One vs. Chime [2023]: Which Is Better for Your Money?

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. This will help you decide whether the One checking account or the Chime dual checking and savings accounts would be the better fit for you.

One vs. Chime

One and Chime both offer online-only financial services, but they’re not online banks. They both partner with some of the best banks to provide different types of bank accounts. Neither One nor Chime has in-person locations.

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.

Account type(s)	Checking	Checking and savings
Bank partner(s)	Coastal Community Bank	The Bancorp Bank or Stride Bank
APY	1.00% (as of Oct. 11, 2023) on up to $5,000, or up to $25,000 with qualifying direct deposit1 5.00% (as of Oct. 11, 2023) on One card round-ups 5.00% (as of Oct. 11, 2023) on up to $1,000 per month of your direct deposit	Checking: Not an interest-bearing account Savings: 2.00% (as of Oct. 25, 2023)4
Minimum balance for APY	None	Checking: N/A Savings: None
Minimum deposit to open account	None	Checking: None Savings: None
Debit card	Yes	Yes
Rewards program	Yes (Fetch Rewards)	No
Referral program	Yes	Yes
ATM access	Yes (Fee-free at over 55,000 Allpoint ATMs)	Yes (Fee-free at over 60,000 network ATMs: Moneypass at 7-Eleven locations, Allpoint, and Visa Plus Alliance)6
Early paycheck	Yes	Yes2
Round-ups	Yes	Yes5
Monthly fees	$0	$03
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 a checking account with some features of a traditional savings account, including an APY (annual percentage yield) rate.

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. Additionally, you can build up your credit using the One Credit Builder.

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 fees³ . 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. ^{7 ,8}

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 One or Chime.
• 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. The amount rounded up is transferred to your auto-save pocket (One), which is like a separate account solely for your round-ups, or savings account (Chime), 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.
• Mobile check deposit: This feature isn’t automatically included with One and Chime accounts, but it shouldn’t be hard to unlock. 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 different ways to earn interest with its account, including 5.00% (as of Oct. 11, 2023) APY on up to $5,000 to $25,000, 1.00% (as of Oct. 11, 2023) APY on One card round-ups, and 1.00% (as of Oct. 11, 2023) APY on direct deposits on up to $1,000 per month.

Chime offers an APY of 2.00% (as of Oct. 25, 2023) on balances in its savings account. 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, but both One and Chime offer these options.

Using the One Credit Builder, you can make purchases using funds you already have but One treats them like a credit card purchase to help you create a credit history like a secured credit card. As you spend money, One puts that amount aside and then schedules an automatic payment to pay off your credit line and report an on-time payment to the credit bureaus.

Your One debit card can also be turned into a type of credit card if you qualify for a line of credit. This allows you to have up to a $10,000 limit, no fees, and no interest if you make your full payments on time.

Chime offers the Chime Credit Builder Secured Visa Card. 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.

Rewards programs

One has partnered with Fetch Rewards to offer you rewards whenever you use your One card to make purchases. Fetch points can be redeemed for gift cards from popular retailers, including Amazon, Best Buy, and Sephora. Chime doesn’t offer a rewards program.

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:

• Fees
• Convenience
• Account types
• Features and benefits

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.

For account types, One offers a checking account, while Chime offers both checking and savings options. It might seem like Chime has the edge in this category, but One accounts benefit from both checking and savings features. One accounts also offer higher earning potential for stored funds compared to Chime.

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

Bottom line

The better option for you between One vs. Chime accounts depends on your banking preferences. Both companies offer similar financial services, though you’ll find a few differences with certain benefits and features.

For example, One typically offers a higher APY with its savings features than Chime. On the other hand, Chime has no hidden fees and provides services such as mobile check deposits and early paychecks.