Current vs. Chime: Which One is a Better Choice?

Chime and Current are two popular mobile banking apps that offer virtual bank accounts in the US. Both apps are FDIC-insured and provide features such as checking and savings accounts, credit builder, early direct deposit, fee-free overdrafts, virtual cards, and no monthly fees.

What are the main Differences Between Current and Chime

Chime is a digital bank founded in 2013. It offers free checking accounts and savings accounts. It also comes with a credit-building-secured credit card. The bank is well known due to its lack of fees, overdraft fees, and ease of use.

Current is also a digital bank that offers free checking account and debit accounts for teens. It also has a competitive high-yield savings account that pays 4% APY. The account also comes with a debit card that allows you to enjoy free ATM withdrawals, cash-back rewards, and overdraft protection.

Having known that, you would want to know, between Current and Chime, which is better? So, we will be comparing Chime and Current, and then you can identify one that serves your needs. The following are the main differences between Chime and Current banks:

Compare Current and Chime Savings Accounts

Chime and Current offer high-yield savings accounts. If you have some idle cash, you will interest on your savings:

  • Chime. You can earn 2.0% APY in your Savings Account without a minimum balance requirement.
  • Current. You can earn 4% APY on up to $6,000 split across three savings pods. Furthermore, you don’t need a minimum balance requirement on each account.

In terms of APY, Current is better than Chime when saving up to $6,000. When saving an amount higher than $6,000, you are better off using Chime.

Current Card vs. Chime Card: A Detailed Comparison of their Cards

Both offer physical and virtual debit cards in the US. Chime virtual card allows you to make online and in-app purchases even before you receive your physical debit card. Current stands out by offering cash back rewards on debit card purchases, while Chime does not have a cash back rewards program.

If you have little or poor credit, Chime offers a secured credit card as an option to help improve your credit score. However, Current does not offer a secured credit card service.

Fees and Pricing

Both Chime and Current offer fee-free banking solutions. They don’t charge monthly fees or sign-up fees to open an account. However, Current charges a 3% fee on foreign transactions, while Chime doesn’t. As such, if you travel a lot, Chime is a great option. Chime charges a $2.50 fee for out-of-network ATM withdrawals, while Current does not.

Rewards and Perks

Current comes with a debit card that gives you points anytime you use it to make a purchase. You can exchange the points for a reward in the Current Shop. However, the Chime debit card does not offer points.

However, the Chime credit card offers 1.5% cash back on every purchase you make. Also, the Chime credit card does not have interest rates or annual fees.

When it comes to rewards and perks, the two banks are equally good depending on your preferences and likes. If you prefer a debit card, Current is a better option, while if you prefer a credit card, Chime is a better option.

Also read our review on the Chime virtual card.

The possibilities for Bitcoin Purchases

Current offers a crypto-friendly bank account. Current account members can buy and sell up to 30 Bitcoin and other cryptocurrencies using their Current account. In case of an emergency, you can sell your crypto assets and use and use the money right away. You don’t have to wait to transfer the amount to an exchange to spend it. On the other hand, Chime does not support crypto trading and is more like a traditional bank.

Credit Builder

If you are seeking to build a credit score, Chime would go a great way with its Credit Builder tool. It helps you rebuild your credit without worrying about high-interest rates and annual fees. However, Current does not offer a credit-building service.

Teen Banking

If you are a parent searching for an opportunity to teach your children about financial responsibility, then Current can help you with their teen accounts. When teens use debit cards to shop at selected stores, their parents and children will receive cashback rewards. You can open a teen account as long as your child is above 13 years. However, Chime does not offer teen banking services.

Similarities between Chime and Current

The following are the similarities between Chime and Current bank.

  • Customer Service
    Both Chime and Current have excellent customer service. Each one of them has a 24/7 customer service where you can have your questions answered. Chime has customer support via email and phone. Current has email support only at the moment.
  • Mobile App: Current vs Chime
    Both Current and Chime are app-based banking platforms and are available on Google Play and App Store. Both have high ratings for their apps both on App Store and Google Play.
  • User Experience
    Current and Chime offer good user experience. Both of them have educational resources to help them grow their wealth. For instance, you can track your spending, and buy crypto. Current members have to rely on the app for banking services, while Chime members can access banking services on the mobile app and website.
  • Security
    Both Chime and Current are FDIC insured, and so they are secure banks. If any of the two banks collapsed, depositors can get back the insured amount. Furthermore, both banks let you freeze and unfreeze your card at any time.
    You can add protection to your bank account through a two-factor authentication or fingerprint authentication. Current has a Face ID authentication.
  • Savings and Checking Accounts
    Both Current and Chime offer savings and checking accounts. Both of them offer high-yield savings accounts. Chime interest rates stand at 2% APY, while Current interest rates stand at 4% APY.

Read also our Chime Bank Review.

Final Verdict: Which is a better choice? Chime or Current

When it comes to deciding on which bank to select between Current and Chime, it will depend on your banking needs. For instance, if you are a bitcoiner, you may want to consider Current account. Besides, if you are a parent, you will be glad to know that Current offers teen accounts. For building your credit score, Chime might be a better alternative. As such, when deciding which bank to use, you need to first know your priorities.

Our goal

We want to inform you about the latest banking trends and developments, by providing comprehensive reviews of banks around the world offering virtual banking services and bitcoin based banking.

Our aim is to help you know the best bank accounts, how to open a bank account, best banks to invest and buy bitcoin, how to apply for payment and virtual cards, how to open a non-resident bank account in the US or EU, how to earn a passive income with your crypto, obtain a loan with your crypto deposits, and many other banking-related topics.