One vs. Chime® [2024]: Which Is Better for Your Money?

It’s important to choose the right financial service to help manage your money. But with so many available options, how do you know which one might make the most sense for you?

In this One vs. Chime review and comparison, we’ve researched the key details between both of these online-only financial service providers. We like One's budgeting features that give you an overall snapshot of your finances, but Chime has options that might be helpful for those who are working on improving their credit.⁵

One vs. Chime

One and Chime both offer online-only financial services, but they’re not online banks. They're fintech companies, and they both partner with some of the best banks to provide different types of bank accounts. Neither One nor Chime has in-person physical branches.

Without physical locations, online banking services are typically able to offer better interest rates and lower fees than traditional banks. In the table below, you can quickly compare the different fees, features, and benefits of One and Chime accounts.

Account type(s)	Checking	Checking and savings
Bank partner(s)	Coastal Community Bank, Member FDIC	The Bancorp Bank or Stride Bank, Members FDIC
Annual Percentage Yield (APY)	4.35% (as of 10/10/24) APY on primary savings and pockets if you meet certain direct deposit or daily balance requirements67 4.35% (as of 10/10/24) available on savings balances up to $250,000	Checking: Not an interest-bearing account Savings: 2.00% (as of Sept. 9, 2024) APY8 Note that you must have a Chime checking account to be eligible for a Chime savings account9
Minimum balance for APY	None	Checking: None Savings: None
Minimum deposit to open account	None	Checking: None Savings: None
Debit card	Yes	Yes
Cashback program	Yes	Yes
Referral program	Yes	Yes
ATM access	Yes (Fee-free at over 55,000 Allpoint ATMs)10	Yes (Fee-free at over 60,000 network ATMs: Moneypass at 7-Eleven locations, Allpoint, and Visa Plus Alliance)11
Early paycheck	Yes12	Yes13
Round-ups	Yes	Yes14
Monthly fees	$0	$015
Overdraft fee	$0	$0
ACH transfer fee	$0	$0
Mobile check deposit (checking accounts)	Yes	Yes
Mobile app	Yes (iOS and Android)	Yes (iOS and Android)
FDIC insured	Yes	Yes
	Visit One	Visit Chime

What both excel at

One and Chime offer similar services, so there is plenty of overlap between the two. Here are where both financial services excel:

• Mobile apps: Both One and Chime have visually appealing and easy-to-navigate apps that work with both Apple and Android devices. For online banking services, a useful app is extremely important and one of the first features I look for. Both of these apps have been downloaded millions of times and have high customer ratings in the Google Play and Apple App stores.
• Direct deposit: Setting up an eligible direct deposit with either service unlocks certain features or perks. These include early paychecks, a credit line, and increased interest potential for One and mobile check deposits for Chime — all useful features for the average user.²
• Early payday: You may be able to receive your direct deposit paychecks up to two days early with either One¹² or Chime.²
• Low fees: Neither service charges monthly maintenance, overdraft, or ACH transfer fees. This isn’t always the case with traditional bank accounts, and it’s a feature I always make sure is present when evaluating online banking services.
• No minimums: There’s no minimum deposit to open a One or Chime account, and you don’t need a minimum account balance to start earning interest on applicable accounts. This is another attractive feature I always look for. Many of the big banks require a minimum balance to get started.
• Round-ups: Both One and Chime offer features for rounding up your debit card purchases to the nearest dollar to help you with automatic savings.¹⁴ The amount rounded up is transferred to your savings, typically by the next day. I like this feature a lot because it can help you save small amounts of money over time without having to think about it.
• ATM access: Accounts from both companies offer fee-free ATMs and ATM withdrawals at over 55,000 ATMs. Chime provides slightly more ATM access than One but not by much.¹¹
• Mobile check deposit: This feature isn’t automatically included with One and Chime accounts, but it shouldn’t be hard to unlock.¹⁶ Eligibility for being able to deposit your checks remotely depends on your account history and other factors for both companies.
• FDIC insurance: One accounts and Chime accounts offer FDIC insurance, which means they’re insured for up to $250,000 through the applicable bank partnerships. For One, it’s through Coastal Community Bank. For Chime, it’s through The Bancorp Bank and Stride Bank.¹⁷

5 important differences between One and Chime

Comparing the differences between banking services can help you understand whether one company may suit you better than another. Here are five differences to consider between One and Chime:

APY earnings

One offers a 4.35% (as of 10/10/24) APY on up to $250,000 if you meet direct deposit or daily account balance requirements. All other balances receive a 1.00% APY.

