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Chime VS Even

Compare Chime VS Even and see what are their differences

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Chime logo Chime

Group video conversations with your friends & community

Even logo Even

Even – How Buy People Master Their Money is a financial service that makes it easier to make ends meet, pay down debt and save money.
  • Chime Landing page
    Landing page //
    2022-10-17
  • Even Landing page
    Landing page //
    2022-11-08

Chime features and specs

  • No Monthly Fees
    Chime does not charge monthly maintenance fees, which can help users save money compared to traditional banks that may have various fees.
  • Early Direct Deposit
    Chime allows users to access their direct deposit funds up to two days earlier than traditional banks, which can be beneficial for users who need quick access to their money.
  • Automated Savings
    Chime offers features like Round-Up and Save, which automatically rounds up purchases to the nearest dollar and deposits the difference into a savings account, making it easier to save money.
  • Fee-Free Overdraft
    With SpotMe, Chime offers fee-free overdrafts up to a certain limit for eligible members, avoiding the high fees typically associated with overdrafts.
  • Broad ATM Network
    Chime provides access to a large network of fee-free ATMs, making it convenient for users to withdraw cash without incurring additional charges.
  • Real-Time Notifications
    Chime offers real-time transaction notifications, which can help users keep track of their spending and identify any unauthorized transactions quickly.
  • User-Friendly Mobile App
    The Chime mobile app is intuitive and easy to navigate, offering a seamless banking experience across various devices.

Possible disadvantages of Chime

  • No Physical Branches
    Chime operates entirely online and does not have physical branches, which may be a drawback for users who prefer face-to-face banking interactions.
  • Limited Product Offerings
    Chime focuses on core banking services like checking and savings accounts but lacks a broader range of financial products such as loans, mortgages, and investment services.
  • Mobile-Dependent
    A strong reliance on the mobile app for banking needs means that users who face technical issues or do not use smartphones may find Chime less accessible.
  • Cash Deposit Limitations
    Depositing cash into a Chime account can be cumbersome, as it often involves using third-party services that may charge fees and impose deposit limits.
  • Customer Service Limitations
    Since Chime is an online-only bank, customer service is primarily available through phone and email, which may not be as immediate or satisfying as in-person support.
  • Delayed Bank Transfers
    Bank transfers to external accounts can take longer compared to some traditional banks, which may be inconvenient for users needing quick transfers.

Even features and specs

  • Budgeting
    Even offers users an easy-to-use budgeting tool that helps them manage their finances by tracking expenses and suggesting savings opportunities.
  • Paycheck Management
    Even allows users to access their earned wages before payday through the Instapay feature, helping to avoid financial shortfalls.
  • Financial Planning
    The app provides insights into the users' spending habits and offers guidance on how to allocate funds more effectively.
  • User Experience
    Even is designed with an intuitive interface that simplifies financial management tasks for its users.
  • Employer Integration
    The service is often partnered with employers, which can offer employees additional financial wellness tools and benefits directly through Even.

Possible disadvantages of Even

  • Accessibility
    Even’s features might not be available to all users, as it often requires partnership with employers to unlock full functionality.
  • Limited Coverage
    Not all employers are partnered with Even, which limits the app's availability and the features accessible to potential users.
  • Fees
    While some of Even's services are free through employer partnerships, there can be associated fees for certain functionalities that users must be mindful of.
  • Feature Restrictions
    Users may find that some advanced features or tools they expect in broader financial management platforms are lacking in Even.

Analysis of Chime

Overall verdict

  • Chime is a good option for those seeking a digital-first banking experience with low fees and tools designed to help save money. However, it might not be suitable for individuals who require extensive in-person banking services or prefer traditional banks.

Why this product is good

  • Chime is often praised for its lack of monthly fees, user-friendly mobile app, and early direct deposit feature, which can be advantageous for those who prefer digital banking solutions. It also offers an automatic savings tool and round-up feature for saving spare change. However, some users may experience limitations, such as restricted cash deposit methods and limited customer support options.

Recommended for

  • Individuals looking for an online-only bank
  • Those who want to avoid traditional bank fees
  • Users interested in automatic savings features
  • Early access to direct deposits

Chime videos

+ Add

Chime Bank Review: Most Popular Online Bank Account?

More videos:

  • Review - Chime 9 Month Review | Brittany Daniel
  • Review - What you MUST know about Chime Banking

Even videos

+ Add

Get Even Review - The Final Verdict

More videos:

Category Popularity

0-100% (relative to Chime and Even)

Chime

Even

Finance
91 91%
Finance
9% 9
Personal Finance
79 79%
Personal Finance
21% 21
Project Management
100 100%
Project Management
0% 0
Mobile Banking
0 0%
Mobile Banking
100% 100

User comments

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Reviews

These are some of the external sources and on-site user reviews we've used to compare Chime and Even

Chime Reviews

Pros and Cons of Chime, Airwallex and Metaprise
Founded in San Francisco, Chime is one of the first online only banking systems that actually is basically a banking app. Chime account-holders are provided with Visa debit cards so that they can start fee-free checking and savings accounts.
Source: medium.com

Even Reviews

Top 20 Best Plaid Alternatives in 2022
Even – How Buy People Master Their Money is a financial program that helps people budget, pay off debt, and save money. It’s a complete service that lets you send money to your bank account in one business day and pick it up at any Walmart in the United States.
Source: businesscrunch.net

What are some alternatives?

When comparing Chime and Even, you can also consider the following products

Varo - Varo is an all-in-one mobile banking solution that helps you to manage your financial needs.

MoneyLion - Moneylion is an advanced kind of fintech lender that changing the way people borrow and spend money.

OvationCXM - Own the journey. Guide the experience. Unleash the benefits.

Payactiv - Payactiv is the best option for the employee to get financial relief between paychecks, the service is needed by two-thirds of the workforce.

Bank Of America - Welcome to Bank of America, home for all of your financial needs. Our purpose is to help make financial lives better through the power of every connection.

Brigit - Brigit is a fast, smart, and easy financial app that monitors your account in the background and sends you cash every time your balance run lows.

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