Cash App vs Chime Bank: Which P2P Payment App is Better?

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Gone are the days of giving out cash to your friends and family. With platforms like Cash App and Chime Bank, it’s never been easier to split a bill, pay your rent to a flatmate, or pay your friend back for a meal. These peer-to-peer payment apps are becoming increasingly popular and are quickly replacing traditional cash and banking options.

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Cash App and Chime Bank are two of the most popular platforms. We’re taking an in-depth look at both platforms, including their referral programs, to help you decide which one suits your needs best.

What is Cash App?

Cash App does exactly what it says on the tin. This peer-to-peer payment app allows you to securely send money to friends and family. It’s also starting to be accepted as a form of payment by several retailers, with more merchants accepting it every month.

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Cash App is owned by Square and was designed to allow you to send money to other users on the platform using their phone number or email address. You can also send money using their $Cashtag user ID. With this system, you don’t have to provide your personal bank information to other people in order to receive money.

You’ll receive a debit card through Cash App to use your balance in-store or online. You can also take advantage of different investment opportunities with your Cash App funds.

How Cash App works

Once you’ve downloaded and signed up to Cash App, you’ll link your bank account to use when you’re sending or spending money if you don’t have a balance on your Cash App account. You can withdraw the balance to your linked bank account, similar to how PayPal operates.

You can send money to friends or family by using their phone number, email address, or $Cashtag. The popularity of Cash App comes from the additional features that it offers:

You can set up a regular direct deposit for your salary, allowing you the option to receive your funds up to 2 days early either regularly or as a one-off. This early access is also an option for tax refunds and other regular payments that are made to your Cash App account by direct deposit.

As part of your Cash App account, you’ll have access to a Cash Card. It operates like your traditional debit card and can be used as a form of payment as a Visa card or at your ATM. You can also use your Cash Card for Apple or Google Pay.

You can also take advantage of discounts through Cash App for your favorite stores. You’ll need to activate these deals on the app before using your Cash Card to take utilize the discount. You can only use one offer at a time on your Cash Card.

Cash App Referral Program

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One of the biggest draws to Cash App is its referral program. When you refer your friends and family to Cash App using your unique Cash App referral link, you’ll receive a bonus of up to $30. You’ll receive this referral bonus when your friend has signed up and sent at least $5 through Cash App. There’s no limit to the number of people that you can refer to Cash App through your unique referral link.

You can find out more about the Cash App referral program and earn free Cash App money here.

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What is Chime Bank?

Although called ‘Chime Bank’, this financial technology company is not a bank. It offers personal banking products in partnership with banks that provide personal and savings accounts to its users. Chime Bank works with The Bancorp Bank and Strid Bank, N.A.

What makes Chime Bank different from traditional bank accounts is that users manage their personal accounts entirely online through the Chime Bank mobile app. Chime Bank is a popular option for those who want to maximize the potential interest that they can earn on their savings account, as well as those who have multiple bank accounts to transfer money from for their Chime account.

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The main selling point of Chime is its High Yield Savings Account that offers an annual percentage yield of 0.50% for its savings account – with no minimum balance requirement. Chime has been established with savings accounts in mind as it provides two ‘automatic’ saving features. You can round up on every purchase to the nearest dollar, with the difference being deposited into your savings account.

You can also set up a feature to allow Chime to deposit 10% of your salary into your savings account automatically once it hits your account. Just like Cash App, you can utilize an early payment function on direct deposits to access your paycheck two days earlier than its usual date.

Chime Bank utilizes an electronic Chime Checkbook feature that allows you to deposit checks through the app. There’s a limit of $5,000 per transaction and $10,000 per month.

Chime Bank Referral Program

Just like Cash App, Chime Bank has its own referral program. The terms and conditions are a little different. You’ll earn $50 every time that a friend signs up to Chime Bank using your referral link and when they make a single direct deposit of at least $200. Once they meet these requirements, you’ll both receive a $50 referral bonus.

You can access your referral link by going to the ‘settings’ portion of the Chime Bank app and selecting ‘Invite Friends’. You can choose your friend’s information from your contacts and write a personalized message before hitting ‘send’. You can also simply select ‘share’ to get the referral link directly to post on social media.

You can find out more about Chime Bank’s referral program here.

Cash App vs Chime Bank: Security

One of the biggest concerns that users have with peer-to-peer payment platforms is security. As you’ll be providing your personal information to deposit and send money, you want to ensure that your personal data is protected at all times when using your chosen app.

Cash App offers a number of security measures to keep your personal data protected. Just like traditional banks, Cash App uses facial recognition and two-factor authentication to prevent fraudulent activity on your account. You’ll also receive a push notification every time there is activity on your account to make it easy to spot a fraudulent transaction.

With Chime Bank, deposits are FCIC security up to $250,000 by The Bancorp Bank and Stride Bank, N.A. Chime Bank utilizes encryption and other security measures to safeguard your personal date and money from fraudulent activity. Just like Cash App, you’ll get real-time alerts for the activity on your account.

Cash App vs Chime Bank: Fees

Most payment apps make their revenue by charging their customers a fee for using their service. Although these charges are usually small, they can quickly start to add up if you’re using the platform for a daily basis.

Cash App allows you to send and receive money into your account without incurring a charge – except when using a credit card, which incurs 3% transaction charge.

You will have to pay a fee of $2 for each ATM transaction unless you have a direct deposit set up and receive at least $300. If you meet these requirements, you’ll be entitled to 3 free ATM transactions each month. You’ll also be charged a 1.5% fee to transfer funds from your Cash App balance to your bank account.

With Chime Bank, you get fee-free access to 38,000 ATMs. Just like Cash App, you’ll be charged a fee if you use an ATM that is not in this network. Chime’s fee is $2.50 per ATM transaction. You can find ‘green dot locations’ within your Chime app to help you find fee-free ATMs.

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Cash App vs Chime Bank: Spending and Receiving

Another practicality that you should consider is any spending or receiving limits placed on user accounts. These limits typically exist to protect the platform against any fraudulent activity.

Cash App gives its users a $250 weekly limit. You can increase this when you verify your account using your social security number. After you’ve verified your identity, your limit on Cash App will increase. The limit on spending and receiving will depend on your regular usage. Chime Bank has a daily transfer limit of $200 per day and $1,000 per month. It does not accept wire transfers.

Cash App vs Chime Bank – Final Thoughts

Chime Bank and Cash App are fundamentally different. Cash App is destined for everyday use and sending money to and from friends. The Cash Card allows you to utilize your Cash App balance without having to withdraw it to your personal account.

While Chime Bank allows for easy transfers, it’s primarily set-up with savings account in mind. It’s ideal for those who want a way of having both a savings and personal account in one easy-to-navigate app.

It’s worth considering the charges that you can incur with Cash App. If you’ll be using your Cash Card for regular ATM withdrawals, you could end up paying a significant amount in fees. You’ll also want to avoid Cash App if your only form of payment is a credit card, as this will also incur you a regular fee with every use.

Whether you choose Cash App or Chime Bank, make sure that you maximize the potential to the referral code to get the most out of your account.

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