Chime vs Cash App – Here is the one you should choose

cash app vs chime

I’m sometimes in quite a dilemma when it comes to decision-making. So, whenever I can’t make a decision, I ask for people’s opinions, then I put all the options together, reason with them, and finally make my decision. If you’re unsure about which payment app is better, between Chime vs Cash app, then you’re reading the right article. I shall discuss the pros and cons of the two apps for you to understand them better and to rightly guide you in making your final decisions.

Both Chime and Cash app offer banking options and are safe to use. The biggest difference is that Chime offers high-yield savings account while Cash app allows investing in stocks and cryptocurrencies. Chime has an FDIC-insured spending account while Cash app doesn’t.


These companies are both payment apps, but they have their individually different networks and servers. So, just as every person has their faults and we just have to roll with the ones we can best deal with, both Chime and Cash App have their ups and downs. However, I’d choose Chime any day, and below are the reasons;


chime logo - Chime vs Cash App - Here is the one you should choose

A lot of banks offer a full slate of account options, various options that can make it difficult for you to determine which is best for your needs. However, Chime keeps it simple with one checking account, one savings account, and one secured credit card, all in one attractive mobile app.

Chime’s checking account, known as a Spending Account, prides itself on its lack of fees. Also, it charges no monthly account fees and doesn’t require a minimum balance.

It offers a program that accelerates your direct deposits, making them available up to two days early. So, once you establish direct deposit into your Spending Account, you’re eligible and can choose to receive your payment up to two days early, as soon as your employer deposits it.

Chime’s high-yield savings account offers an 0.50% APY. Furthermore, it does not charge monthly fees or require a minimum balance. It has no limit to the amount of interest you can earn, and, as long as you have at least a penny in your account, you’ll earn interest. Again, there is no minimum deposit required to open an account, but you must have the Chime Spending Account in order to open a Chime Savings Account.

Your Chime debit card works anywhere Visa is accepted, and you can add it to your Apple Pay or Google Pay mobile wallet. You also have access to more than 38,000 MoneyPass and Visa Plus Alliance fee-free ATMs.

There are physical locations all over the United States and there is most likely one close to you.
See Chime’s reload locations.

Chime also has a lot of providers that give out loans directly to chime accounts.

However, Chime also has its cons which includes;


Are you still thinking Chime or Cash App? Before you make up your mind, let’s discuss the Cash App;

Cash App is of the most user-friendly peer-to-peer(P2P) payment app. It has a 4.5-star rating on the Apple App Store and boasts of more than 24 million active monthly users. Part of the reason for Cash App’s recent successes has been its ability to monetize a growing user base; a task which is difficult for P2P platforms. As a result, Cash App has achieved this by adding and showcasing many revenue-driving services. 


Cash App is a mobile payment service that allows users to transfer money to one another. This is done using the Cash App mobile app. As of March 21, 2021, the service has recorded 36 million active users.


Cash app landing page

Cash App now permits users to receive direct deposits and even ACH payments. The app has also made a recent foray into cryptocurrencies. It gives users the ability to transact in Bitcoin through the app. 

The app also recently introduced a new feature known as “Investing.” This feature permits traders to trade stocks within the application commission-free. 

Cash App makes money transfer streamlined and straightforward. It uses cut-edge fraud detection and encryption technologies to keep your funds and data safe and secure. Any data you provide to Cash App gets encrypted. It is then transmitted directly to its servers whether you’re on a public or private Wi-Fi connection or data services.

Many users have agreed that Cash App is a better alternative to traditional banking. Cash App comes with routing and account numbers like other financial institutions, and these numbers make Cash App handy for a wide variety of commission-free. You can also set up direct deposit to the account, thereby avoiding the necessity of a regular checking account. 

When you sign up for a debit card, you can use it to make online and in-store purchases directly from your Cash App balance. You can also use the debit card at ATMs for a small transaction fee. If your card gets stolen, you can disable the card within your app. If you retrieve it, you can also enable it there too. You can also order a new card if you can’t find the old one. 

In 2017, Cash App began permitting users to apply their balances to Bitcoin. You can now apply your Cash App balance towards the purchase or sale of Bitcoins in the app. And it takes a mere matter of a second to do this.

However, Cash App also has its cons, which includes;


FDIC does not insure Cash App balances. In other words, if the Cash App suddenly went bankrupt, you would have no protection for the funds deposited there. 

You won’t earn interest on your Cash App balances either. Therefore, many still prefer to hold their assets in an interest-yielding savings account or checking account over the long term. 

In conclusion, the above are the individual pros and cons of the two apps. A direct comparison of the two apps is as follows; 








1.5% of the transfer amount.







Yes! Bancorp Bank or Shide Bank; FDIC members.




Instant for Chime members.

1-3 business days.

I believe that you now better understand the concepts of the two payment apps. Therefore, you can now decide which is better and suitable for you between Chime vs Cash App.

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