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ableBanking VS Chime

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
1.85%APY
Savings/MMA
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Pros:

  • Low opening amount required
  • No monthly maintenance fees
  • Competitive interest rates on accounts
  • No set balance to earn highest rates

Cons:

  • Limited deposit accounts offered
  • Customer service not always available
  • Must link another bank account
  • No checking or business accounts offered
  • Financial Rates: 3.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • No monthly maintenance fees
  • Pay friends through the mobile app
  • Chime Automatic Savings
  • No credit check to open accounts

Cons:

  • Limited accounts with low interest rates
  • Does not offer ATM fee reimbursement
  • No overdraft protection
  • Daily withdrawal and spending limits
ableBanking Review

The ableBanking accounts have low opening required amounts. The money market account only requires $250 to open. The different CD terms each require $1,000 to open.

There are no monthly maintenance fees for ableBanking accounts. As with all CDs, you will be charged a fee if you withdraw your money before the account reaches the maturity date. Federal regulations allow six withdrawals from a money market account per month. There is a fee if you withdraw more than six times.

The interest rates for ableBanking accounts are high. They are competitive with other online-only accounts. ableBanking interest rates are much higher than your typical brick and mortar rates.

Any amount you have in ableBanking accounts earns the highest interest rates offered. You do not have to have a set amount in the account to earn the highest rates on your money. There is no balance required to keep in the accounts.

ableBanking has limited personal deposit accounts available. The only accounts offered are a money market account and CDs. There are five different CD terms available. The terms range from a 6-month CD to a four-year CD.

ableBanking accounts are entirely online. There are no branch locations. Customer service has specific hours they are open. There are scheduled down times for the website. The website will be unavailable for maintenance during these times. Those days are listed on the website. The hours are from 1:00 a.m. to 5:00 a.m.

When you open an account with ableBanking, you must link an external bank account. This is how you will fund your ableBanking account. You cannot switch the external account for the first 60 days after opening the account. After that time, you may link a different account to the ableBanking money market account. You can only have one external account linked to your ableBanking account at a time.

ableBanking does not offer checking accounts or business accounts. The only accounts offered are personal deposit money market account and CDs. You must link an external bank account to transfer money into the ableBanking accounts.

Read the full ableBanking review.

Chime Review

Chime accounts do not have monthly maintenance fees. The Spending and Saving account are completely free. There is not an overdraft fee or a monthly maintenance fee. There is no minimum balance required to keep in the account.

On the Chime app is a Pay Friends feature. You can send money to others instantly. You must have the person’s name, phone number, or email to transfer money. The intended person must have a Chime account or be approved for a Chime Spending account. You can only send up to $2,000 each month with this feature.

Chime offers an Automatic Savings tool. Each time you use your Chime debit card the amount rounds up to the nearest dollar. The extra amount is automatically transferred to your Chime Savings account. With direct deposit, you can have ten percent of your check automatically deposited into your savings account.

When you open a Chime account, they do not check your credit score or ChexSystems. If you have bad credit or no credit you can still be approved for a Chime account. Applying for a Chime account will not hurt your credit score.

Chime only offers a Spending account and a Savings account. The savings account with Chime does not earn a competitive interest rate. It does earn a small percentage of interest, but the rate is lower than traditional bank rates. The rate is not competitive with online or traditional bank interest rates. The checking account does not earn interest.

Chime offers 38,000 fee-free ATMs. If you use an ATM not included in the Chime network, you are charged a fee of $2.50 per ATM transaction. There is also a $2.50 fee for over the counter cash withdrawals. Chime does not reimburse these fees.

Most banks offer some type of overdraft protection. Chime does not. There is not a fee for over-drafting your account. But, if you do not have sufficient funds to cover the purchase, the transaction will not go through. You must have enough money in your account to cover transactions.

Chime limits the amount you can withdraw and spend with their Visa debit card each day. You are only allowed to withdraw $500 each day from an ATM, cash back during a point of sale transactions, or by an over-the-counter withdrawal. You are only allowed to make $2,500 in purchases with the debit card per 24 hours. The 24-hour period starts once the transaction is complete. Each of these different ways applies to the $2,500 allowed each day. No matter how you spend or withdraw the money, it cannot exceed $2,500 per 24 hours. Payments from the Chime Checkbook cannot exceed $10,000 in one month. You cannot make a check payment over $5,000.

Read the full Chime review.

Favorite Rates

Comenity Direct
Savings 04/22/2019
APY 2.48%
Rate 2.45%
For APY $100
Monthly Fee $0.00
Checkbook No
Member FDIC Insured.
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earn.bank
MMA 04/22/2019
APY 2.46%
Rate 2.43%
For APY $10,000
Monthly Fee $10.00
Checkbook Yes
Straightforward interest, no tiers.
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BBVA Compass
MMA 04/22/2019
APY 2.40%
Rate 2.37%
For APY $25
Monthly Fee $15.00
Checkbook Yes
No monthly Service Charge with Balance of at least $10,000
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TAB Bank
Savings 04/22/2019
APY 2.40%
Rate 2.37%
For APY $0
Monthly Fee $0.00
Checkbook No
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Sallie Mae
MMA 04/22/2019
APY 2.30%
Rate 2.27%
For APY $0
Monthly Fee $0.00
Checkbook Yes
Member FDIC Insured.
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Sallie Mae
MMA 25K 04/22/2019
APY 2.30%
Rate 2.27%
For APY $25,000
Monthly Fee $0.00
Checkbook Yes
Member FDIC Insured.
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Live Oak Bank
Savings 04/22/2019
APY 2.30%
Rate 2.27%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC. Earn 23x the National Average
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State Farm Bank
MMA 04/22/2019
APY 2.25%
Intro Rate 2.23%
Intro Duration 12 Months
Post Intro 1.00%
For APY $0
Monthly Fee $10.00
Checkbook Yes
Intro APY, $1,000 to Open, $5,000 Min Bal post intro, See Limits
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Barclays
Savings 04/22/2019
APY 2.20%
Rate 2.18%
For APY $0
Monthly Fee $0.00
Checkbook No
No Minimum Balance. No Monthly Maintenance Fees. FDIC Insured.
Learn More &
Open Account
TIAA Bank
MMA 25K 04/22/2019
APY 2.15%
Intro Rate 2.13%
Intro Duration 12 Months
Post Intro 1.64%
For APY $25,000
Monthly Fee $0.00
Checkbook Yes
Earn a top 5% yield- always! Open an Account today. FDIC insured.
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TIAA Bank
MMA 04/22/2019
APY 2.15%
Intro Rate 2.13%
Intro Duration 12 Months
Post Intro 1.09%
For APY $5,000
Monthly Fee $0.00
Checkbook Yes
Earn a top 5% yield- always! Open an Account today. FDIC insured.
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E*TRADE Bank
Savings 04/22/2019
APY 2.10%
Rate 2.08%
For APY $1
Monthly Fee $10.00
Checkbook No
Make the most of your savings - higher rates & a whole lot more!
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Open Account
Capital One
MMA 04/22/2019
APY 2.00%
Rate 1.98%
For APY $10,000
Monthly Fee $0.00
Checkbook Yes
360 Money Market: Earn Up to $500 on Qualifying Balances
Learn More &
Open Account