5 Banks like Chime That Are Actual Real Banks

Check out these banks like Chime that are real licensed banks offering user-friendly digital tools that make managing finances easier.
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Quick Summary Banks Like Chime

1

SoFi Bank

Best for welcome bonus, 4.60% APY savings account and savings vaults 

2

Quontic Bank

Best for high-interest checking and optional tap-to-pay debit ring.

3

Primis Bank

Best for EARNING 50¢ per debit card purchase.
4

OneUnited Bank

Best for no-credit check loan and no-credit score required secured credit card.  

5

Axos Bank

Best for unlimited domestic ATM fee reimbursements and 1% cash back.

There are real banks like Chime operating online in 50 states that may also have a limited number of branches.

The reason we emphasize “real banks” is that Chime is not a bank, it's a financial technology company (fintech) offering banking services.

Unfortunately, Chime is known to have an extraordinary amount of customer complaints and frequent penalties when compared with licensed banks that are much larger than Chime.

Chime's latest penalties include:

  • May 7, 2024, the Consumer Financial Protection Bureau (CFPB) ordered Chime to pay $3.25M in civil penalties and $1.3M to account holders harmed by delaying customer refunds.
  • Feb. 27, 2024, the California Department of Financial Protection and Innovation (DFPI) ordered Chime to pay $2.5M in penalties and to improve customer service standards due to unfair complaint handling.
 
 

Best 5 Real Banks Like Chime

One major benefit real banks offer is accountability. Licensed banks are subject to strict regulatory scrutiny and consumer protection laws. This adds a layer of security and accountability when customers require intervention to solve issues.

SoFi Checking/Savings - $325 Welcome Bonus

SoFi Bank

SoFi Bank offers a $25 bonus by opening a new account and funding with at least $10. Set-up direct deposit to increase to up to $300.

Features we like most

  • Minimum deposit: $10
  • Early paycheck with direct deposit
  • Savings earns 4.60% APY with direct deposit or 1.20% APY without
  • Checking earns 0.50% APY on balances
  • 55,000+ fee-free ATMs within the Allpoint® Network
  • Savings Vaults to budget for expenses like rent, groceries or travel
  • $50 Overdraft coverage with no fees
  • No account fees or balance minimums
  • FDIC insured up to $2M
Apply Today

Apply at SoFi Bank's Secure Site

  • iOS app rating: 4.8/5 stars
  • Android app rating: 3.9/5 stars

High Yield Checking - Up to 1.10% APY

Quontic Bank

Quontic Bank is a digital bank operating in 50 states. The high-yield checking earns 1.10% APY and the app is well-rated for both iOS and Android.

Features

  • More than 90,000 free ATMs nationwide
  • $100 Minimum Opening Deposit
  • U.S.-based, Customer Service available via phone or chat
  • Checking account earns 1.10% APY
  • No monthly maintenance fees
  • FDIC-Insured up to $250,000
Apply Today

Apply at Quontic's Secure Site

  • iOS app rating: 4.8/5 stars
  • Android app rating: 4.8/5 stars

Perks Checking - Earn 50 cents per swipe

Primis Bank

Primis Bank merges the backing of an FDIC institution with the brains of a tech company. The digital bank offers a checking account that earns .50 cents for every debit card swipe (except ATM transactions).

Features we like most

  • $1 Minimum Deposit
  • No Overdraft Fees
  • Free incoming wires and check images
  • Earn 50 cents per purchase, not including ATM transactions
  • FDIC-insured
Apply Today

Apply at Primis' Secure Site

  • iOS app rating: 4.7/5 stars
  • Android app rating: 3.7/5 stars

OneUnited Checking - No Credit Check Loan

OneUnited Bank

OneUnited customers have access to a cash advance feature up to $1,000 without a credit check and a no-credit score required secured credit card.

Features we like most

  • Minimum deposit: $25
  • Surcharge free ATMs at over 100,000+ locations
  • Up to 20% cash-back in various categories like food, hair products, hotels, cosmetics
  • Early paycheck with direct deposit
  • Add cash at over 90,000 locations across the country through a partnership with Green Dot
  • FDIC insured up to $250,000
Apply Today

Apply at OneUnited's Secure Site

  • iOS app rating: 4.7/5 stars
  • Android app rating: 4.4/5 stars

Unlimited domestic ATM fee reimbursements

Axos Bank

Axos Bank is a digital bank operating in 50 states with a wide range of products and a cash back checking account that rewards you.

Features

  • Unlimited domestic ATM fee reimbursements
  • $50 Minimum Opening Deposit
  • 1.00% cash back on all signature-based debit card transactions
  • No monthly maintenance fees
  • FDIC-Insured up to $250,000
Apply Today
Apply at Primis' Secure Site
  • iOS app rating: 4.7/5 stars
  • Android app rating: 3.7/5 stars

Licensed bank vs Nonbank fintechs

Licensed Banks

Federal Oversight
Banks are chartered and regulated by federal agencies like the Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and the Federal Reserve.
State Regulation
Banks are also subject to state-level laws and licensing.
Strict Regulation
They adhere to comprehensive regulations on capital requirements, consumer protection, anti-money laundering measures, and lending standards.
Deposit Insurance
Deposits are insured by the FDIC up to $250,000 per depositor, per bank, protecting customer funds.
Physical Presence:
Licensed banks typically have a branch network and ATM infrastructure. This offers convenience for in-person services, cash transactions, and a sense of accessibility.

Nonbank Fintechs

Varied Oversight
Depending on their activities, fintechs might be regulated by federal agencies like the Consumer Financial Protection Bureau (CFPB), Securities Exchange Commission (SEC), or individual states.
Activity-Based Regulation
Unlike banks, fintechs aren't regulated as entire entities. Regulation applies to specific activities like money transmission, lending, or investment advising.
Less Uniform
Regulations are less standardized and stricter than those for banks. Fintechs often navigate regulations across multiple states, leading to potential gaps or overlaps.
No Deposit Insurance Directly
Fintechs form partnerships with traditional, FDIC-insured banks. When you deposit funds into your fintech account, those funds are actually being held at the partner bank.

Real Banks Like Chime with Secured Visa

One major benefit Chime offers is a no-credit check secured visa card that helps customers build credit without requiring a security deposit.

Licensed banks that offer secured credit cards will more than likely require a credit check and minimum security deposit.

The security deposit acts as collateral and determines your credit limit, minimizing the bank's risk if the cardholder fails to make payments.

While you won't find many licensed banks offering secured cards without the security deposit, OneUnited Bank does offer a no-credit score required secured credit card called the UNITY Visa® secured credit card. The security deposit can range from $300 to $10,000.

Top 5 Benefits Online-Only Banks Offer

1. Convenience: Online-only banks allow you to manage your finances from anywhere, anytime. No need to visit branches or adhere to traditional banking hours.

2. Lower Fees: Online-only banks have less overhead than traditional institutions, often passing those savings on to customers through lower fees or eliminated fees altogether.

3. Higher Interest Rates: The reduced costs of online banking also mean they can offer better interest rates on savings accounts and sometimes even checking accounts.

4. Innovative Technology: Online banks often invest heavily in user-friendly apps and websites, making it easy to track spending, set budgets, automate savings, and more.

5. Customer-Focused Service: Many online banks pride themselves on excellent customer support, accessible through phone, chat, or email. Lacking physical branches, they tend to excel in these other support areas.

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