Deciding which bank is best for you can be a difficult task.
There are many different banks out there, each with its own unique set of features and benefits. Two of the most popular banks are Chime Bank and Green Dot GO2Bank.
So, which one is the best for you?
Chime
Chime Bank is our recommendation for your banking needs over Green Dot GO2Bank.
We explain exactly why in the post below, but to quickly summarize:
- Chime has no monthly fee or minimum balance requirement, has its own ATM network where you can withdraw money without fees, and allows you to get your direct deposit up to 2 days early.
- The Chime App is extremely convenient and easy to use.
- You can use popular services like Venmo and Cash App with Chime.
- Chime has a 1% APY on savings accounts.
- Green Dot GO2Bank offers limited overdraft fee protection unless your account meets certain requirements.
- Chime offers a credit builder service which is helpful for people who are trying to improve their credit scores.
Chime Bank and Green Dot offer a number of unique features that may be appealing to some customers.
Let’s take a closer look at both of these popular services below.
What are Some of the Key Features of Chime Bank?
The Chime App is Intuitive and User Friendly
One of the key features of Chime Bank is its mobile app. The app is available for both Android and iOS devices, and it offers 24/7 customer support.
Customers have rated the iOS version of the Chime app 4.8 stars and the Android version 4.7 stars, both out of 5. That’s higher than most major banks. And for good reason — daily balance updates and real-time transaction alerts can help customers stay on top of their spending.
The ability to send other people money with the “Pay Anyone” from right in Chime is a convenient feature – especially if you’d prefer not to use something like Venmo or Cash App. Plus, if your card goes missing, you can block transactions using the Chime app.
All of these features make Chime one of the best mobile banking apps available today.
Chime Bank Offers Early Direct Deposit
Chime Bank’s early direct deposit feature is a great way for people to get their money as soon as it’s available.
This can be a big help for busy people who don’t want to wait for their paycheck to arrive in the mail or be deposited. Having your paycheck deposited directly into your bank account up to 2 days early can also help you save on fees associated with traditional banking services.
In addition, this feature can help you stay organized and keep track of your finances. Chime Bank’s early direct deposit is a convenient way to get your money quickly and efficiently.
Chime Bank has a Visa Debit Card
The Chime Bank Visa Debit Card is a great way to make purchases without having to carry around cash or worry about checks.
The card can be used anywhere that accepts Visa, and it comes with fraud monitoring and lost or stolen cards protection.
With the card, you can also get cash back at participating merchants. All you need to do is simply present your card and PIN at the time of purchase.
There are no fees associated with the card, so you can use it as often as you like without worrying about extra costs.
Whether you’re shopping for everyday items or making a big purchase, the Chime Bank Visa Debit Card is a convenient and safe way to pay.
You Can Build Your Credit Using Chime
Chime Credit Builder is a credit-building program that helps people to improve their credit scores.
The program works by giving members access to a line of credit that they can use to make purchases and pay bills. As members make payments on time, they will see their credit scores improve.
In addition, the program offers tools and resources to help members understand and manage their credit.
With Chime Credit Builder, people can take steps to improve their financial health and build a better future.
Chime Bank Makes it Easy to Save Money
Chime Bank offers a number of features that can help you save money.
One is its daily balance notifications. This feature sends you a text or email each day letting you know how much money is in your account. This helps to keep you mindful of your spending and allows you to make adjustments as needed.
Another helpful feature is Chime Bank’s round-up savings. With this feature, every time you make a purchase, the amount is rounded up to the nearest dollar and the difference is deposited into your savings account. This may not seem like much, but over time it can add up to significant savings.
Finally, Chime Bank offers a number of tools and resources to help you budget and track your spending. By taking advantage of these features, you can make small changes that can have a big impact on your financial health.
The program works by giving members access to a line of credit that they can use to make purchases and pay bills. As members make payments on time, they will see their credit scores improve.
In addition, the program offers tools and resources to help members understand and manage their credit.
With Chime Credit Builder, people can take steps to improve their financial health and build a better future.
Chime Bank Makes it Easy to Save Money
Chime Bank offers a number of features that can help you save money.
One is its daily balance notifications. This feature sends you a text or email each day letting you know how much money is in your account. This helps to keep you mindful of your spending and allows you to make adjustments as needed.
Another helpful feature is Chime Bank’s round-up savings. With this feature, every time you make a purchase, the amount is rounded up to the nearest dollar and the difference is deposited into your savings account. This may not seem like much, but over time it can add up to significant savings.
Finally, Chime Bank offers a number of tools and resources to help you budget and track your spending. By taking advantage of these features, you can make small changes that can have a big impact on your financial health.
What are Some of the Key Features of Green Dot GO2Bank?
Green Dot GO2Bank is FDIC Insured
Green Dot GO2Bank is a safe and secure place to store your money. Your deposits are FDIC insured up to $250,000 per account, so you can rest assured that your money is safe.
So if you’re looking for a safe and reliable place to keep your money, Green Dot GO2Bank is a decent option.
Easy Withdrawals and Cash Deposits
Green Dot GO2Bank checking features include withdrawals at over 19,000 fee-free ATMs nationwide and cash deposits at over 90,000 locations of big-brand retailers such as Walmart and CVS.
The mobile app can create one-time bar codes for a retail cashier to scan as they accept your cash, making for an easy bridge between cash and digital.
Cash deposits aren’t a common feature among neobanks given the nature of being digital-only. Green Dot is one of the few mobile-first banking options that still offer this service to its customers.
Early Direct Deposits
Green Dot’s GO2Bank early direct deposit feature is a great way to get your paycheck deposited into your account as soon as possible.
