Digital banking is used by huge number of customers for quick transfers and withdrawal of money. Chime is one of them that offers impeccable features like mobile deposit and SpotMe loan. However, unfortunately it is not available at every region. So now users are looking for online banks like Chime that work equally efficiently.
- Chime is not available everywhere and have high tax charges, slow money transfer and least secured system etc.
- Digital banks like MoneyLion, Current, OnJuno, One, CashApp etc provide authentic and dually encrypted system of money transfer.
- Digital banks are secured with FDIC and accessible even from the places where ATM withdrawal from Chime is not possible.
…and Much More!
Online Banks Like Chime – What Are Your Options?
Chime is a tough name to compete with. Nonetheless, there are many apps or online banks that you can check out if Chime is not available to you are the moment.
MoneyLion is a digital financial banking system that facilitates the customers along with MetaBank. It was established in 2013 and in 2018 it started providing a subscription and memberships to its customers. Here customers simply submit $20 per week and then at the end of year they get$1000. Account creation in MoneyLion is free of cost.
MoneyLion also have a personal finance monitor setup too. Their network consists of different signs and levels to provide information about your account like how much amount you have and how you can increase money in your account. On each spending they provide rewards to their customers. It also provides ETFs investment.
- Known as Netflix of finance.
- Did not charge any fee or tax.
- Monthly fee is $1 and charge $2.50 for out of network services.
- You can access it from 55,000 Allpoint ATMs machines.
- Also provide investment in crypto currency too.
Cash App is highly accepted mobile banking system in United States and United Kingdom which started working in 2013. Fortunately within a short period of time the system increased its users up to 36 million and out of these 7 million users have their own debit cards.
Transactions through Cash App are totally free. It did not work like a typical banking system where you are charged on money transfer or withdraw because here money transaction is totally free. Even their foreign exchange is also free. Mostly users who do not want to pay any tax on money transfer; Cash App is one of the best options for them.
- You can purchase and sell Bitcoin through it, which was not allowed in Chime banking.
- Minimum investment starts from $1.
- It provides discounts and bonus points to the customers at different hotels, shopping malls, grocery stores, and supermarkets etc.
- Allow its customers to do trading in Bitcoin and stocks.
- On checkout they provide different type of coupons to the users.
One is known as the most recent platform that was built in 2019 by the CEO named Bill Harris and Brian Hamilton. Their monthly transaction is totally free and did not charge on ATM. Earlier Chime builder program has fee however One builder program has no fee.
It also provides an additional credit line where you do not pay pre-transaction fee and the system is FDIC approved. They manage your deposits in Coastal Community Bank..
- ACH bank transfers are the famous options of One.
- Fee free Allpoint ATMs are available at more than 55,000 places.
- On $5,000 you will get 1% APY.
- Single card can be used both as debit and credit card simultaneously.
- You can deposits up to $ 250,000 through One system.
OnJuno is a digital banking system that provides two types of checking accounts. Out of them one is known as basic account which is totally free and other known as Metal account where you have a debit card with range of $500 per month.
Customer can create his OnJuno account just by simply providing his Social security number and passport only. There is no compulsion of visiting the bank branch for opening your account in OnJuno.
- It is linked with almost 85000 ATMs within the country.
- Every year you will get 5% cash back at amount of more than $3000.
- Each month you will be able to do 3 free withdrawals to any other network ATMs.
- Huge amount of Cashback and free black metal is provided as an incentive.
- Interest rate through OnJuno is much more acceptable than national interest rate.
Current is another digital Bank that is alternative and work similar like Chime. It was created in 2015. You can create free account as well as a premium account which has a monthly fee of $4.99. Most satisfactory Service of Current is to check your account that makes the system more smooth and speedy for the customers.
Through premium account when you deposit your money of $500 per month then you will also get paychecks too. It provides the facility of gas hold removal to the customers because it is associated with different gas stations. The process involves up to 72 hours for task completion.
- Account creation is totally free.
- You can use it for 30 days on trial basis.
- ATM withdrawal is also free.
- Parents can use the current teen banking option to check their kid’s spending.
- Their chores options include various tasks for kids and on their completion you will get cashback too.
Varo Bank is also another digital banking system that is known as USA first full digital Bank. It provides its customers to open a bank account where they were not charged for any monthly fee on ATM are overdraft tax. It makes the customers life easier and they enjoy all the features and services of Varo Bank.
You can access it from more than 55,000 ATMs and no need to worry about the fee charges on maintenance or transfer because these services are freely available. You can keep check and balance on all of your account just by simply linking them with Varo App.
- Provide Debit cards to customers.
- You can get instant cash of $100.
- Money withdraw through ATM is totally free.
- Federal Deposit Insurance Corporation has insured the system.
- Both your deposit and interests are secured.
Chime – In a Nutshell
Chime is a digital financial banking system that is insured by FDIC and provides two types of accounts. Customers can withdraw their money from more than 60, 000 places and can deposit cash at Green Dot locations.
Further it provides debit card, early payday deposits linked with both MoneyPass and VisaPlus ATM networks. It is one of the highly rated app systems both from App Store and Google Play Store.
How To Choose The Right Bank For Yourself?
There are some features which one should always consider before using an online banking network. Few of them are:
- Money transfer should be either free or cheap
Mostly the digital banks provide the cheap are free money transfer and even provide cash prizes too.
- Provide Cash back
Online banks also facilitate the customers by providing them cashback as a reward in different currencies and at different rate.
- Free withdrawal from ATM
Mostly people transfer their money to another network for which banks charge the fee on withdrawal however digital banks reimburse all of your money to your account. That is why it is considered to be an amazing feature.
- Secure system or security
Security is another concern that mostly customers show to the bank. However all the digital banks introduced their apps through which customers can get the complete details of their debit or credit card. Secondly they notify the customers about each and every transaction as well as about the latest features of their system.
- No overdraft fees
Mostly classical banks charge a huge amount of fee or tax that is definitely unethical and unacceptable way. However all the digital banks erase the issue of tax from their systems or reduced it to a certain extent that definitely increases the chances of excessive use of these banks in daily life.
The Bottom Line
Gradually people are using digital banks which are quite similar to the Chime. It is because the facts that Chime is not available at every place as well as people are not able to avail all the benefits of Chime.
- Further Chime system is not updated and mostly latest aspects are missing that’s why people go towards other alternative online banks for their daily use.
As well as these online banking networks provide multiple benefits like they did not deduct any tax or fee charges, also customers can link their accounts and cards with the mobile banking apps.
Frequently Asked Questions
Why online banks are more preferable for customers than Chime?
The main reasons are, their networks provide more ways of money transfer as well as provide bonus points and coupons which you can convert into cash prizes. Apart from these online banks are more expanded than Chime.
What are some important aspects of digital banks?
Generally these digital banks are insured by FDIC and can be accessed even if you have SSN number and a valid passport only. Further they are free of scam and provide more interest rate even if you have minimum amount in your account.
Which system among Chime and alternative banking is mostly being used?
When people do not want to visit bank branch and find ways to get latest updates about their accounts then all these banking networks are preferred. This is because you have to simply connect your account with mobile apps and then will get notifications about the latest features of the bank while Chime has limited options.
Jamie Johnson is very enthusiastic Kansas City – based freelance writer, and her core expertise are finance and insurance. She has been endorsed on several personal finance, insurance & business website to share her thoughts. Her publications can be found on famous sites like Bankrate, The Balance, Business Insider, Chamber of Commerce and many others.
From many years, she served more than 10,000 hours of research and writing to more than 2000 articles related to personal finance, credit building, mortgages, and personal and student loans.