Chime offers an APY of 2.00% (as of Sept. 9, 2024) on balances in its savings account.⁸ Note that you must have a Chime checking account to be eligible for a savings account.⁹

Winner: One offers the more attractive earning options since it offers other ways to earn interest as well, so One takes the edge over Chime here.

Savings options

You can save money with either One or Chime, but One accounts offer a few more options than Chime. I especially like that One lets you create up to three “pockets,” which are like separate accounts for storing money. Since you can create multiple pockets, separating different savings goals into different accounts is easy.

Chime doesn’t have this option, which limits how much you can customize and organize your finances. You can still use round-ups or automatic transfers with your Chime checking and savings accounts, but that’s where the customization ends.

Winner: One because of its pockets feature that allows you to set different savings goals.

Credit building

Bank accounts aren’t always associated with building credit, but both One and Chime offer options to help users do just that.

Chime offers the Chime Credit Builder Secured Visa Card¹⁸. The Credit Builder is a secured credit card, which means that you pay a security deposit. Your credit limit is determined by how much money you move onto it from your Chime checking account. Credit activity on this card is reported to all three major credit bureaus. There's no credit check to apply, no annual fee, and no minimum security deposit required.

One, on the other hand, has the Credit Builder program. The program works a bit like a loan. Essentially, you would take out a 12-month loan for $300 at 0% APR through One, and the company would then put that $300 into a lockbox. Each month, you pay $1 and $24 is taken out of your lockbox to complete your monthly payment. Each payment you make is reported to all three major credit bureaus, effectively raising your credit score over time. At the end of the one-year period, you get your contributions back.

Winner: It’s a tie. Both companies offer good credit-building options. It just depends on whether you prefer a secured card or the Credit Builder program.

Cash back

One offers cash back through multiple offers. Some offers are applied automatically — like 3% cash back at Walmart up to $50 each year — while you need to opt in for others via One’s mobile app.¹⁹²⁰ These include rewards at grocery stores, restaurants, and ride shares.

Chime has a cashback program in which you can choose and activate deals for select retailers. Some cashback rewards programs have a small number of specific retailers, but I like that Chime has several useful options when it comes to its cashback retailers, including gas stations and grocery stores.

Winner: It’s a tie. Both offer solid cashback deals.

Additional features

Aside from your traditional banking needs, One and Chime each have some unique features that set them apart. An additional feature I like about One is that it allows you to send money easily and conveniently through its mobile app. You can also make global transfers to more than 140 countries. This eliminates the need for an additional app like Remitly for international transfers. Chime also allows you to pay others via the Chime app, but it does not have the global transfer feature.

One also offers a number of benefits if you are a frequent Walmart shopper. These include cashback rewards when you use One’s digital wallet feature, which allows you to earn cash back on top of your card’s rewards, and the ability to add or take out cash at Walmart using your One debit card of the mobile app.

For Chime, an additional feature I find interesting is its tax refund benefit. If you have your federal tax refund directly deposited with Chime, you can receive your refund up to six days early. Chime actually has a number of benefits that allow you to receive your paycheck early. For example, its MyPay benefit allows you to receive an advance of up to $500 of your paycheck. While One allows you to receive your paycheck up to two days early, its early payment benefits stop there.

Winner: Chime. It has a few more interesting benefits that I think would be attractive to more people.

Which account should you choose?

Overall, One and Chime accounts are very similar. Choosing the better one for your personal finance goals depends on your preferences. A One account seems like the better option on paper, but you might prefer certain features with Chime.

Here are a few basic factors to consider when comparing bank accounts:

• Account fees
• Out-of-network ATM fees
• The ability to make cash deposits if needed
• Minimum balance requirements
• Convenience
• Account types

Online financial services that partner with banks don’t have many fees or restrictions, which is different from most traditional banks and some credit unions. One and Chime are similar in this regard since they charge few or no fees. However, as online-only services, don’t expect to find any in-person branches with either company. This isn’t an issue if you’re used to phone apps and mobile banking.

Personally, I prefer One because it lets you set specific savings goals and separate your funds into pockets. I also think it’s hard to argue with a higher interest rate.

However, if you aren’t worried about earning interest over time or setting multiple savings goals, One and Chime offer very similar products and services. You could pick either and be just fine.

FAQs

Bottom line

The better option for you between One vs. Chime accounts depends on your banking preferences and whether you're looking for credit building features. Both companies offer similar financial services, though you’ll find a few differences with certain benefits and features.