Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
Chime and Capital One 360 are two online banking platforms with excellent checking and high-yield savings accounts. But depending on what you’re looking for, one may be a better fit than the other.
Pros and cons of Chime
Pros and cons of Capital One 360
Savings
Capital One 360 Performance Savings™
Annual Percentage Yield (APY)
2.20% APY
Minimum Deposit Amount
$0
Capital One 360 Performance Savings™
Annual Percentage Yield (APY)
2.20% APY
Minimum Deposit Amount
$0
Deposit Details
Annual Percentage Yield (APY)
2.20% APY
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
Checking
Capital One 360 Checking®
Annual Percentage Yield (APY)
0.10% APY
Minimum Deposit Amount
$0
Capital One 360 Checking®
Annual Percentage Yield (APY)
0.10% APY
Minimum Deposit Amount
$0
Deposit Details
Annual Percentage Yield (APY)
0.10% APY
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
CD
Chime doesn’t offer CDs, while Capital One 360 has CD terms up to five years.
Capital One 360 Certificate of Deposit®
Annual Percentage Yield (APY)
2.00% to 3.50% APY
Minimum Deposit Amount
$0
Capital One 360 Certificate of Deposit®
Annual Percentage Yield (APY)
2.00% to 3.50% APY
Minimum Deposit Amount
$0
Deposit Details
Annual Percentage Yield (APY)
2.00% to 3.50% APY
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
Which is more trustworthy?
Capital One and Chime each have a recent controversy.
Capital One paid $80 million after the Office of the Comptroller of the Currency stated that the bank was partially responsible for a 2019 data breach in which a hacker accessed over 100 million credit card applications. The OCC said Capital One’s security was inefficient at the time.
Chime reached a settlement with the California Department of Financial Protection and Innovation for using the URL “Chimebank.com” and the words “bank” and “banking,” even though Chime isn’t licensed to work as a bank. Although Chime is insured through a bank, it’s technically a banking platform, not a bank.
The Better Business Bureau measures companies’ trustworthiness by evaluating responses to customer complaints, honesty in advertising, and transparency about business practices. The BBB gives Capital One an A- and Chime a B-. Chime has a B- mainly because it hasn’t responded to all of the customer complaints on the BBB website.
Chime and Capital One 360 are both strong options for online banking. If you’re just looking for a checking and savings account, your decision could come down to which specific features you’re looking for.
Related Post
Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
Chime and Capital One 360 are two online banking platforms with excellent checking and high-yield savings accounts. But depending on what you’re looking for, one may be a better fit than the other.
Pros and cons of Chime
Pros and cons of Capital One 360
Savings
Capital One 360 Performance Savings™
Annual Percentage Yield (APY)
2.20% APY
Minimum Deposit Amount
$0
Capital One 360 Performance Savings™
Annual Percentage Yield (APY)
2.20% APY
Minimum Deposit Amount
$0
Deposit Details
Annual Percentage Yield (APY)
2.20% APY
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
Checking
Capital One 360 Checking®
Annual Percentage Yield (APY)
0.10% APY
Minimum Deposit Amount
$0
Capital One 360 Checking®
Annual Percentage Yield (APY)
0.10% APY
Minimum Deposit Amount
$0
Deposit Details
Annual Percentage Yield (APY)
0.10% APY
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
CD
Chime doesn’t offer CDs, while Capital One 360 has CD terms up to five years.
Capital One 360 Certificate of Deposit®
Annual Percentage Yield (APY)
2.00% to 3.50% APY
Minimum Deposit Amount
$0
Capital One 360 Certificate of Deposit®
Annual Percentage Yield (APY)
2.00% to 3.50% APY
Minimum Deposit Amount
$0
Deposit Details
Annual Percentage Yield (APY)
2.00% to 3.50% APY
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
Which is more trustworthy?
Capital One and Chime each have a recent controversy.
Capital One paid $80 million after the Office of the Comptroller of the Currency stated that the bank was partially responsible for a 2019 data breach in which a hacker accessed over 100 million credit card applications. The OCC said Capital One’s security was inefficient at the time.
Chime reached a settlement with the California Department of Financial Protection and Innovation for using the URL “Chimebank.com” and the words “bank” and “banking,” even though Chime isn’t licensed to work as a bank. Although Chime is insured through a bank, it’s technically a banking platform, not a bank.
The Better Business Bureau measures companies’ trustworthiness by evaluating responses to customer complaints, honesty in advertising, and transparency about business practices. The BBB gives Capital One an A- and Chime a B-. Chime has a B- mainly because it hasn’t responded to all of the customer complaints on the BBB website.
Chime and Capital One 360 are both strong options for online banking. If you’re just looking for a checking and savings account, your decision could come down to which specific features you’re looking for.
