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- Both Chime and Capital One 360 have strong high-yield savings and checking accounts.
- Capital One’s savings tools and multiple overdraft protection options give it an edge over Chime.
- Capital One also offers CDs, credit cards and car loans, while Chime only has a savings account and a checking account.
- Read Insider’s full reviews of Chime and Capital One.
Personal Finance Insider writes about products, strategies, and advice to help you make smart decisions with your money. We may receive a small commission from our partners, such as American Express, but our reports and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.
Chime and Capital One 360 are two online banking platforms with excellent verification and
high yield savings accounts
. But depending on what you’re looking for, one may be more suitable than the other.
Advantages and disadvantages of Chime
Advantages and disadvantages of Capital One 360
Annual Percentage Yield (APY)
0.15% to 0.61% APY
Annual Percentage Yield (APY)
0.50% APY as of 02/14/22
Annual Percentage Yield (APY)
0.29% to 0.40% APY
Savings
Annual Percentage Yield (APY)
0.40% APY
Advantages
- Competitive APY
- No opening deposit or minimum account balance
- No monthly service fees
- Easy to save for various purposes
- 24/7 live chat
The inconvenients
- Limited access to customer service by phone
- Over 470 branches in CT, DC, DE, LA, MD, NJ, NY, TX and VA
- Interest compounded daily, paid monthly
- FDIC insured
Read our review
Verification
Annual Percentage Yield (APY)
0.10% APY
Advantages
- 0.10% APY on all account balances
- No opening deposit or minimum account balance
- No monthly service fees
- No foreign transaction fees
- Range of overdraft protection options
- Process direct deposits up to 2 days in advance
The inconvenients
- Does not reimburse out-of-network ATM fees
- Limited access to customer service by phone
- New Capital One 360 Checking customers who open a new account from 06/16/2021 to 08/17/2021 using promo code BONUS150 and make two direct deposits worth $250 each or more within 75 days of account opening will receive $150
- Over 70,000 free ATMs nationwide
- Over 470 locations in 8 states and DC
- Interest compounded daily, paid monthly
- FDIC insured
Read our review
CD
Chime does not offer CDs, while Capital One 360 has CD terms of up to five years.
Annual Percentage Yield (APY)
0.10% to 1.00% APY
Advantages
- Competitive APY
- No minimum deposit
- Low to standard early withdrawal penalties
The inconvenients
- No jumbo or no-penalty CDs
- Terms ranging from 6 months to 5 years
- No minimum deposit
- Early withdrawal penalties ranging from 3 to 6 months interest
- Compound interest to maximize your income
Read our review
Which is the most reliable?
Capital One and Chime each have a recent controversy.
Capital One has paid $80 million after the Office of the Comptroller of the Currency said the bank was partly responsible for a 2019 data breach in which a hacker accessed more than $100 million. credit card applications. The OCC said Capital One’s security was ineffective at the time.
Chime has entered into an agreement with the California Department of Financial Protection and Innovation for the use of the URL “Chimebank.com” and the words “bank” and “bank”, even though Chime is not authorized to work as a bank. Although Chime is bank insured, it is technically a banking platform, not a bank.
The Better Business Bureau measures the trustworthiness of businesses by rating responses to customer complaints, honesty in advertising, and transparency in business practices. The BBB gives Capital One an A and Chime a B for reliability. Chime gets a B mainly because it hasn’t responded to all customer complaints on the BBB website.
Chime and Capital One 360 are two solid options for online banking. If you’re just looking for a checking account and a savings account, your decision might depend on the specific features you’re looking for.
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