Chime vs. Simple: Which Bank is the Best Choice for You?


Editor’s note: Simple, a subsidiary of BBVA USA, is being shut down. BBVA USA got bought out by PNC Bank. For current Simple customers, we recommend giving Chime a shot.

If you’ve been looking for an online-only bank, then you’ve probably heard of Chime® and Simple. These two financial institutions have become leaders in the banking industry and are excellent options if you’re looking for a simple, convenient banking option.

man on mobile phone

While Chime and Simple are similar in many ways, there are a few key differentiators you’ll want to know about. So keep reading to learn how the two banks compare and contrast and which option is best for you.

An Introduction to Chime

Chime was founded in 2013 in San Francisco, California. Chime is a financial technology company, not a bank. Banking services are online-only and provided by The Bancorp Bank or Stride Bank, N.A., Member FDIC. Because of this, the Chime is able to ditch the expensive fees that brick-and-mortar banks charge. The Chime Savings Account is free and offers a competitive APY, and you’ll get access to over 60,000 nationwide ATMs.


  • Checking account: You can open a Chime Checking Account with no money to get started. There are no minimum balance requirements and there’s no monthly maintenance fee or overdraft fees. And the account comes with a free Visa debit card. You can use your Chime debit card at 60,000+ fee-free1 ATMs at stores like Walgreens, CVS, and 7-Eleven.
  • High-yield savings account: Chime’s high-yield savings option comes with a generous 2.00%3 APY. And it offers two convenient automatic savings features. You can round up your Visa® purchases to the nearest dollar and save that money or you can save a percentage of every paycheck.
  • Mobile banking options: The Chime account offers a free mobile app that you can use to transfer money to other Chime users. You can also pay your bills online and deposit checks at more than 60,000 retail locations with Green Dot.
  • SpotMe®: The Checking Account offers overdrafts5 of up to $200 for customers who set up a monthly direct deposit of $500 or more.
  • Early direct deposit: Get your paycheck up to two days early2. When you received direct deposits to your online checking account, you can get access to your funds up to two days early.
  • Security features: Chime offers robust security features including daily alerts about your bank account so you can keep an eye out for suspicious charges. When you log into the mobile app, Chime enables two-factor authentication. And you have the option to lock the app, which is useful if you lose your mobile phone.


  • Doesn’t charge any monthly maintenance fees, minimum balance fees, or overdraft fees
  • Offers a competitive 2.00%3 APY on its saving account
  • Provides overdraft protection for up to $200
  • Comes with convenient mobile banking options
  • Robust security features to keep your account safe


  • Charges a $2.50 out-of-network ATM fee
  • No budgeting or money management tools
  • You must set up a monthly direct deposit of $500 to qualify for overdraft protection

Read Full Review: Chime Bank Review: Mobile Banking Without the Fees

An Introduction to Simple Bank

Sample Bank was founded in 2009 and is currently based in Portland, Oregon. Like Chime, Simple offers a free checking and high-yield savings account. And as a Simple customer, you’ll receive access to over 40,000 nationwide ATMs.


  • Checking account: Simple provides an FDIC-insured checking account with zero fees and no minimum balance requirements. You’ll gain access to a free network of over 40,000 ATMs nationwide and Simple doesn’t charge fees for using an out-of-network ATM.
  • High-yield savings account: Simple offers a high-yield savings account with a 0.60% APY. And like Chime, there are two different automatic savings features. You can either choose to round-up your debit card transactions or save a percentage of your monthly income. Simple also offers a competitive, 12-month CD.
  • Mobile banking options: Simple provides a mobile app that you can use to deposit checks, pay bills, and transfer money. And Simple also offers a free budgeting and money management tool that will help you track your spending and expenses.
  • Overdraft protection: Simple doesn’t provide any overdraft protection to its customers. Fortunately, it also doesn’t charge any overdraft fees. If you attempt to make a charge that will result in an overdraft, the transaction will simply fail. This could be a significant downside for some customers.
  • Security features: Simple provides real-time transaction alerts, two-factor authentication, and EMV chip security, so your account will stay secure.


  • Doesn’t charge any monthly maintenance fees, minimum balance fees, or overdraft fees
  • High-yield savings comes with 0.60% APY
  • No out-of-network ATM fees
  • Offers robust budgeting and money management tools


  • No overdraft protection

Chime vs. Simple: How Do The Banks Match Up?

Chime and Simple are both great online-only banking options with no monthly fees. Both companies offer a free checking account and a high-yield savings account. And both offer digital banking tools and account security features.

But if you’re looking for a more robust option for managing your money, you might want to consider Simple. Unlike Chime, Simple offers budgeting and money management tools to help its customers track and manage their money more effectively.

And in addition to checking and savings, Simple also offers a 12-month CD and debt consolidation loans. Plus, Simple doesn’t charge any money if customers use an out-of-network ATM.

However, Chime’s savings account comes with a higher APY than what Simple offers. And Chime offers overdraft protection up to $200, so you don’t have to worry about your transactions getting declined.

But really, you can’t go wrong with either choice. It truly comes down to personal preference and what features are non-negotiable for you. Chime doesn’t have quite as many features as Simple, but it’s going to be the better choice if you regularly tend to run your account balance close to zero.

Whereas Simple is optimal for anyone who’s looking for a comprehensive money management solution. You can also use Simple to take out a personal loan or open a CD.

Bottom Line

And finally, if you don’t like visiting physical bank branches, then you may want to consider using an online-only bank. And both Chime and Simple are excellent options for you to pick from. Though there are similarities between the two, they are actually designed for different types of customers.

Compare Other Banks

See also: Best Free Online Checking Accounts: No Opening Deposit Required

Jamie Johnson
Meet the author

Jamie Johnson is a freelance writer who has been featured in publications like InvestorPlace and GOBankingRates. She writes about various personal finance topics including student loans, credit cards, investing, building credit, and more.