using one of their loan products.

Axos’ online savings account and CD rates aren’t as impressive as its checking account rates, but Axos is still a good option for people who primarily bank from their checking accounts. The high-yield savings account provides up to 0.61% (as of 07/01/24) APY, which is lower than you can find at other banks but is still higher than the national average of .40%.

Axos’s CDs only return 0.10%-0.20% (as of 10/28/24) in interest on any term, and you will likely find higher rates elsewhere. Its high-yield money market account provides 0.25% (as of 10/28/24) APY but requires a minimum balance of $1,000.

Learn more in our Axos Bank review.

Or visit Axos. 

One

One is a financial company that partners with Coastal Community Bank to help customers spend, save, and grow their money all in the same place. It uses a single checking account broken up into pockets to help you save for specific goals. Customers earn up to 4.35% (as of 10/10/24) on their Save balances with eligible deposits and can enable an auto-save feature to round up purchases.

One has no monthly fees or account minimums. There is no fee for cash withdrawals at Walmart using your One debit card. If you are a Plus Customer (those who receive $500 or more in eligible direct deposits per month), you can use the Allpoint Network of ATMs for free. If you are not a Plus Customer, you’ll pay a $3 fee plus any fees the ATM operator charges. Using any out-of-network ATMs, whether a Plus Customer or not, will result in a $3 fee plus any fees the ATM operator charges. 

Additionally, One only offers cash deposits through Walmart, and you must complete a deposit using the One card at a Walmart checkout or customer service station.¹⁵

Read our full One review.

Or visit One.

How to choose the best online banks like Chime

If you are interested in Chime's services but are looking for a bank that offers more features, consider some of the following to help you find the best bank.

Available account types

Chime has one checking and one savings account option. A bank like Ally or Capital One can provide multiple opportunities for checking and savings accounts, including free checking. One type of account may offer higher interest, while another may give cash-back rewards.

Consider fees and account minimums

Many online banks, including Chime (a financial technology company) and many on this list, don’t have account minimum balance requirements or charge fees. This makes them more appealing if you tend to carry lower balances because you won’t lose some of your hard-earned money by paying monthly fees.

Extra features

Some banks will provide enticing offers like cash back or bonuses to get you to bank with them. Consider all the options available and note any requirements you need to meet to get the perk or limited time frame. Some accounts, like Discover’s checking account, offer cashback on all purchases up to a specific dollar amount, while others may only provide cashback on a limited basis.

Interest rates

Many online banks offer higher rates than brick-and-mortar banks, but it often pays to seek out the highest rate available. Compare savings and investment account rates and seek an interest-bearing checking account.

Cash or check deposits

Only some people need a way to deposit cash or write checks. If you are uncomfortable without that feature, find a bank with deposit methods that work for you. If paper checks are part of their checking account instead of just a debit card, note any extra fees the bank may charge for printing or if there are any limits on the number of checks you can write each month.

Overdraft options

Some online bank accounts offer overdraft protection features like a line of credit or options to borrow small amounts of money to prevent overdrafts. For example, Varo offers Varo Advance, which allows you to borrow $20 to $500 if you qualify.

FAQ about the best online banks like Chime

Best online banks like Chime: bottom line

Chime can be a suitable banking option if its simple style and offerings fit your life. If Chime’s accounts don’t work for you, check out banks like Varo, Ally, Axos, and Capital One to help you manage your money and potentially earn more in interest than you would with Chime.

As you search for the best banks, remember to pay attention to any fees the bank charges, the interest rate it offers on checking and savings accounts, and how easy it is for you to use and access its online features and ATMs.

Methodology

In compiling this list of the best online banks like Chime, we determined areas that may be essential. These areas included account minimums, fees, and ATM access.

Keep in mind that we are not ranking these online banks in a certain order and did not review all available options. Note that some options on our list may be current or past FinanceBuzz partners.