Chime vs. Aspiration – Which Bank is Better for You? [2022]

When choosing the right bank for your banking needs, one must consider numerous factors. One of the most recent factors people have had to consider is traditional banking versus online banking. Every day, more people switch to online banking because online banking is proven to be safer and better than conventional banks.

Chime Bank and Aspiration Bank are two of the online banks leading the charge in safe online banking. In this article, we will discuss these two banks and which bank is better for you and your banking needs. A winner will be declared in the end, but ultimately leave it to the reader to decide which bank is the better fit for you.

Which Has Better Signup Bonus Offers – Chime or Aspiration?

What is better than receiving free money from your new bank? Not much! Chime and Aspiration offer sign-up bonuses when you open an account with them.

Chime Bank offers a $100 referral bonus if you open a new account with them using a referral link. To earn the $100 referral bonus, these are the steps you need to take:

  1. Open a new Chime bank account using a referral link. 
  2. Make a direct deposit of $200 or more within 45 days of opening your account. 
  3. The $100 bonus is instantly posted to your Chime account or within two business days after the requirements are met.

Aspiration Bank offers a $50 to $200 bonus depending on how much you spend with them. This offer can be challenging, especially if you want to save money rather than spend it. To earn their sign-up, these are the steps you need to take:

  1. Sign up for Aspiration Bank using a referral link or other promotional link.
  2. Spend $250 to $1000 with the Aspiration debit card within 60 days of receiving the card.
  3. You will receive $50 to $200 depending on how much you spend.

For this round, Chime is the winner as Aspiration’s spend-money-to-get-money offer can be unappealing to most customers, especially those looking to save and not spend.

Which Offers the Best Features/Rates – Chime or Aspiration?

Though both banks have gimmicks that make them different, they are overall the same regarding their features/rates. What it comes down to is which gimmick you prefer.

Aspiration has this feature where eligible purchases made with your card are rounded up to the nearest dollar amount. The total rounded up is indebted from your spend account. Once the transaction settles, you will receive a message of how many trees have been planted because of you!

You can also receive cash rewards for reaching tree-planting milestones. You earn $5 at 30 planted trees, and it goes up $200 at 5,000 trees planted. Reaching these milestones can take a long time, and there are doubts about whether they are planting trees. But on the chance they do, it is nice to know our purchases could be helping the environment!

The other thing Aspiration does is offer 0.5% cash-back at “eco-friendly” businesses. Sadly, we cannot provide you with a list of those businesses, but if you are someone who lives sustainably and shops eco-friendly, this bank could be the one for you!

Chime also has a purchase roundup feature, but their feature automatically puts money in your savings for you. So while it is not as exciting as having a tree planted, knowing money is being added to your savings is nothing to frown about!

So for this round, we declare it a tie and leave it to you, the reader, to decide which you like more- planting trees or saving money!

Which Has Fewer/Lower Fees – Chime or Aspiration?

One of the reasons people are switching from traditional banks to online banks is because of the ridiculous fees that come with conventional banking. With traditional banking, if you cannot meet specific monthly requirements, they will charge you a fee for being unable to meet them. 

Imagine financially struggling because you lost your job or they cut your hours, and your bank charges you a $12 fee for being in financial distress. It feels like you are being robbed and will never be able to get financially ahead. It also makes you feel like the bank is looking out for their needs, not yours.

If you were to switch to a Chime bank account, you would not have to worry about being charged a monthly service fee. Chime’s mission is to motivate its users to make wise money choices and increase their financial knowledge. In addition to not charging fees, Chime will reimburse its users for any fees Chime’s partnered banks might have charged them. Chime users also do not have to worry about overdraft fees. 

If you were to switch to an Aspiration bank account, you would not have to worry about being charged a monthly service fee. However, Aspiration does have an interesting approach when it comes to other fees that might occur.

Aspiration stands by its product and believes that its customers will “do the right thing,” meaning they let the customer decide how much to pay them in fees. And yes, if you choose to, you can pay them $0 in fees, and they will not do anything about it (except probably be sad). 

However, no monthly fees does not mean you are free of fees. Wire transfers, foreign payments, foreign transactions/atm withdrawals, and other fees can occur with both banks. However, Chime does not charge its users for foreign transactions, where Aspiration does. And another difference is Aspiration gives you back $4 on foreign ATM withdrawals; Chime does not do this.

So for this round, it is another tie. However, if you frequently travel, Aspiration edges out Chime for you.

Who Has Better Customer Service- Chime or Aspiration?

Speaking from personal experience, I would choose Chime as the winner of this round. When I had someone fraudulently open a Chime account using my information, their customer service responded quickly, and in under half an hour, the account was closed. Finding out about this account occurred after midnight, so their quick response and prompt closing of the account impressed me.

Setting aside my personal experience with Chime, they have better customer service than Aspiration. Both banks have phone numbers, but Chime offers live chat and email assistance for those who need it. Aspiration only offers phone and email assistance, so Chime provides its users with more contact methods than Aspiration does.

So if excellent customer service is something you want from your bank, then Chime is the bank for you!

Which is More Trustworthy – Chime or Aspiration?

Both Chime and Aspiration are safe bets when deciding to trust a bank. Where other banks in the past have gone bankrupt or chose to engage in fraudulent activity, Chime and Aspiration will likely be here long after all of us are gone. And we cannot foresee them taking any risks that would lose their loyal users. 

In terms of trustworthiness, it is a tie. Both banks are legitimate and have FDIC-Insurance to cover deposits, making them on par with any traditional bank. The main difference is that they make their users’ financial health a better priority.

So if you are looking for a trustworthy bank, you cannot go wrong with either of these options. 

The Winner of This Vs. Is-

No versus is complete until we announce a winner. So in the battle of Chime bank vs. Aspiration bank, we are happy to inform you that Chime bank is the winner! Though it was close in many categories, Chime gets the win over Aspiration for its better sign-up bonus and excellent customer service.

We hope this article offers you the advice you need in choosing the online bank that is right for you and your banking needs.