Chime Vs. Cash App (More Than 80 Million Users Combined)

Written By Adrian Volenik

Chime and Cash App are some of the most popular digital banks in the US. Combined, they have more than 80 million users. To help you decide which account is better for you, we’ve written this in-depth comparison. But first, here’s our verdict:

If you’re looking for something that resembles a classic bank account, Chime is the checking account for you. On the other hand, Cash App is a modern mobile payments app that appeals to the younger demographic and offers stocks and Bitcoin investing.  

Customers 14+ million70+ million
Banking LicenceNoNo
Business AccountsNoYes
Joint AccountsNoNo
FDIC InsuranceYesYes

If you prefer to watch a video comparing Chime and Cash App, check this one Elijah created for you:

About Chime 

chime banking app

Chime was founded in 2013 by Chris Britt and Ryan King. Their goal was to develop a banking approach that did not make money from customers’ misfortunes. They wanted a bank account that would improve the financial state of their clients.

Chime launched in 2014 when the banking world was starting to undergo digital transformation. The fintech company from San Francisco came up with an app to help clients audit their balances, clear inquiries easily, and control their credit cards.

In addition, the digital bank did away with monthly fees and overdraft fees. Since its target group was young adults and millennials, the founders saw the need to align their products and services with consumers’ best interests.

For these reasons, Chime has become a grand success. It acquired Pinch in 2018 to help college graduands and young adults manage their financial assessments. The company currently has a valuation of $25 billion and serves over 14 million active users.

Its major investors include Crosslink Capital, Cathay Innovation, Aspect Ventures, and Menlo Ventures.

Read more in our full Chime review

About Cash App 

cash app

Cash App, formerly known as Square Cash, is a peer-to-peer mobile payments app. It was launched in 2013 by Square, Inc. (now Block, Inc.) and was designed to help users send money to each other using a mobile phone app. 

Additionally, the company also thought about business users when it introduced Cash App for businesses in 2015. 

In general, Cash App allows individuals, business owners, and organizations to use a $Cashtag, a unique username, to send and receive money.

In January 2018, Cash App added the ability to buy, sell, send, and receive Bitcoin. In 2019, the app had over 24 million active users. In 2022, that figure is nearing 100 million very fast. 

Read more in our full Cash App review

How to Open a Chime account

Opening a Chime account is easy. All you have to do is visit their website or download the app from the Apple App Store or the Google Play Store

There are no documents that you’ll need. All you’ll have to do is enter your full name, email, address, password, and SSN. The details will be used to open the account and verify your identity. 

Remember, there are no credit score checks, but you have to be a US citizen and be at least 18 to open a Chime account.  

How to Open a Cash App Account

Opening a Cash App account is just as easy and straightforward:

  1. Download the Cash App for Android or iOS, or go to their website
  2. Enter your phone number
  3. Enter the 6-digit code 
  4. Add the debit card info to link your bank account
  5. Enter your full name
  6. Choose a unique $Cashtag
  7. Enter your postcode

You can now use Cash App with certain limits imposed. To have them removed, you’ll have to verify your identity further. Refreshingly, you can be as young as 13 to open a Cash App account. 

RELATED: New Cash App Account with the Same Number (Is It Possible?)


ChimeCash App
No monthly or annual feesNo monthly or annual fees
No account minimumsNo account minimums
Free to open an accountFree to open an account
No fee when using a bank account or debit cardNo fee when using bank account or debit card
$2.50 out-of-network ATM fee$2.50 fee on all ATM withdrawals
1.5% instant transfers
3% if sending funds by credit card

As you can see, both apps are very good regarding fees. You can use the apps or debit cards for buying stuff or sending and receiving money for free. 

Pros & Cons


ChimeCash App
No minimum balance requirementNo monthly fees
No monthly feesNo transaction fees
2.00% APYNo foreign exchange fees
No foreign transaction feesFree tax returns
Mobile check depositsFree debit card
Paycheck up to 2-days earlyStock trading
Bitcoin trading


ChimeCash App
Limited servicesSpending limits
Limited cash deposit locationsBitcoin fees
$2.50 out-of-network charge for ATMs not affiliated with ChimeWithdrawal limits
Limited functionality
Favorite tool for scammers

Accounts & Cards


chime checking account card

Chime’s spending account, also known as a checking account, is popular as it has zero fees. This means that you do not need a minimum balance or pay monthly account fees.

Besides, once you establish direct deposit to this account, you can accelerate your paycheck as early as two days.  

Chime also offers high-yield savings account with 2.00% APY. There are no limitations on the interest you earn as long as the account has money. What’s more, there are no monthly charges or minimum balance required.

The credit card builder helps users with poor or no credit improve their ratings. It is a secured credit card where you move money into the account, but you cannot spend more than the limit. 

This, in turn, helps you build a credit history. The Credit Builder Card has no credit checks, fees, or annual interest.

Cash App

cash card

Cash App has a free Visa debit card they call Cash Card, which lets you make purchases from your Cash App balance. It is compatible with Google Pay, Apple Pay, and Samsung Pay. Besides, it does not need to be linked to your non-cash debit card or bank account.

Cash App helps you save money with Cash App Boosts, a reward program for consumers who use the card. You stand to earn discounts when you make purchases with a debit card at eligible outlets.

