Chime became an on-demand banking app over the years for offering low-interest rates. The online platform provides an easy-to-access checking account and a debit card. No minimum deposit is required to create an account on this digital bank. Besides, it offers fee-free overdrafts and quick deposits via the Chime app.
However, Chime doesn’t allow users to open a joint account. You can’t apply for a personal loan on this online banking app. The app charges a transaction fee if you don’t withdraw money from the Chime ATM network. Users can’t also opt to wire transfers using the mobile app.
Fortunately, there are several apps like Chime that have similar banking features. However, you must check a few factors before using any digital banking apps. Ensure the application has advanced security features and fraud alerts.
Users should verify the type of bank account they can open from the app. It should be easy to use and compatible with the smartphone you use. You might have checked the interest rate of the banking app, but that’s not enough. The app should allow you to send or receive money with no extra charges.
Now, let’s see the best apps like Chime that are ideal for every Android and iOS user:
Wise
If you’re looking for a reliable online banking app like Chime, consider using Wise. It offers money transfer services in 170+ countries and to 10 million users. You can both send or receive a lump sum amount of money internationally with Wise.
Wise is specifically designed for people who travel across the world. Freelancers and immigrants must access this universal money app. Moreover, the mobile app supports more than 50 currencies, including AED. You can also track your monthly expenses from the Wise app.
There is no need to pay any extra fees for making online transactions. Besides, Wise is a password-protected app. Users must enter the correct password to approve the money transfer. Thus, it makes it difficult for online predators to send money even if they gain access to your phone.
Here are the exclusive features of the Wise banking app:
- With the 3D secure feature, users can protect their debit card details.
- It gives the option to transfer money via Apple Pay for iPhone and Google Pay for Android users.
- There is no need to provide bank account details again to set up new transfers.
- The app sends instant email alerts in data breaching cases.
Revolut
Revolut is the best money management app that you can ever think of. This all-in-one application offers easy mobile banking options. You can make free transfers between the registered Revolut app users. It also provides quick deposits and charge-free ATM withdrawals.
Additionally, users can open a Revolut “Junior” account for their children. With budgeting tools, you can get your finances on track. You can check your monthly expenses from different bank accounts in one place on Revolut.
The company also offers cashback on eligible merchant purchases made with their card. Moreover, Revolut provides four digital bank account tiers to choose from – Premium, Plus Standard and Metal. Select the right one that suits your needs and budget.
Here are the reasons to use the Revolut app:
- Revolut allows you to link all your bank accounts in one platform.
- Users don’t have to pay any membership fee to access the mobile app.
- Convert the currency from cash to crypto easily with Revolut.
- You can get up to a 2.25% annual interest rate using their service.
Cash App
Cash App is a top-rated banking app like Chime that is available on the App Store and Google Play. The mobile app lets you transfer and receive money online with a few clicks. Additionally, you can request an early direct deposit from the Cash App.
Do you know what the best part of this finance app is? It allows you to invest in stocks or ETFs and Bitcoin even if you have less than AED 100 in your account. There are no such eligibility criteria required to invest in cryptocurrency via the Cash App.
All you need to do is navigate to the “Cash App Investing” section. Search for the company name from the navigation panel. Choose the amount of stock you want to buy when prompted. You can buy stocks using the remaining funds from your Cash App balance.
How to Invest in Bitcoins via the Cash App?
If you wish to invest in Bitcoins, locate the “Buy Bitcoins” screen and provide the required details. Enter the security PIN and confirm the transaction by clicking “Yes”. However, certain risk factors are associated with stock or crypto investment. Thus, you must consult with an expert before taking any steps.
Bank5 Connect
Bank5 is a digital bank like Chime, where you can open savings and checking accounts. The company has also developed an easy-to-use mobile app for their customers. You can install the Bank5 Connect app on your Android and iOS devices.
If you are an Android user, open the Play Store and write “Bank5 Connect Mobile” in the search box. Install the mobile app and make an online payment easily. However, iPhone owners must access the App Store to install the Bank5 Connect app.
Users can also pay bills and view their bank account balance from the app. Bank5 Connect uses security protocols like SSL encryption for a safe money transaction. The company doesn’t charge any extra fee for using out-of-network ATMs.
Here are the reasons why people open an account on this bank:
- There is no need to pay any monthly maintenance charges for using online banking services.
- To open a Bank5 Connect account, you only need to have a minimum balance of AED 35-AED 36.
- You get higher savings rates in Bank5 Connect than in digital banks like Chime.
N26
N26 is an online banking app like Chime that comes with an easy navigation panel. It is reliable to use and protect the users’ sensitive data from online predators. This app is available on different mobile platforms. With N26, you can opt to send and receive payments without hassle.
You can also link your debit card to the N26 account for a quick money transfer. The app has smart budgeting tools that display visual depictions of how you spend money every month. You can even set an amount to spend monthly using N26’s budgeting tools.
Creating an account in the N26 app is pretty easy. All you need to do is tap on “Open Account” when the homepage appears. Choose between the Standard, Metal or Smart plans that N26 offers.
Verify your identity and enter your email address when prompted. Once done, pair your bank account with the smartphone and start saving your money.
Here are the exclusive features of the N26 app:
- The app allows you to pay money via services like Apple Pay and Google Pay.
- N26 also offers flexible insurance policies to millions of users.
- Clear off all your debts by following the saving tips on the N26 app.
- N26 allows users to take a snapshot of their monthly expenses.
Alternative App like Chime suitable for Online Banking:
If you are looking for a digital banking platform like Chime, you must use MoneyLion. It is an all-in-one app that offers the best investment services and personal finance. However, you must pay a monthly subscription fee to access the MoneyLion services.
Do you need an online app that allows you to create an account without charging any fee? Go for the Current application. It is compatible with the latest Android and iOS platforms.
You can sign up for free and get a quick direct deposit using the Current application. Users can request a free ATM withdrawal and overdraft from this platform. For instant money transfers, Current is envisioned to be the best application. So, check the features of the apps and choose the one that suits your online banking needs.
