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

BANKING - CHECKING ACCOUNTS
Ready to switch to online banking? This One vs. Chime comparison provides the details on two popular financial services.
Updated May 20, 2024
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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.1 

In this article

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.

One
Chime®
Account type(s) Checking and savings Checking and savings
Bank partner(s) Coastal Community Bank, Member FDIC The Bancorp Bank or Stride Bank, Members FDIC
Annual Percentage Yield (APY)
  • 5.00% (as of Feb. 7, 2024) APY on primary savings and pockets if you meet certain direct deposit or daily balance requirements23
  • 5.00% (as of Feb. 7, 2024) available on savings balances up to $250,000
  • Checking: Not an interest-bearing account
  • Savings: 2.00% (as of Oct. 25, 2023) APY4 Note that you must have a Chime checking account to be eligible for a Chime savings account5
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)6 Yes (Fee-free at over 60,000 network ATMs: Moneypass at 7-Eleven locations, Allpoint, and Visa Plus Alliance)7
Early paycheck Yes Yes8
Round-ups Yes Yes9
Monthly fees $0 $010
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

How does One work?

One is an online provider of financial services that maintains a partnership with Coastal Community Bank. Through this partnership, One offers checking accounts and savings. 

The savings account offers a 5.00% (as of Feb. 7, 2024) APY (annual percentage yield) if you either receive $500 or more in direct deposits in the previous month, have a total daily account balance of $5,000 or more, or use Pay Autosave.  The 5.00% (as of Feb. 7, 2024) APY is available on balances of up to $250,000.

One has a Balance feature, which offers you an overview of your finances. It also offers Round-ups, which you can opt in for. Round-ups allow you to round up your purchases to the next whole dollar, which helps you build up your savings. 

The One account is like a one-stop shop for all your typical banking needs. This includes depositing and withdrawing funds, saving up for different goals, and earning interest on your stored money. One also does not charge any overdraft fees, ACH transfer fees, or monthly maintenance fees.11

Everything related to your account can be managed through the One mobile app for both iOS and Android devices.

Read our One review.

How does Chime work?

Chime partners with The Bancorp Bank and Stride Bank to provide checking account and savings account options. The Chime savings account is only available if you already have a Chime® Checking Account.

You don’t have to sign up for the savings account along with the checking account, but it would likely make sense to get both if you want to benefit from all of Chime’s features. The savings account offers an APY rate to earn interest on your funds, while the checking account doesn’t bear interest.

Chime also charges no overdraft, ACH transfer, or monthly maintenance fees.10 You can build your credit with the Secured Chime Credit Builder Visa® Credit Card if you have a Chime Checking account with an eligible direct deposit set up. 

Learn more about this card in our Secured Chime Credit Builder Visa® Credit Card review.1213

Chime also offers its SpotMe® service, which offers fee-free overdraft of up to $200 for eligible members who need a little extra cushion to cover an expense. SpotMe limits start at $20 and can be increased up to $200 based on factors such as your account activity and history.1415 

You can access your Chime account through the Chime mobile app, available on both iOS and Android devices.

Read our Chime review.

What both financial services excel at

Both One and Chime offer similar services. Here are where both financial services excel:

  • 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.
  • Early payday: You may be able to receive your direct deposit paychecks up to two days early with either One16 or Chime.17
  • Low fees: Neither service charges monthly maintenance, overdraft, or ACH transfer fees. This isn’t always the case with traditional bank accounts.
  • 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.
  • 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.9 The amount rounded up is transferred to your savings, typically by the next day. This type of feature 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.7
  • Mobile check deposit: This feature isn’t automatically included with One and Chime accounts, but it shouldn’t be hard to unlock.18 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.

Four 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 four differences to consider between One vs. Chime:

APY earnings

One offers a 5.00% (as of Feb. 7, 2024) APY on up to $250,000 if you meet direct deposit or daily account balance requirements. All other balances receive a 1.00% (as of Feb. 7, 2024) APY.

Chime offers an APY of 2.00% (as of Oct. 25, 2023) on balances in its savings account.4 Note that you must have a Chime checking account to be eligible for a savings account.5 

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. One lets you create 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 save money with your Chime checking and savings accounts, but that’s where the customization ends.

Credit

Bank accounts aren’t always associated with building credit or borrowing credit, Chime offers an option.

Chime offers the Chime Credit Builder Secured Visa Card19. The Credit Builder is a secured credit card. There's no credit check to apply, no annual fee, and no minimum security deposit required. 

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.

Since One offers more credit options, it has the advantage over Chime in this category.


Cash back

One offers cash back through offers. Some offers are applied automatically, which others need to be opted in for. For example, as of this writing, One is offering cash back at Walmart (up to $50 per year).

Chime recently rolled out a cash back program where you can choose and activate deals for select retailers.

Read our Fetch Rewards review.

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.

One accounts let you set specific savings goals and separate your funds in different ways. If you aren’t worried about earning interest over time or setting multiple savings goals, One and Chime offer similar products and services.

FAQs

What's better: One vs. Chime?

It depends on your financial situation and goals. One has features that can help you budget along with checking and savings accounts. 

Chime offers one of the best checking accounts as well as a savings account. It also has options that could help you build your credit. 

Additionally, One accounts typically offer better APY rates.

Is One a checking account?

Yes, the One deposit account is a checking account. However, it also has savings pockets, which can help you with setting savings goals. It also has auto-save options, and you could earn interest on your funds.

Is One legit?

One is a legit financial institution that provides financial services to its customers. This includes a checking and savings account and debit card.


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.

Author Details

Ben Walker, CEPF, CFEI® Ben Walker, CEPF, CFEI®, is credit cards specialist. For over a decade, he's leveraged credit card points and miles to travel the world. His expertise extends to other areas of personal finance — including loans, insurance, investing, and real estate — and you can find his insights on The Washington Post, Debt.com, Yahoo! Finance, and Fox Business.

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