With an online checking account and high-yield savings account, Chime makes it easy to manage your finances without worrying about extra costs or headaches.
Our Chime review will look at more of what it offers and how it compares with other popular savings accounts and cash management accounts.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank N.A., Members FDIC.
Chime is a financial technology company (“fin-tech”) founded by CTO Ryan King and CEO Chris Britt in 2012.
It’s not a bank, but they offer checking and saving accounts through The Bancorp Bank or Stride Bank N.A.; Members FDIC*. They also offer a debit card you can use anywhere Visa is accepted.
Customers can also sign up for direct deposit, receive notifications when their account balance goes below a certain amount, and receive their paycheck with direct deposit up to two days early^.
In addition, Chime offers a unique feature called “Round Ups” that you can opt into. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round-up from your Chime Checking Account to your Chime savings account^^^^^.
Who Uses Chime?
Since its inception, Chime has been a popular choice for those looking for an online-only financial service with no monthly or annual fees. Chime offers a high-yield savings account and offers many features perfect for people who don’t want to deal with traditional banks or have less-than-stellar banking histories.
For example, Chime members can have access to funds up to two days early with direct deposit^, a great perk for those who want to use their money as soon as it becomes available.
Additionally, Chime has no minimum balance required or monthly fees, making it an ideal option for people looking for easy access to their funds. And perhaps best of all, Chime members can deposit checks directly into their accounts through their mobile phones**.
Chime offers two account options and a Visa card through a partnership with Bancorp Bank and Stride Bank, N.A.: the Chime Checking Account, the Chime high-yield savings account, and the Secured Visa Credit Card.
Deposits in Chime accounts are FDIC insured through The Bancorp Bank and Stride Bank N.A., Members FDIC*. The Chime Checking Account comes with a Chime Visa Chime Debit Card, no monthly fees, no minimum deposit, and no foreign transaction fees.
Let’s take a look at how each breaks down:
Chime Checking Account
The Chime Checking Account comes with a Visa debit card that can be used at more than 60,000 in-network ATMs across the United States and internationally with no foreign transaction fees^^.
While it doesn’t offer the same check writing options as a regular checkbook, you may use Chime Checkbook to send checks to pay bills***.
A Chime Checking Account also comes with direct deposit so that you can get paid up to 2 days early^! They also offer mobile check deposits, so eligible members can deposit physical checks into their Chime Checking Account using their smartphone.
If you use your debit card at an out-of-network ATM, be aware that you may be charged a fee per transaction. Additionally, daily ATM withdrawal limits are $500.
Chime customers who receive a monthly direct deposit to their Chime Checking Account can get overdraft protection for up to $200 with SpotMe®*****. They spot you up to $200 on debit card purchases and cash withdrawals^^^.
Chime doesn’t charge an overdraft fee. whenever you hit $0 in your account, Chime covers it and uses your next deposit to your checking account to cover the deficit.
Chime High-Yield Savings Account
The high-yield savings account is an excellent option for those who want to save money. The Chime high-yield savings account comes with a 1.50% Annual Percentage Yield (APY )******.
The savings account comes with two optional automatic savings programs.
- Save When You Spend- rounds up each purchase to the nearest dollar and transfers that amount to your savings account
- Save When I Get Paid- automatically transfers a percentage of every direct deposit of $500 or more into your savings account
There are no monthly fees for the Chime Savings Account and no direct deposit, but there is a minimum balance requirement to earn the interest rate. You will get the Annual Percentage Yield on your savings account money as long as it has a balance of at least $0.01.
To get started with a Chime Savings Account:
It only takes 2 minutes to open an online account with Chime!
First, you need a Chime Checking Account before you can open you savings account with Chime.
After you finish enrolling, go ahead and sign up for the savings account.
Secured Chime Credit Builder Visa® Credit Card
Chime offers Secured Chime Credit Builder Visa® Credit Card, a secured credit card for just about anyone, but mainly helps people with bad credit or no credit to build credit.
The credit limit is based on the amount of money you deposit into the account and doesn’t require a minimum deposit.
To get this account:
Chime doesn’t run a credit check when you open this account. You need a Chime Checking account that has been opened and has received a $200 qualifying direct deposit in the checking account to open this account.
The qualifying direct deposit must be made by your employer, payroll provider, or benefits payer.
Chime Fees & Costs
Chime accounts are not subject to the following fees:
- Monthly service fees
- Maintenance fees
- Foreign transaction fees
- Transfer fee
- Overdraft fees
Withdrawals can also be made with your Chime debit card by going into a bank or credit union and giving the card to the teller. Each time you make an Over-the-Counter Withdrawal, you’ll be charged a $2.50 fee.
You can use your Chime Visa Debit Card for cash withdrawals at over 60,000 fee-free in-network ATMs^^.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank N.A.; Members FDIC. Through Chime’s application and web-based platform, members can access online banking products.
