Which is best for online banking?

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  • Chime and Capital One 360 ​​both have high yield savings and chequing accounts.
  • Capital One’s savings tools and multiple overdraft protection options give it a leg up on Chime.
  • Capital One also offers CDs, credit cards, and auto loans, while Chime only has one savings account and one checking account.
  • Read Insider’s full reviews of Chime and Capital One.

Personal Finance Insider writes about products, strategies, and tips to help you make informed 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.

Chime and Capital One 360 ​​are two online banking platforms with excellent verification and

high yield savings accounts
. But depending on what you are looking for, one may be better suited than the other.

Advantages and disadvantages of Chime

Pros and Cons of Capital One 360

Featured deposit accounts

Annual percentage return (APY)

0.40% APY at 07/30/21

Annual percentage return (APY)

0.29% to 0.40% APY

Annual percentage return (APY)

0.01%

Savings

Annual percentage return (APY)

0.40% APY

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  • Advantages and disadvantages

  • Details


  • Benefits
    • 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
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    Verification

    Annual percentage return (APY)

    0.10% APY

  • Advantages and disadvantages

  • Details


  • Benefits
    • 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 off-network ATM fees
    • Limited access to customer service by phone
    • New Capital One 360 ​​Checking customers who open a new account from 6/16/2021 to 8/17/2021 using promotional code BONUS150 and make two direct deposits worth $ 250 each or more within 75 days after opening the account, will receive $ 150
    • Over 70,000 free ATMs across the country
    • Over 470 branches in 8 states and DC
    • Interest compounded daily, paid monthly
    • FDIC insured

    Read our review
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    CD

    Chime does not offer CDs, while Capital One 360 ​​offers CD durations of up to five years.

    Annual percentage return (APY)

    0.10% to 0.80% APY

  • Advantages and disadvantages

  • Details


  • Benefits
    • Competitive APY
    • No minimum deposit
    • Low to standard early withdrawal penalties
    The inconvenients
    • No jumbo CD or no penalty
    • Duration ranging from 6 months to 5 years
    • No minimum deposit
    • Early withdrawal penalties ranging from 3 to 6 months of interest
    • Compound interest to maximize your income

    Read our review
    Read our review A long arrow, pointing to the right

    Which one is the most reliable?

    Capital One and Chime each have recent controversy.

    Capital One paid $ 80 million after the Office of the Comptroller of the Currency said the bank was partially responsible for a 2019 data breach in which a hacker accessed more than 100 million card requests credit. 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”, although Chime is not authorized. to work as a bank. Although Chime is insured through a bank, it is technically a banking platform, not a bank.

    The Better Business Bureau measures the reliability of businesses by evaluating responses to customer complaints, honesty in advertising, and transparency in business practices. The BBB gives Capital One an A and Chime a B in terms of reliability. Chime has a B primarily because he hasn’t responded to all of the customer complaints on the BBB website.

    Chime and Capital One 360 ​​are two great options for online banking. If you are just looking for a checking account and a savings account, your decision may depend on the specific features you are looking for.


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