Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Chime Pros and Cons
Pros
Cons
Doesn't check your credit score or banking history when you apply
Receive your paycheck up to 2 days early
No foreign transaction fees
You can deposit cash
No paper checks
You must open a checking account to be eligible for a savings account
No CDs, money market accounts, loans, or credit cards
Capital One 360 Pros and Cons
Pros
Cons
Doesn't check your banking history when you apply
Bank online or at one of hundreds of branches and Capital One Cafés
Must open a Chime Spending Account to qualify for a savings account
Rounds your debit card purchases up to the nearest dollar and puts the spare change in savings
Capital One 360 Performance Savings™ APY
No monthly service fees or minimum balance
Set separate savings goals and target dates within one account
Chime vs. Capital One Checking Account Comparisons
Chime Spending Account
Capital One 360 Checking - Product Name Only
Doesn't pay interest
No monthly fees or minimum balance
Receive paychecks up to 2 days early
No overdraft fees for overdrafts up to $200 with SpotMe, if you qualify
No foreign transaction fees
$2.50 out-of-network fee
Deposit cash for a fee at GreenDot locations
Capital One 360 Checking® APY (Annual Percentage Yield)
No monthly fees or minimum balance
Receive paychecks up to 2 days early
No foreign transaction fees
Several overdraft protection options
No out-of-network ATM fee (but it doesn't reimburse any fees charged by providers)
Deposit cash at Capital One ATMs or branches, or CVS
Chime vs. Capital One CD Comparisons
Chime doesn't offer CDs, while Capital One 360 has CD terms up to five years with competitive rates.
Chime vs. Capital One: Which is More Trustworthy?
The Better Business Bureau measures companies' trustworthiness by evaluating responses to customer complaints, honesty in advertising, and transparency about business practices. The BBB gives Capital One an A+ and Chime a B+. The BBB states that Chime has a poor grade because it has a high volume of customer complaints and takes a long time to respond to some complaints.
There has also been government action against Chime. Chime used the URL "Chimebank.com" as well as using the words "bank" and "banking," even though the company is not licensed to operate as a bank in any jurisdiction. In a 2021 settlement with The Commissioner of Financial Protection and Innovation, Chime agreed to make it clear in future advertising that it is not a bank.
The Financial Crimes Enforcement Network fined Capital One $390 million when Capital One admitted to failing to carry out an Anti-Money Laundering program, thus violating the Bank Secrecy Act.
