When looking for a new banking solution, it’s important to research and compare all your options. You should factor in each company's financial products, the fees associated with each account and the overall customer experience.
We’ve put Chime vs. Current head-to-head and closely examined how both institutions operate. That way, you can decide if it makes sense to do business with them.
Checking accounts
Chime and Current both offer a personal checking account to handle your day-to-day living expenses. However, Chime’s product functions more like the checking account you might imagine because you can write paper checks if needed. You can’t write checks with a Current checking account, which acts more like a spending account.
Here’s how they compare at a glance:
| Chime | Current | |
|---|---|---|
Minimum deposit | None | None |
Fees | No monthly maintenance, overdraft or foreign transaction fees | No annual or bank transfer fees |
Fee-free ATM network | 60,000+ ATMs | 40,000+ ATMs |
Secured credit card functionality | Yes, as a separate card | Yes, contained within your debit card |
Notable features | Overdraft protection up to $200 | Overdraft protection (limit set at Current’s discretion) |
Chime only offers one checking account. However, Current also offers a Teen Banking option if you want to start instilling money management best practices in your older children. Your teen can have their own account while you keep close tabs on their financial choices.
Savings accounts
A savings account is the perfect accompaniment to a checking or spending account. Chime and Current both offer a high-yield savings account to help grow your money faster than a traditional bank. Each account can make it easier to plan for your future and stash cash away for your dreams.
Here’s how they stack up against each other:
| Chime | Current | |
|---|---|---|
Annual percentage yield (APY) | 2% | Up to 4% |
Minimum account balance | None | $200+ direct deposit to achieve 4% APY; Otherwise earn 0.25% |
Fees | None | Same as checking |
Notable features | Automatic savings via transferring a percentage of each paycheck or rounding up the change when shopping | Organize funds in up to 3 pods or savings goals |
All the money in your Chime savings account will earn 2% APY. However, Current imposes a cap on its high-interest payout.
You can get only 4% APY on the first $2,000 in each of your three savings pods, for a total of $6,000. Once you reach that limit, the APY drops to 0%.
Credit cards
If you need to build or rebuild your credit, Chime and Current both offer a secured credit card. A secured credit card is backed by the money you have in your bank account, so the financial institution can seize those funds if you don’t pay your bill. However, making consistent payments over time can help you qualify for an unsecured credit card or loan in the future.
Here’s how Chime and Current’s secured credit cards compare:
| Chime | Current | |
|---|---|---|
Credit check | No | No |
Minimum security deposit | None | None |
Fees | No annual fees | No annual fees |
Notable features | Reports activity to all three credit bureaus | Reports activity to all three credit bureaus |
While both secured credit card accounts can help you build credit, they function a little differently. Chime’s secured credit card is a separate account you fund with money from your checking account. The money you transfer becomes your credit limit, and you can use that cash to pay off your balance each month.
Current’s secured credit card is also your debit card. You have one account that handles both checking and credit-building functions. As you make purchases or pay bills, the money will get set aside so you can’t overspend. You can then pay your monthly bill with the reserved cash.
Investing accounts
Chime doesn’t offer any investing products. However, Current allows you to buy and sell cryptocurrency, aka crypto.
You can choose from dozens of coins to trade, including Bitcoin, Ethereum, Doge and Binance. Current doesn’t charge any trading fees, and you can start investing with as little as one dollar. Crypto trading is unavailable to customers in Hawaii at this time.
Customer experience
Chime and Current are financial technology or fintech companies, not official banks. Both companies partner with actual banks that provide the banking services. The Bancorp Bank, or Stride Bank, provides Chime’s banking services.
Current’s banking services partners are Choice Financial Group and Cross River Bank. Zero Hash and Zero Hash Liquidity provide crypto trading services.
When it comes to customer support, Chime is the clear winner. You can get 24/7 customer service via phone or in the mobile app. Current also offers 24/7 support via its mobile app. However, the company doesn’t offer assistance by phone. You must submit a support request online if you don’t want to contact Current through the app.
Both financial technology platforms have mixed reputations among users. Chime earned just 2.6 out of five stars across more than 8,900 Trustpilot reviews as of January. The company recently got accredited by the Better Business Bureau (BBB) and received an A- rating from the firm.
Current fared better on Trustpilot, earning 4.2 out of five stars across more than 5,300 reviews as of January. However, the company has not been accredited by the BBB, but the site gave Current a D rating. Complaints for both companies generally involve receiving poor customer service.
Generally, customers seem to be happy with each company’s mobile app. Available for both Android and iOS devices, the applications received between 4.6 and 4.8 out of five-star ratings.
Chime and Current both take their customer’s financial security seriously. Deposit accounts from both fintechs are FDIC-insured to $250,000.
Chime encrypts sensitive information to protect it from hackers and uses two-factor or fingerprint authentication to verify your identity. It also offers zero liability for fraudulent charges. Current uses fingerprint and Face ID locks to keep your accounts safe.
Which one is right for me?
Picking a banking solution is a nuanced decision; the choice all comes down to what’s important to you. For instance, if you want deposit accounts with fewer fees, a consistent APY applied to your entire savings balance and the ability to call customer service, Chime is likely the better bet.
On the other hand, Current offers features that Chime doesn’t, such as crypto investing, teen banking and cash back via earning points with your Current Visa card. Plus, the company simplifies your financial life by combining spending and credit building into one account.
This story was written by NJ Personal Finance, a partner of NJ.com. The information presented here is created independently from the NJ.com editorial staff, and purchases made through links in this article may result in NJ.com earning a commission.