People looking for a traditional brick-and-mortar banking experience probably won’t be happy with Chime.
They provide a mobile app that is easy to use anytime and anywhere. The app allows you to access your online checking, savings, and Credit Builder accounts 24/7.
With the Chime app, it’s easy to use all of Chime’s features. Here’s some of what you can do with the app:
- Get in touch with Chime customer service
- Pay certain bills from your app
- Check the SpotMe overdraft protection for a negative balance*****
- Find in-network fee-free ATMs***
- Make deposits with the mobile check deposit feature**
- View the account history and balances for your Chime Savings and Checking accounts
- Move money from your checking account to your savings and Credit Builder accounts
- Use the app to set up the Round Ups for debit card purchases^^^^^
- Use Pay Anyone to transfer money to friends
Chime Pros & Cons
- No monthly or yearly account fees
- Qualifying direct deposits can be set up on the account
- Does not charge overdraft fees
- Up to 2-day early^ access to direct deposits for payroll
- Round-Up feature for debit card purchases^^^^^
- Mobile check deposit feature**
- Cash deposits can be made at a Chime partner retail location****
- Accounts are covered by the Federal Deposit Insurance Corporation (FDIC) through Bancorp Bank or Stride Bank N.A., Members FDIC*
- Not a bank, but a financial technology company
- Doesn’t offer budgeting tools
- No joint accounts
- No interest on the Checking Account
- Can be difficult depositing cash- no physical bank location to make cash deposits
- Cash deposit fees may be charged to make cash deposits
When it comes to online banking services, there are a lot of different options to choose from. If you’re looking for a bank that offers excellent features and competitive rates with different features to earn passive income, here are some of Chime’s competitors:
CIT Bank is one of the few online-only banks that offers a full suite of products, including saving accounts, checking accounts, monthly direct deposits, custodial accounts, certificates of deposit, and money market accounts. CIT Bank also has a great mobile app that allows you to bank on the go.
Aspiration offers cash management accounts with a different approach. They are committed to climate change, and with each debit swipe, they round up your change to plant a tree.
They offer fee-free ATM withdrawals worldwide, no foreign transaction fees, and cash back on all purchases.
Ally is a full-service bank available only online. They offer a wide range of products, including savings accounts, checking accounts, money market accounts, certificates of deposit, and investment products.
Not only does this company offer a diverse range of services, but they also specialize in auto and home loans. Ally also has a great mobile app that allows you to bank on the go.
Another online banking option that you may want to use is Discover. Discover Bank offers several different banking products like checking accounts, savings accounts, credit cards, personal loans, student loans, and money market accounts.
Discover does charge fees based on the type of account you have. All Discover Bank members’ funds are FDIC insured for up to $250,000. In addition, bank-grade encryption is utilized for extra security.
Chime Review FAQs
How do I get a Chime Checking Account?
You can sign up for a Chime account online.
All you need is your email address, Social Security Number, date of birth, physical address, and phone number. You will also need to create a strong password.
Is Chime only usable in the U.S.?
Yes, at this time, Chime is only available to those who live in the United States.
How does Chime Credit Builder build credit?^^^^
Once enrolled in the Credit Builder program, you’ll get a Chime Credit Builder Secured Visa Credit Card. This card is backed by a deposit that you make.
Every month, Chime will report your activity to the credit bureaus. As long as you use your Secured Visa Credit Card responsibly and make your payments on time, you’ll start to see your credit score improve.
How much will Chime affect my savings?
They offer a few ways to help you save money with your online accounts.
With their Round-Ups feature, every time you purchase using your Chime debit card, the purchase will be rounded up to the nearest dollar, and the difference is deposited into your Chime savings account. You can grow your savings automatically, a few cents at a time!^^^^^
Another way Chime helps you save is with their Save When I Get Paid feature. With this feature, you can choose to have a percentage of your direct deposits automatically deposited into your savings account.
Will I ever be charged an overdraft fee?
No. If you do not have sufficient funds in your Chime Checking Account, or have reached your SpotMe limit (if enrolled), then your Chime Visa Debit Card will be declined.
There’s no fee for declining transactions or for utilizing SpotMe*****.
Overall, our Chime Review shows that Chime is an excellent option for anyone who wants to save money and manage their finances more effectively.
You can use their automatic savings program to round up your purchases and put the difference into a savings account.
Plus, their fee-free ATM network makes it easy to access your cash when you need it.
So what are you waiting for? Click here to check out Chime today!
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Chime Visa Credit Builder Card is issued by Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank.
Opinions, advice, services, or other information or content expressed or contributed here by customers, users, or others, are those of the respective author(s) or contributor(s) and do not necessarily state or reflect those of The Bancorp Bank and Stride Bank N.A. (“Banks”). Banks are not responsible for the accuracy of any content provided by author(s) or contributor(s).