Green Dot vs. Chime Bank - Which is Right for You?
Green Dot and Chime are very different online banks or debit-card providers — Depending on your use-case generally only one is suitable for you.
We hope to give you the information you need to decide for yourself which is better for you — we’ve tried out and used both Green Dot and Chime’s Bank extensively and researched them heavily, and to sum up our thoughts on them Green Dot pre-paid debit cards are decent for some uses that we’ll cover below.
Ultimately if you’re looking for a banking solution there’s no reason to use Green Dot instead of Chime, as Chime has all the features that Green Dot has as well as some other useful ones, less fees, and a tasty $50 sign-up bonus that Green Dot does not offer (in fact they charge a fee to sign up and a monthly fee of $7.95~/mo).
Which Offers the Best Services/Rates - Green Dot or Chime?
We’d say Green Dot may have a slight edge, but ultimately it’s more or less a tie — We say this because while Green Dot technically offers a higher interest rate on deposits (2% on the first $10,000) than Chime offers (1% on unlimited funds).
But due to Green Dot’s extra fee’s that are mentioned below the extra interest rate they offer is made irrelevant for most people.
In terms of other services/rates they offer they both have similar services — Chime has a few extra features like a credit-builder, but otherwise they’re more or less identical in terms of features as they both use the same ATM network (for free ATM withdrawals) and both allow the same use of stores to deposit cash into your accounts with them.
Which has less fees - Green Dot or Chime?
We’d say Chime wins this category without a doubt — This is because Chime has no monthly fees no matter what. Chime only charges for special services (such as wire transfers) and out-of-network ATM withdraws — and Green Dot charges the same for such things.
However when it comes to monthly fees, that’s where Green Dot becomes less attractive — They charge a $7.95 monthly fee on all accounts unless you spend $1000+ on the debit-card you receive through them every single month; This is ridiculous in our opinion and makes us not really like Green Dot very much.
Which Has The Best Signup Bonus Offers - Green Dot or Chime?
Again without a doubt Chime wins this category — This is because Chime offers a Sign-up Bonus, while Green Dot generally has no sign-bonus whatsoever.
Currently you can sign up for Chime and collect a free $50 sign-up bonus when you sign up through a promotional link such as this one, and deposit $200 or more via Direct Deposit within the first 45 days after opening an account with them. It’s really that simple.
Which is more Trustworthy - Green Dot or Chime Bank?
This Category is a draw in our opinion — We don’t see any big difference in the trustworthiness of these two companies and the products/services they offer.
After-all both Chime and Green Dot are partnered together and use many of the same networks as each other (shared ATM’s) — the main difference to us is that they operate two slightly different business models — one (GreenDot) offering a prepaid disposable account primarily, and Chime offering a more full-service online banking experience that has not just a mobile app but also a clean online interface.
What Advantages does Green Dot have over Chime?
The main advantage of Green Dot is that their accounts are more “disposable” especially if you simply have a debit card purchased from them at a physical store — unlike Chime which requires you to open a real bank account with your social security number and detailed information, you can simply pay a small set-up fee at a store such as Walmart and load money on the Green Dot prepaid debit card and you’re all ready to go.
Beyond this though there’s no real advantage to using GreenDot over Chime — well they also offer 2% interest rates, which is 1% more than Chime offers, but due to the fees Green Dot cards have it’s not really a relevant factor for most people to consider.
What Advantages does Chime have over Green Dot?
As they’re quite similar in many ways there aren’t many advantages Chime has — but they’re definitely the better choice in our opinion (and our personal choice).
This is because not only does Chime have extra features that are useful for many people, such as their credit builder which helps you increase your credit-score risk-free and fee-free, but Chime also offers a $50+ signup bonus — all while keeping their monthly fee at $0 — which is way lower than Green Dot’s $7.95 monthly fee.
Chime vs Green Dot FAQ's:
If you have any questions you’d like answered related to this article feel free to contact us through our contact page and we can answer them for you — but here are some questions we’ve either been asked many times in the past about this article or think many people might have about it.
Is Chime Part of GreenDot?
No, and likewise GreenDot is not part of Chime — it’s just they have similar features for their debit cards. Chime did partner with green dot which allows Chime users to use GreenDot compatible places to withdraw or deposit cash into their Chime Bank account.
Are Chime Cards the same as GreenDot Cards?
No, Chime cards and GreenDot cards are similar, however they’re different products offered by different companies. They both allow you to use GreenDot compatible cash deposit and withdrawal locations, and offer similar protections, but that’s where the similarities stop.