The 6 best alternatives to Chime

Adam Rozsa
27.06.22
5 minute read

Interested in online banks like Chime? This guide is for you. We’ll take a good look at a range of Chime competitors, including the Wise account.

Hold over 50 currencies in your Wise account, send instant, super-cheap money transfers, and spend with your linked card in any currency, with the real exchange rate every time. More on that, later.

6x-cheaper-than-banks


📝 Here are the 6 best alternatives to Chime

Discover

Chime is a financial technology company, so not strictly speaking a bank - however, if you’re looking for banks similar to Chime, Discover might suit you well.

Discover Bank¹ offers both checking and savings accounts which are FDIC insured, plus Certificates of Deposit, retirement accounts, Discover secured credit cards and more. There’s also the Discover it Miles travelcard, which can be a good option for people looking for a specific travel credit card.

There are very few fees for Discover’s checking account² services, but like most traditional banks, you will pay if you need to send a Discover wire transfer. Checking account wire transfer fees are usually $30 each, plus a likely currency exchange markup fee, which might mean this might not be your best option if you need to send frequent payments.

💡 Get a full Discover Bank review here.
ProsCons²
  • Broad range of products and services
  • Few fees for the checking account option
  • Well known bank with free local payments within the US through Zelle
  • Cashback accounts available
  • Wire transfers are $30 each, which may be fairly steep
  • The Discover network is not as widely accepted outside of the US - if you travel often you may need a backup option
  • No business account options - you’ll need an alternative to Discover for this

Wise

If you live an international lifestyle, love to travel or shop with overseas ecommerce stores, Wise could be the perfect pick of our Chime alternatives.

Open a free Wise account online or in the Wise app, to access a great suite of international banking services - without the bank.

Like Chime, Wise is a financial technology company which takes revolutionary new approaches to cut the costs compared with using a traditional bank. There’s no fee to open a Wise personal account, no minimum balance requirement, and no monthly fee - helping you save money instantly. Best of all, you’ll be able to hold 54 currencies, send payments to 80+ countries, and get local bank details to get paid fee free from 30 countries.

Wise also offers international business accounts - and is on average 6x cheaper than old-school banks when you send, spend, or withdraw money around the world.

Get a free Wise account today!

Join Wise today

Ally

Ally³ is another strong contender if you’re looking for a bank account from a Chime alternative. Ally checking accounts⁴ don’t have monthly fees or minimum balances, and at the time of writing offer a more competitive interest rate compared to many alternatives. You’ll be able to manage your money and check your account balance easily online or in the Ally app - and can also access a good range of products including checking and saving accounts, loans, mortgages, investments and trading.

Ally doesn’t have a business checking account option - but does have some accounts which are suited to business owners looking to grow their funds. It’s also important to note that Ally Bank doesn’t support international outgoing wire payments - although you may still be able to receive international transfers to your account. You may decide this isn’t the best option for you if you need to send payments in foreign currencies often.

💡Check out this full Ally bank review if you want to know more.
ProsCons⁴
  • Very few account fees
  • Good interest rates and specialist savings accounts
  • Broad range of products and services
  • International payments are not supported
  • Business services are limited

Varo

Varo bank⁵ is a digital only, mission driven bank which offers convenient mobile and online banking like Chime. Varo accounts have no credit check, no monthly fee and no overdraft charges, plut there are 55,000+ in network ATMs which come with no ATM fees to worry about, and are conveniently located in places you already shop.

One downside of Varo is that you can’t make or receive wires to or from your Varo account. That means to add funds you’ll need an alternative, like choosing to set up direct deposits of your salary, making a digital check deposit, or using Venmo for example.

💡 Interested to learn more? Get your full Varo Bank review here.
ProsCons⁵
  • Checking and saving account options, as well as a credit building card
  • Digital bank with options for cash and check deposits
  • No credit check making this a service for all
  • Out of network ATM fees will apply, including a $2.50 Varo fee and possible charges from the ATM operator
  • Wire transfers are not supported

Capital One

If you’re considering a bank like Chime, but concerned about opening an account from a provider with no physical branch network, Capital One might suit you. Capital One has an online checking account called the 360 Checking⁶, as well as a broad range of other account options. Whether you choose the online account - or one of the more traditional accounts available - you’ll be able to call into a Capital One branch or café to get help in person if you ever need it.

If you select the Capital One online checking account, you won’t usually be able to send international transfers. However, other Capital One accounts do allow international payments for a fee. Learn more about the Capital One international transfer fee here.

Looking for more information about Capital One’s services. Here are some extra resources:

ProsCons⁶
  • Online only, or hybrid accounts available
  • Established bank with a large branch and ATM network
  • Get help face to face with your online account in a Capital One location if you need it
  • Digital accounts don’t usually allow international wires
  • Fees apply for transactions, including outgoing domestic wires - costs vary by account type

Axos

If you’re looking for bank accounts like Chime which also offer a comprehensive suite of personal or business financial services, Axos Bank⁷ may be the Chime alternative for you.

Founded in 2000, Axos Bank offers checking, saving and investment accounts, personal auto and home loans - all through a digital interface you can get online or in the Axos app. There are also a couple of different Axos business checking accounts available, as well as commercial funding for business customers.

Axos personal customers can choose from 3 different checking accounts, which all come with no monthly fees and free domestic ATM withdrawals. However, some charges do apply, including a 1% foreign transaction fee and a $45 international wire charge⁸.

💡 Get your full Axos Bank review here.
ProsCons⁸
  • Great range of products for individuals and businesses
  • Digital first service with a highly rated app
  • Personal checking accounts have no monthly fees
  • Transaction fees apply for some services
  • International card payments come with a foreign transaction fee

Frequently asked questions

What other banks are like Chime?

Digital first banks including Discover and Ally could be options if you’re looking for a neobank with a good online and in app service. However, a specialist like Wise could be a better bet if you need to make international transactions, as many banks like Chime don’t offer a full range of international services, or else have higher fees than you might expect when sending or spending in foreign currencies.

What online bank is better than Chime?

Finding the Chime alternative for you will take a bit of research. While there are quite a lot of other banks like Chime operating online and through smartphone apps, there are also accounts from major banks which are online first which may suit you if you want to transact face to face as well. Use this guide as a starting point and browse a few accounts like Chime before you decide - some options don’t have the full features you might expect from a regular bank account, so be sure to review the details before you sign up.

Is there a better bank than Chime?

Whether or not there’s a better bank than Chime for you will depend on how you’ll use your account and what features are important to you. Use this guide as a starting point to find the best Chime alternative for your specific needs.

What card is better than Chime?

If the Chime card isn’t right for you, check out alternatives. Discover has good options if you want to earn rewards as you spend - or the Wise card might be a good choice if you’re likely to travel or spend overseas, thanks to its real exchange rates and low, transparent fees.


  1. Discover
  2. Discover checking account
  3. Ally
  4. Ally checking account
  5. Varo
  6. Capital One online checking account
  7. Axos Bank
  8. Axos Bank fees

All sources checked on 27 June 2022


This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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