With early direct deposit, your employer can submit your payroll information up to two days in advance, and Green Dot will deposit the funds into your account as soon as they are received.
This means that you can access your money sooner and start using it right away.
What are the Pros and Cons of Chime Bank?
Chime Bank Pros
- Can overdraft up to $200 without fees.
- No minimum balance requirement.
- No monthly fees.
- Automatic savings plan.
- Get your paycheck deposited directly into your bank account up to 2 days early.
- Easily track your spending and saving with Chime’s easy-to-use app.
- Get access to a Visa debit card that comes with fraud monitoring and lost or stolen cards protection. Use the card anywhere that accepts Visa.
Chime Bank Cons
- There is a limit to the amount of money you can deposit into your account each month. This can be frustrating if you have a lot of income coming in and want to save as much as possible.
- Chime Bank charges a fee of $2.50 for every ATM transaction you make that is out of their network.
- Chime Bank does not have physical branches, so if you prefer to do your banking in person, this may not be the right bank for you.
What are the Pros and Cons of Green Dot GO2Bank?
Green Dot GO2Bank Pros
- Green Dot GO2Bank is FDIC Insured.
- They have a decent ATM network for free cash withdrawals.
- It’s easy to deposit cash with Green Dot GO2Bank.
- Savings accounts have a 1% APY interest rate.
- Good mobile app.
Green Dot GO2Bank Cons
- Limited overdraft protection unless your account meets certain requirements.
- Mobile check deposits can take up to 10 days.
- Does not offer physical branches for banking.
- Withdrawing cash through an out-of-network ATM costs $3.
Which Bank is Better for Customer Service – Chime Bank or Green Dot?
Chime Bank and Green Dot GO2Bank are both popular online banking options that offer a variety of features for customers.
When it comes to customer service, however, there are some clear differences between the two.
Chime Bank offers 24/7 customer support via live chat, phone, and email, as well as a comprehensive FAQ section on their website. Green Dot also offers customer support 24/7, but only via phone and email.
In addition, Green Dot’s website is less user-friendly and doesn’t provide as much information as Chime Bank’s.
As a result, Chime Bank is the better option for customers who need assistance with their accounts or have questions about their services.
Which is Better for Fees – Chime Bank or Green Dot?
When it comes to fees, both Chime Bank and Green Dot offer some advantages and disadvantages.
Chime Bank has no monthly fees. It also has no fees for ATM withdrawals as long as they are in the Chime ATM network, foreign transactions, or overdrafts as long as the overdraft is $200 or less. However, it does charge a $2.50 fee for out-of-network ATM withdrawals.
Green Dot GO2Bank also has no monthly fees. However, they charge $3 for each ATM withdrawal that is out of network which can add up and is higher than Chime, and $4.95 to deposit cash in store.
In terms of overdrafts, Green Dot charges a $15 fee for each transaction which is relatively low but offers limited overdraft protection.
When it comes to fees, Chime Bank is clearly the better option for most people and really helps set it apart from Green Dot GO2Bank.
Which is Better for Savings – Chime Bank or Green Dot GO2Bank?
Chime Bank offers a few different ways to save. First, they offer a savings account that earns 1% interest on your balance. They also have a feature called “Round Up” which rounds up your purchases to the nearest dollar and saves the difference.
Lastly, they offer a direct deposit advance which gives you early access to your paycheck so you can start saving right away.
Green Dot GO2Bank also offers a number of ways to save. They have a savings account that earns 1% interest on your balance which is double what Chime Bank offers.
They also have a feature called “Save As You Go” which lets you transfer money from your checking account into your savings account when you make a purchase.
Lastly, they have a goal-setting feature that allows you to set aside money for specific savings goals.
So, which one is better for savings?
Both Chime Bank and Green Dot offer great features that can help you save money. It really depends on what kind of saver you are and what kind of features you’re looking for in a savings account.
Which has The Best Signup Bonus Offers – Green Dot or Chime?
When it comes to signup bonuses, both Green Dot GO2Bank and Chime offer some great options.
For Green Dot GO2Bank, new users can get a $50 cash back bonus within 24 hours of their account being opened.
For Chime, If you open a Chime account through a referral link and set up a direct deposit of $200 or more within the first 45 days, then you’ll earn $100.
So, which one is the better deal?
If you’re looking for a bigger bonus, then Chime is the way to go. However, if you’re looking for a bonus that’s easier to earn, then Green Dot GO2Bank is a better option.
Which is more Trustworthy – Green Dot or Chime Bank?
When it comes to choosing a bank, it’s important to consider which institution is more trustworthy.
On one hand, there’s Green Dot, which has been in operation for over 20 years. Green Dot is FDIC insured and offers a variety of features, such as free direct deposit and online bill pay.
On the other hand, there’s Chime Bank, which launched in 2014. Chime Bank doesn’t have any fees and offers a unique spending account that helps you track your spending and save money. So, which bank is more trustworthy?
Based on its length of operation and variety of features, Green Dot is the more trustworthy choice. However, if you’re looking for a fee-free option, Chime Bank may be a better fit for you.
Ultimately, the best way to decide is to evaluate your own banking needs and compare the two options side-by-side.
Wrapping Up – Chime Bank vs Green Dot
- Chime has no monthly fee or minimum balance requirement, has its own ATM network where you can withdraw money without fees, and allows you to get your direct deposit up to 2 days early.
- The Chime App is extremely convenient and easy to use.
- You can use popular services like Venmo and Cash App with Chime.
- Chime has a 1% APY on savings accounts, as does Green Dot GO2Bank. However, Chime makes it a bit easier to save money for most people.
- Chime offers a credit builder service which is helpful for people who are trying to improve their credit scores.