Chime is a strong option for users seeking a fee-free mobile banking platform with early paycheck access and a high-yield savings account. Bank of America Preferred Rewards is better suited for customers who can maintain a high minimum balance and want to earn increased rewards on Bank of America credit cards.
| Attribute | Chime Mobile Banking Platform | Bank of America Preferred Rewards Program |
|---|---|---|
| Mobile App Rating (iOS) | 4.8 out of 5 | 4.8 out of 5 stars |
| Mobile App Rating (Android) | 4.7 out of 5 | Not available |
| Minimum Balance Requirement | $0 | $20,000 three-month combined average daily balance |
| Monthly Fees | $0 | Waived for up to four eligible checking and four savings accounts for Gold, Platinum, and Platinum Honors tiers; waived for an unlimited number of accounts for Diamond Honors tier |
| Overdraft Fees | $0 with SpotMe feature. Limits range from $20 to $200. To qualify for SpotMe, you must receive $200 or more in qualifying direct deposits each month and have activated your Chime Visa Debit Card or secured Chime Credit Builder Visa Credit Card. | $10 for the first two overdrawn items per day (over $1) for Advantage Plus Banking, Advantage SafeBalance Banking, and Advantage Relationship Banking accounts. Waived for Diamond Honors members |
| ATM Access (Network Size) | 60,000+ fee-free ATMs | Not available, but Bank of America has a large ATM network |
| Early Paycheck Access | Yes, up to two days early with direct deposit | Not available |
| FDIC Insurance | Yes, up to $250,000 through partner banks, The Bancorp Bank, N.A. or Stride Bank, N.A. | Bank of America, N.A. is a Member FDIC |
| Cash Deposit Options | Yes, at over 75,000 retail locations via Green Dot partnership, but fees may apply depending on the retailer. Fee-free in-network cash deposits are available. | Not available |
| Interest Rate on Savings Account | 1.25% APY. Chime+ members can get 3.75% APY. A minimum of $0.01 is required to be in the savings to earn interest. | Base APY is 0.01%, up to 0.04% with Preferred Rewards |
| Rewards Program | Chime Deals offers cashback on everyday purchases. Chime+ members get exclusive cashback deals. | 25%-75% more cash back on every purchase with eligible Bank of America credit cards. 1.5 points per dollar spent on all purchases with the Bank of America Travel Rewards card, can increase based on Preferred Rewards tier |
| Customer Service Availability | 24/7 live support | Priority customer service through the Preferred Rewards Center, 888-383-7200 |