- No monthly fees
- No overdraft fee
- 60,000 fee-free ATMs
- Cash deposits only at third-party retailers
- Mobile check deposits limited
- Chime debit card
- Chime savings account
- Early paycheck access
- Founded in 2012
- Based out of San Francisco, CA
- Financial technology company
- Banking partners Bancorp Bank or Stride N.A.
Chime Review: Checking and Savings
Chime offers checking and savings accounts that are great for anyone looking to maximize their savings rates and interest earned on these accounts. There are countless features you can access with the Chime checking account to help you boost your savings, though you can’t open a savings account with them until you have one of their checking accounts. Overall, they have no minimum balance requirement and offer an annual percentage yield (APY) of 1.50% on all deposits in their savings account.
What is Chime? How does it work?
Chime is an online-only financial technology company, not a bank, that offers to check and savings account through its banking partners. Their accounts are FDIC-insured, so they’re a safe place to store your money like with any other bank or credit union, even if they’re different from a traditional bank. One of their main savings features is that the app can round up each purchase to the nearest dollar, saving the remainder. However, there are limitations to depositing cash into your accounts and you may pay heavy cash deposit fees.
Chime Com Advantages
Let’s take a look at some of the main benefits of having a savings or checking account with Chime.
Overdraft fee-free with SpotMe: Up to $200 on debit card purchases
One of the major draws of Chime is that they don’t charge overdraft fees. All qualifying customers can make overdrafts by up to $20, and later can be eligible to make debit card purchases that would overdraw them by $200 with their SpotMe program. This requires a single qualifying direct deposit of $200 to utilize.
Get paid early
On qualifying direct deposits, you can get paid up to two days early in your Chime checking account. This can be a great way for customers to access their paychecks without waiting for payday. When customers will have access to direct deposit funds depends on when the payment provider has scheduled the payment to occur.
Stay in control with alerts
Within the Chime mobile app, customers can enjoy real-time alerts on transactions to help them keep track of their spending and monitor their finances within their Chime account.
The new way to build credit
With the Chime credit builder card, customers can monitor their credit and improve their ratings with the three major credit bureaus. People with low or no credit can use this card to make everyday purchases to help boost their score with regular, on-time payments with the card.
Chime Review: Features & Prices
Here are some of the main features and pricing details of banking with Chime.
The checking account offered by Chime has many great features, including no monthly maintenance fees, SpotMe overdraft protection on up to $200, peer-to-peer payment transfers like to Cash app, and an annual percentage yield (APY) of 1.5% on deposits in their savings account.
Plus, customers with a Chime checking account don’t pay any foreign transaction fees and can get paid up to two days early ahead of the scheduled payment date on qualifying direct deposits. Customers can open up a Chime Visa debit card from this spending account to use on their everyday purchases.
The credit builder-secured account Visa card offered by Chime is a great way for customers to improve their credit. For customers that are constantly worried about what their credit rating looks like, this gives them access to tools to improve their scores for a future credit check. There is no interest or annual fee on this card, and there’s no credit check to apply. Simply transfer money into the corresponding account, and the cash loads will be a credit limit for the card since it’s not based on the customer’s history.
High Yield Chime Savings Account
The savings account by chime has a great annual yield of 1.5% on all deposits. These accounts are serviced either by Bancorp Bank or Stride Bank, though can be accessed through the Chime app for account management. Plus, there is no minimum balance required.
Chime Quick Overview
Even though Chime is not a bank, there are many reasons why you would use their services.
Chime Customer Reviews
Chime has pretty good reviews with customers on Trustpilot. Let’s take a look at what some of their customers have to say.
They are shady in their details regarding cases, they do NOT effectively handle scams, and the have left ROOM for fraud. OVERALL HORRIBLE.Brandon
I’ve had a lot of mobile banks and chime is by far the best one I ever had.Preston
Chime has been a good bank for me. The service and staff are always polite and helpful in resolving any issues that arise.Conni
Every request I have made has been handled quickly and courteously. Chime has delivered splendidly! I highly recommend it to everyone.Cliff
Chime Service Review
Review of Chime
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Let’s take a final look at whether Chime is a good fit for you.
Is Chime Right For You?
Chime is an online financial technology company that offers banking services through its two partner banks, Bancorp Bank and Stride Bank N.A. For someone looking for good savings rates, and doesn’t need to make a lot of cash deposits, Chime could be a great fit for you. Both their Chime checking account and savings account come with great features to help you save, and can be easily accessed and managed in the app.
Chime doesn’t charge any monthly or overdraft fees, so it’s a great option for anyone looking for a budget-friendly banking solution that still comes with many of the big bank features. Plus, they don’t have a minimum deposit required on their accounts, so it’s very accessible for everyone.
Chime offers a number of ways for customers to get in contact with them, including 24/7 in the app or via email. Plus they offer phone support as well for anyone having an issue with their bank account or debit card that wants to speak with a representative.
Ease of Use
Chime is very easy to use, and all the features like accessing direct deposit funds and accessing a qualifying direct deposit up to two days early can all happen within the app. It’s easy to open up accounts online with no minimum balance required and view your bank account balances 24/7. Plus, it’s easy to make a mobile deposit of a check within the app, and you can set up your accounts to pay bills, save an automatic percentage of each direct deposit, and more.
There are many great features when banking with Chime. On their checking account, customers can gain early access to direct deposit funds up to two days early on a qualifying direct deposit. Plus, there are no monthly fees, up to $200 in SpotMe protection on overdrafts, and access to the credit builder Visa card. Chime’s savings account earns a high annual percentage yield, and there are countless other amazing features on the app to help you manage your finances.
Like other online banks, Chime offers great digital banking services through its partner banks. With Chime credit builder, customers with low or no credit can help boost their score through regular on-time payments, access direct deposits up to two days early, and enjoy a high-interest rate on their savings.
2 Top Chime Alternatives
|Axos Bank||Ally Bank||Chime.com|
|Money Market Account|
|Detail||Read Review||Read Review||Read Review|
Axos is an online bank that is fully digital. They don’t have digital branches, though they are one of the best and offer services both to consumers and businesses. They offer great services and an easy-to-navigate platform, though there are better APY offers with other banks.
Ally Bank offers online-only services, offering accounts with high-interest rates and low fees. They are known for their great customer service and are a good choice for banking customers who don’t need access to a physical branch.
All in all, Chime is a good option for an online bank for consumers who don’t need branch banking services. They offer good ways to save and a great way to build credit for those who need it.
Frequently Asked Questions (FAQs)
Chime uses two different banks to deliver their banking services, so customers may notice either Bancorp Bank or Stride Bank N.A. listed on their account details and direct deposits.
While they don’t offer customers checkbooks, you can send anyone Chime checkbook transactions at any time, initiated in the app.
You can view a member’s Chime account history for each month online.
Yes, you can send a transfer via Automated Clearing House from your Chime account.
No, it doesn’t offer a money market account, just a high-yield savings account.
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- Chime is rated “Average” with 3.3 / 5 on Trustpilot. Trustpilot. Published October 22, 2022. Accessed October 25, 2022. https://www.trustpilot.com/review/www.chimebank.com