Chime VS Fidelity Bank

Which bank is better for you?

  • Financial Rates: 1.0 Star Icon
  • Customer Service: 3.5 Star Icon
  • Website Experience: 5.0 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
  • Financial Rates: 1.0 Star Icon
  • Customer Service: 4.5 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 3.5 Star Icon
No Rate Information
Advertiser Disclosure
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Pros:

  • Wide variety of accounts available
  • Low opening amounts for most accounts
  • Waived ATM fees for some accounts
  • HSA earns good rates

Cons:

  • Tiered interest rates on account
  • Cannot open accounts online
  • MMAs have high opening amounts
  • Accounts interest rates are low
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.

Fidelity Bank Review

Fidelity Bank offers a good selection of personal accounts. Those include:

  • Free checking
  • Relationship checking
  • Legacy checking
  • Statement savings
  • Looney Tunes Children's savings
  • High Interest savings
  • Health Savings Account
  • Personal money market account
  • Superior money market
  • CDs from 12 to 60-months

The opening required amounts for Fidelity Bank accounts are low. The checking accounts and children's savings account require $25 to open. The statement savings account requires $100 to open. The CD terms require $500 to open.

ATM transactions made at Fidelity Bank ATMs are free of fees. Transactions made at other ATMs may have a fee. The Relationship and Legacy checking accounts waive the fees of foreign ATM transactions. You must meet the requirements to open these accounts.

The Health Savings Account offers good rates. It offers the highest interest rate out of the Fidelity Bank savings accounts. To earn the highest interest rate for the HSA, you must have $15,000 in the account.

The Superior MMA has tiered interest rates. To earn the highest rate, you must have at least $250,000 in the account. Balances below that amount earn interest, just not the highest rate. Even the highest interest rate is not competitive with other online accounts.

To open an account with Fidelity Bank, you must visit a branch location. They do not offer online account applications. They have branch locations in Kansas.

The money market accounts have high opening required amounts. The Personal MMA requires $2,500 to open. The High Interest savings account also requires $2,500 to open. The Superior MMA requires $10,000 to open.

The interest rates for Fidelity Bank accounts are low. They are not competitive with other online-only accounts. Some accounts offer rates slightly higher than typical banks. Most account rates are competitive with typical bank rates.

Read the full Fidelity Bank review.

Sponsored Offers

Advertiser Disclosure
SoFi
Savings (Rate as of 8/11/2022)
APY 1.80%
Rate 1.80%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC No balance cap to earn APY, Earn up to $300 cash bonus with qualifying direct deposit.
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Synchrony Bank
Savings (Rate as of 8/11/2022)
APY 1.65%
Rate 1.65%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC Savings Products with Competitive Rates and No Minimum Deposit
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Barclays
Savings (Rate as of 8/11/2022)
APY 1.65%
Rate 1.40%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC Savings accounts at 1.65% APY. A rate greater than 5x the national average.
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