Chime Bank vs. Current Bank - Which is Better for You?
Both Chime Bank and Current’s Bank are great online banks that offer no-fees for basic services, but which is the overall better choice for you?
We hope to give you the information you need to decide for yourself which is better for you — personally we have accounts with both Current Bank and Chime as they both are great no-fee (or low-fee) banks and we believe they’re both trustworthy and far safer/better banks compared to traditional old-school banks — however we prefer Chime for a few reasons we’ll cover below.
Ultimately we’d say Chime is a much better choice overall as they offer one of the consistently best savings accounts with your chime bank account, and they have No FX fees for transactions abroad which is nice if you don’t have a no FX fee credit card — not to mention Chime offers a fantastic $50 sign-up bonus.
Which Offers the Best Services/Rates - Current or Chime?
Chime wins this category in our view — Chime offers 1% on idle balances in paired savings accounts, while Current Bank doesn’t offer any interest on deposits — even for their savings pods. Ultimately 1% with Chime isn’t much to write home about, but hey, it’s something.
Chime also has some automatic savings features such as “purchase roundups” that you can enable and use for free, which Current Bank doesn’t currently offer whatsoever. Chime also provides no FX fees when using the debit card abroad. The only real thing Current offers that Chime does not is refunds of gas-holds, which occur when you use your current debit card at a gas pump — ultimately this doesn’t really matter in our opinion though.
Beyond those features they’re both more or less identical in terms of features/rates — they both offer 55,000+ fee-free ATM’s in North America, $100 free overdraft protection, 2-days early direct-deposits, and other standard digital-bank features such as mobile check deposits.
Which has less fees - Current or Chime?
We’d say this category is more or less a draw — While both Current and Chime are low-cost “no-fee” online banks in truth they do have some fees — it’s just not the basic ones that traditional banks charge simply for not keeping enough money in their accounts, or simply because you have an account with them.
Both Chime and Current bank don’t charge such fees — but they still have fees — it’s just the fees they have are for special services or things that aren’t necessary for average people — think Wire Transfers, Foreign Payments, and foreign transactions/atm-withdrawals. For those categories they’re about the same — the only difference is Chime has no foreign transaction fees, while Current charges a few percent fee when using your debit-card outside the USA.
This means in the end they’re about the same, but chime is slightly better. This is because they’re essentially identical other than the foreign transaction fee when it comes to fees as otherwise they’re both no-fee with the exception of special services like wire transfers.
Which Has The Best Signup Bonus Offers - Current or Chime?
Without a doubt Chime wins this category — This is because not only is Chime’s bonus easy to get but it’s a whopping $50 — while Current’s sign-up bonus is just a measly $1 — you heard that right, 1 US Dollar
For Current Bank they offer $1 for signing up with them — however to get this bonus you’ll have to search around for recent promotional material or hope you get a marketing email from them — ultimately $1 is honestly not worth bothering with though, as it’ll take more time than it’s worth.
Meanwhile with Chime Bank not only do they have a great $50 sign-up bonus, but it’s very easy to get — all you have to do is sign up and switch a recurring direct-deposit (such as from your employer) to your new Chime account. It has to be $200 or more and done within the first 45 days of you opening the account — once you receive it you should receive $50 the following day so long as you signed up through someone’s promotional link. You can read more in detail about the promotions Chime offers on this page of our website.
Which is more Trustworthy - Current or Chime Bank?
This may sound like a silly question to some people — but here at GreeneryFinancial we don’t trust most banks — Despite this we’d say both Current Bank and Chime are banks we aren’t worried about keeping some cash in — we don’t think either bank will go bankrupt anytime soon or really ever for that matter, as they don’t engage in risky practices most financial institutions partake in.
They’re both of course legitimate banks and have FDIC-insurance to cover deposits, so they’re as good as any banks — but in our view a little bit safer — if we had to crown a winner we’d choose Chime, as they’re larger and seem to have better customer service and reviews than Current.
What Advantages does Current have over Chime?
Current Bank doesn’t really have any advantage over Chime bank to be honest — this may sound harsh, but it’s really just the case.
Current simply doesn’t have anything that really differentiates it’s self from other no-fee banks — the only thing Current has that Chime does not is gas hold refunds, but honestly that shouldn’t be a deciding factor for anyone, and beyond that Current is just a below-average low/no-fee bank option for folks looking for an online bank.
Ultimately we see no real reason to choose Current over Chime — if you aren’t into Chime you can always go with Aspiration’s, which is another low/no-fee bank account with a great sign-up bonus.
What Advantages does Chime have over Current?
Chime has higher interest rates than Current, or really any bank out there — as well as no FX fees (normally 3%) on transactions made abroad or to non-US based companies, an automatic savings round-up feature, and of course the absolutely great $50 sign-up bonus we mentioned earlier in this article.
If you aren’t confident Chime is the right online bank for you check out our Saving Money section which has comparisons of all the low/no-fee banks out there — or simply check out the comparison’s we’ve done between Ally Bank and Chime, or better yet Chime and Aspirations bank (our other favorite low/no-fee digital bank).