Chime Bank vs. Current Bank – Which Online Bank is Better? [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.

Two of the online banks leading the charge in safe online banking are Chime Bank and Current Bank. In this article, we will discuss these two banks and which one is your better bet for your banking needs. However, we will ultimately leave it to the reader to decide which bank is the better fit for you.

Which Has Better Signup Bonus Offers – Chime or Current?

What is better than receiving free money from your new bank? Not much! Both Chime and Current 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. Direct deposit an amount of $200+ within 45 days of the account being opened. 
  3. The $100 bonus posts to your Chime account instantly or within two business days after the requirements are fulfilled.

Current bank offers a $50 sign-up bonus when you open an account with them. The way to get this bonus at the time of this post is:

  1. Sign up for a Current Account.
  2. Input the Current promo code WELCOME50.
  3. Add an accepted form of direct deposit of $200+ within 45 days.

Once you complete these steps, you should receive the bonus reasonably quickly.

So if you need some extra cash, then Chime is the better option for doing so.

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

This category is a draw as both banks are similar regarding their features/rates. Both banks offer $55,000 or more fee-free ATMs in North America, direct deposit up to 2 days earlier, $100 free overdraft protection, and other typical digital-bank features, all while having little to no fees. Also, if you use their mobile app, you can deposit your checks for free, making banking on the go that much easier!

However, it becomes a different tale when it comes to interest rates. Chime bank offers 0.5% on idle balances in connected savings accounts. Current Bank does not offer any interest on deposits for connected savings accounts. 0.5% does not make a massive difference to your financial health, but it is something.

Chime also has many ways you can automatically save money. “Purchase roundups” is one of those methods and is free to use. Current does not currently have a method such as this.

If you travel a lot, this could be the deciding factor for you. If you are traveling outside of the US or Canada, and use your Chime debit card, you will not have to pay any foreign transaction fees. You must pay foreign transaction fees if you use your Current card while traveling outside the US or Canada. 

If you look at this category overall, Chime bank seems to be the better option, especially if you travel a lot. Why pay more money while traveling if you do not have to?

Which Has Fewer/Lower Fees – Chime or Current?

One of the reasons why people are leaving traditional banking in the past is because of their ridiculous fees. If you do not meet specific monthly requirements, they charge you money for not meeting them. Imagine financially struggling and then being charged a $12 fee by your bank for financially struggling! It feels like you are being robbed and like you will never be able to get financially ahead.

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 any 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. 

Current bank users also do not have to pay overdraft fees or monthly service fees. Current bank is transparent with their users about any possible fees that might occur, and like Chime, Current wants to help them improve their financial situations. 

However, both banks do still have fees that apply. Wire transfers, foreign payments, foreign transactions/atm withdrawals, and other fees can occur with both banks. However, as we noted in the previous section, Chime does not charge its users for foreign transactions. 

So this category ends in more or less a draw, with the deciding factor for you, the customer, being what are your personal bank needs? Do you travel outside the US or Canada often? If yes, then Chime is the better choice for you. If not, then Current is the better choice for you.

Who Has Better Customer Service- Chime or Current?

Speaking from personal experience, I would have to give this category to Chime. I had someone fraudulently open a Chime account using my information. The existence of this account was only made known to me when I received an email from Chime telling me the email to this account was changed to an email I didn’t recognize.

I immediately contacted Chime to get this resolved. Even though this occurred after midnight, they responded quickly, and in under half an hour, the account was closed. They advised me to contact the major credit bureaus and report what occurred. The best part is- the closed account wouldn’t negatively impact my credit score since I wasn’t the one who opened it. 

Setting aside my personal experience with Chime, they do indeed have better customer service than Current. Though both banks have phone numbers, Chime offers live chat and email assistance for those who need it. Chime provides its users with more methods of contact than Current 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 Current?

This question might shock you as many of us have had our parents tell us that banks are a safe place to keep our money. As Hagrid tells Harry in Sorcerer’s Stone, “Gringotts is the safest place in the world fer anything yeh want ter keep safe.” So even in The Wizarding World, witches and wizards place their trust in the bank to keep their valuables safe.

But sadly, placing our trust in banks is not that easy for us in the real world. By now, we have all heard of The Wells Fargo account fraud scandal, where they created millions of fraudulent accounts without the consent of Wells Fargo clients. I had personally had issues in the past with Wells Fargo when it came to closing bank accounts. My first account was not fully closed. They left $0.12 in it and then proceeded to charge me fees while I argued with them that I had closed it. With my second account, they tried everything they could to get me to stay with them. I refused, telling them I no longer felt like my money was safe with them after three fraudulent charges appeared on my account in less than two months, and they argued with me about each of them. 

However, Current and Chime feel like safe bets when deciding to trust a bank. Where other banks in the past have gone bankrupt or chose to engage in fraudulent activity, Current and Chime 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. 

Chime vs. Current: Other Factors to Consider

Below, we will cover other factors that might sway your decision on which online bank is better for you.

Influencer Endorsement 

How often have we purchased an item because our favorite YouTuber promoted it? Probably more than we want to admit. I spend several hours a day on YouTube, watching everything from Beauty Gurus to PokeTubers. I even watch some Podcasts, WILD ‘TIL NINE and Pretty Basic being two of them. During these podcasts, I have seen ads for Chime several times on both of these podcasts and have never seen any ads for Current on YouTube. So if there are content creators with millions of followers endorsing Chime, that is the online bank I would choose.

Crypto-Friendliness

Cryptocurrency is not going away anytime soon. As more and more people invest in different cryptocurrencies, they want to be sure they will not lose their bank accounts over the purchase of Bitcoin or other cryptos. 

Neither Current nor Chime is crypto-friendly for its users. Both banks have some hostility toward cryptocurrency and do not have crypto on their platform. At the time of this article, neither bank has announced intentions of having crypto on their platform. 

So if you are big into cryptocurrency, then neither of these online banks is for you.

Personal Touch

The one thing people like about traditional banks is that when you go into them, you have someone who comes directly over to you and asks how they can help you. Depending on your needs, they take you into a cubicle or office, and sometimes they even ask if you would like a drink of water. 

You will not find those personal touches with Current or Chime because they are online banks without physical locations. Even though we live in a day and age where we have self-checkouts, can order our groceries online, and have someone else deliver them, we still prefer human interaction while we do these things.

Both banks have excellent customer service, but that’s where the human interactions end (assuming you called them and did not do everything by email). So if you enjoy personal touches with your banking, you might want to reconsider switching to online banking.

The Winner of This Vs. Is-

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

We hope this article helped you decide which online bank is right for you and your banking needs.