They also recently started offering free tax returns when the company acquired Credit Karma Tax and rebranded it. It’s a fast, easy, and free way to file your federal and state taxes.

READ ALSO: 30 Biggest Digital Banks (Customers and Valuation)

Credibility & Security


Like some other digital banks, Chime has also been in the crosshairs of hackers and scammers targeting its systems and customers. The company itself has also been closing thousands of customer accounts. 

Some of them were part of foul play and had fraudulent deposits, for example. The issue is that many regular customers seem to have paid the price as well and couldn’t access their accounts and money (!) for months on time.

But, in general, Chime is employing all the industry-standard security features to guarantee its systems and customer data are safe. On the other side, customers also have to do their part and be cautious not to get scammed.

Cash App

Cash App, on the flip side, has many issues of its own. There are many red flags that keep popping up when you start looking into it.

There are thousands of reviewers saying the same things – they can’t access their money or accounts, got scammed and the customer service is of very little use.

This isn’t unique to Cash App. Some of its competitors, such as Venmo and Zelle, have the same problem.

The biggest problem is that these mobile payment apps aren’t banks, they are fintech companies and not financial institutions that have an interest in keeping your money safe, unfortunately.


Chime is the only app with savings accounts. It offers an APY of 2.00%, with interest being paid monthly.

You can open the savings account when registering for Chime or at any later date. However, if you close your savings account, you won’t be able to re-open it for 90 days (per federal law).

To deposit money into a savings account, you can transfer money from your Chime checking account or have 10% of your direct deposits transferred.

Additionally, you can save when you spend by rounding up your purchases and transactions to the nearest dollar. For example, if your purchase was $44.50 at the store, Chime will deduct $45 from your account. It will also deposit 50 cents into your savings.

READ ALSO: How to Convert Swagbucks into Cash App (Workaround)

Business Accounts

When it comes to business accounts, the only app that supports businesses is, surprisingly, Cash App. 

Your customers can pay you via $Cashtag, QR code, or even email and phone number connected to your account. 

It has no limits for sending or accepting payments, but you will face a 2.75% transaction fee for every payment you accept. Business users also have no limits for sending or receiving money.

You can have both types of accounts and even switch from business back to personal. A much better alternative to Cash App for business is Square Cash, a robust solution for all types of businesses, no matter how big or small. 


Chime doesn’t have an investment platform as of yet. It’s not known whether they’ll be venturing into investing in the future.

Cash App, on the other hand, lets you invest in Bitcoin and stocks. It has simplified Bitcoin exchange and allows you to buy, store, sell, deposit instantly, and withdraw Bitcoin on the app. Cash App serves as a custodial wallet and a Bitcoin Exchange.

Besides, it is easy to trade. Simply click on the ‘Buy or Sell Bitcoin’ on the app, then choose the ‘Buy’ or ‘Sell’ button.

Apart from trading with cryptocurrency, Cash App allows traders to invest in stocks. Moreover, users can transfer their investments to brokers to make automatic investments.

Customer Reviews 


Chime has a 3.2-star rating out of 5 on Trustpilot, with 74% of 8,100 reviewers giving it an excellent mark and 13% a bad one. With a 3.2 score, Chime is placed better than classic banks such as BofA (1.4), Chase (1.3), Capital One (1.2), and Wells Fargo (1.2) but worse than MoneyLion (4.7), Current (3.8), and Varo (3.8).

Cash App

Cash App has a 1.2-star rating out of 5 on Trustpilot, with 3% of 3,500 reviewers giving it an excellent mark and 93% a bad one. With a 1.2 score, Cash App is comparable to traditional banks like BofA (1.4), Chase (1.3), Capital One (1.2), and Wells Fargo (1.2).

READ ALSO: Chime Bank Vs. Aspiration: The 6 Key Differences

Chime and Cash App Alternatives

Axos Bank

axos bank

Axos Bank is the original, the pioneer of digital banking. The bank was doing online banking while CEOs of some other digital banks were still in school. They, too have low to no fees and offer ambitious interest rates and practical access to personal accounts as well as those for SMEs, and commercial clients.



MoneyLion offers an all-in-one financial product with spending, saving, budgeting, investing, and even credit-building capabilities. It has a 4.7-star rating on Trustpilot from almost 30k reviews.



SoFi is a cash management account that earns you interest. It’s sort of a financial super app that offers stock, ETF, and crypto investing and all types of insurance and loans, including mortgages. 

Varo Bank

varo money

Varo Bank is the first challenger bank that got a banking license in the United States. the bank account has no fees and is, for that reason, great for everyday banking, spending, and international traveling. The bank also offers an awesome savings account, early payday, and much more free of charge.


Cash App and Chime are two extremely popular financial apps that target basically the same groups of people. However, they are different enough to be completely distinct from each other.  

About the Author

Chief Editor at TopMobileBanks

Adrian is a fintech expert who has tested hundreds of financial apps, cards, and accounts. His love for testing digital banks, payment apps, and financial products, in general, is unmatched.

How many digital banking accounts can one man have?

Not enough, if you ask Adrian. As his wallet will soon explode if he doesn’t cut back on the number of cards.

On the plus side, they have enabled him to create awesome How-To Guides that you can read on our site.

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