In today’s digital age, managing finances has become more convenient than ever, thanks to the rise of online-only banks. Among the popular options are Chime and Simple Bank, two fintech giants that have revolutionized how we bank. While both offer innovative features designed to make banking simpler and more accessible, they cater to different types of users.

Whether you're searching for fee-free banking with automatic savings or a more goal-focused way of budgeting, the decision between Chime and Simple Bank can have a major influence on how you handle your money. Let's take a closer look at both to help you make a better decision.

An Overview of Chime and Simple Bank

Both Chime and Simple Bank are disruptors in the digital-only banking space. They want to transform how we interact with money using mobile apps and websites by eliminating the inefficiencies and high charges generally associated with mainstream banks.

Chime aims to provide a simple, transparent banking experience. It charges no monthly, overdraft, or maintenance fees, so it is best for customers who desire to keep their finances hassle-free. Simple Bank is a different story altogether, however, with tools that aim to assist users in better budgeting and saving, such as its "Goals" feature. Both banks focus on enhancing financial management, but their distinctive advantages could attract different users depending on individual requirements.

Key Features of Chime and Simple Bank

Simple Bank and Chime both feature a package of offerings that delight digital banking customers. The differences lie in focus, however, and that affects your decision.

Chime's Features

Chime's largest advantages are its fee-less model and solid mobile experience. It provides a fee-less checking account, a fee-less savings account, and a Visa-branded debit card accepted everywhere. One standout feature is Chime's automatic savings program, which sets aside a portion of your purchase amount in your savings account when you make a purchase. It saves customers money without any additional effort.

Another advantage of Chime is its extensive ATM network. Chime's partnership with the Allpoint network gives customers access to more than 24,000 fee-free ATMs across the U.S., making it easy to withdraw cash without incurring additional charges.

Additionally, Chime offers real-time transaction alerts and instant notifications for your account activity, which can help you monitor your spending and ensure that you're always aware of your financial health. Another impressive feature is Chime's direct deposit, which lets you receive your paycheck up to two days earlier than traditional banks.

Simple Bank's Features

Simple Bank, formerly known as Simple, focuses on budgeting and goal-setting. One of the most notable features of Simple is the "Goals" system. This feature allows users to set specific financial goals—whether it's saving for a vacation or building an emergency fund—and the app will help track progress, set up automatic transfers, and encourage saving in a fun, user-friendly way.

The Simple app also has an intuitive visual interface where you can see your spending habits and categorize your expenses. It also features a "Safe-to-Spend" balance, which lets you know how much money you have left to spend after accounting for bills, savings, and other expenses. This helps prevent users from overspending and allows for better budgeting.

Simple also offers a unique feature called "Instant Transfer," which lets you move money between your Simple account and external bank accounts instantly for a small fee. Unlike Chime, Simple charges a fee for ATM withdrawals outside its network, which can be a drawback if you need to access cash frequently.

Fees and Charges

Both Chime and Simple Bank advertise themselves as fee-free banks, but you should be aware of some nuances in their fee structures.

Chime's main selling point is its fee-free approach. It does not charge monthly maintenance fees, overdraft fees, or minimum balance requirements. The only fees you may encounter are related to out-of-network ATM withdrawals, but even then, Chime offers 24,000 ATMs nationwide via the Allpoint network, so the chances of being charged a fee are slim.

On the other hand, Simple Bank does charge fees for certain services. Although Simple offers free checking and savings accounts, there are fees for services like out-of-network ATM withdrawals and wire transfers. Simple also charges a fee for international ATM withdrawals, which could be a dealbreaker for frequent travelers.

If you’re looking for a truly fee-free experience, Chime might be the better option. But if you value budgeting tools and personalized savings plans, Simple Bank’s features might justify its occasional fees.

Customer Service and Support

Customer service is an essential part of any banking experience, and both Chime and Simple Bank make it easy for customers to reach out when needed.

Chime offers 24/7 customer service via phone and chat. Their support team is known for being responsive and helpful. In addition, Chime has an online community forum where users can discuss issues and share advice.

Simple Bank also provides support through phone and email, but it’s important to note that their customer service is not as widely praised as Chime’s. Some users have reported longer response times, which can be frustrating when you need immediate assistance.

That said, both banks offer extensive online resources, including FAQs and help guides, so you can often resolve issues without having to contact customer service directly.

Conclusion

Both Chime and Simple Bank offer valuable digital banking features, each catering to different needs. Chime stands out for its no-fee structure and automatic savings tools, making it a great choice for users who prioritize simplicity and cost-effectiveness. Simple Bank, on the other hand, excels with its budgeting tools and goal-setting features, which are ideal for those looking for a more structured approach to managing their finances. Ultimately, your choice depends on what aspects of banking matter most to you.