Chime Banking
Fees
Our Rating
Current Promotion
APY Savings
Chime is an online-only company that partners with two banks to offer checking and savings accounts. Chime offers an annual percentage yield of 2.00%, and there is no minimum balance requirement. Chime automatically transfers 10% from your paycheck into your savings account. This is a great way to optimize your savings and improve your financial portfolio.
There are no monthly or overdraft fees with Chime; therefore, you can round up your purchases to the following dollar amount and save the remainder. You should know that cash deposits are somewhat challenging to navigate when using this online banking system.
Chime is a great way to start your financial journey and build credit with its user-friendly financial tools, multipurpose application, and automated savings tools. However, it may notheavy managingice for those managing heavy accounts that can get high discounts from traditional banks.
Chime can be a perfect fit if:
- You want a secured credit card
- You want to build your credit
- Fee free overdraft is necessary
- No monthly fees, no overdraft fees
- Large free ATM network
- Early direct deposit
- Fee-free overdrafts up to $100
- Good for bad credit
- Cash deposit is difficult
- Fees
- No physical bank branches
- Not the best savings rates
- Is Chime a good bank for teens?
Chime is a great bank for older teens who already have a regular source of income and are looking to start to establish their credit without paying account maintenance fees or needing to worry about minimum balance requirements.
The Chime debit card is only available for those aged 18+, but there is no parental control. This means that this account is only suitable for teens who are already comfortable managing their finances, since parents cannot intervene with spending controls.
What promotion does Chime offer?
Chime appreciates that customers of traditional banks can pay billions of dollars each year. So the primary Chime promotion is to offer overdrafts of up to $200 with no fees. However, there is no cash promotion or welcome bonus.
- Is Chime worth it for Joint Accounts?
Chime does not currently offer joint accounts or the ability to have secondary cards on your account.
Chime does appreciate the importance of sharing your bank account with your spouse, so it is looking to add this feature to the accounts, but at this time, if you want a joint account, you’ll need to consider other bank options.
- Is my money safe on Chime?
Chime has FDIC insurance, so up to $250,000 deposit funds are federally protected. The bank also has two-factor authentication and supports fingerprint authentication for your data protection.
The Chime debit cards are also protected with Visa Zero Liability. So, you don’t need to worry about unauthorized charges and can shop worry-free with millions of merchants.
- Can you buy/invest in Crypto via Chime ?
Chime does not have investment capabilities, so it is not possible to use this bank to buy or invest in stocks, shares or cryptocurrencies. So, if you are interested in crypto, you may wish to consider using a different bank with an investment platform or through an independent broker.
Chime Review
Banking Services | Credit Options | ||
|---|---|---|---|
Savings Accounts | Mortgage | ||
Checking Accounts | Government Mortgage | ||
CDs | Credit Cards | ||
Money Market Account | Debit Card | ||
Investing Capabilities | Personal Loans |
Customer Experience
Chime has an easy-to-use website that allows you to access support and guidance on a variety of finance topics as well as browse the product line. This ensures a great user experience, especially if you're not sure which online banking services and products are best for you.
Chime is designed to be used mainly through its mobile app. Therefore the app is convenient to use for balance notifications and transaction alerts. This helps you manage your purchases and payment plans. The Chime app has a rating of 4.8/5 on Apple and 4.7/5 on Google.
Chime also has a toll-free number that is available 24 hours a day, 7 days a week, so you can contact the customer service team at any time.
Chime | |
|---|---|
App Rating (iOS)
| 4.8 |
App Rating (Android) | 4.6 |
BBB Rating (A-F) | F |
WalletHub (+1,000 reviews) | 4.5 |
Consumer Affairs (+1,000 reviews) | 3.7 |
Contect Options | phone |
Availability | 24/7 |
Chime Savings Account
APY Savings
Minimum Deposit
Promotion
Fees
Chime Savings Account
APY Savings
Minimum Deposit
Promotion
Fees
Chime also offers a savings account feature that provides a high annual percentage yield of 2.00% Annual Percentage Yield (APY)¹. This is an optimal savings account program with its lack of monthly fees or minimum balance requirements˜. There is no cap on the interest you can earn in your savings account. You are eligible to earn interest if you have at least one penny in your account.
Another added benefit to opening a savings account is the lack of a minimum deposit requirement for opening an account. To open a savings account, you need to have at least one Chime spending account to open a Chime Savings account. This promotes loyalty and using the added features within the Chime checking system.
Because of the high yield interest rate of 2.00% Annual Percentage Yield (APY)¹, this is one of the best online savings accounts available. Not only can you access high-quality features, but you will also earn the best interest rate.
How do Chime Savings Programs work?
Chime uses two optional programs to improve your ability to save money. The program is Save When You Spend. This program allows you to save small amounts when you make purchases. Whenever you make a Chime debit card purchase, Chime rounds the transaction up to the nearest dollar and transfers the difference to your savings account⁴.
Another savings program, Chime, offers the Save When I Get Paid feature. This feature allows you to set up a recurring transfer of ten percent of your direct deposit paycheck of $500 or more from your spending to your savings account each time you get paid⁴. This is a valuable tool for efficiently saving you money regularly and consistently.
You can also make free mobile payments to any family and friends through Chime’s Pay Friends peer-to-peer system. The monthly limit on this feature is $2,000.
These Chime features offer a great variety of your financial needs that are readily available to help you expand your finances safely and securely.
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Chime Checking Account
Fees
Minimum Deposit
Promotion
APY Checking
Chime Checking Account
Fees
Minimum Deposit
Promotion
APY Checking
The Chime checking account is known as a Spending Account. It is a great way to build your financial standing due to its lack of fees or minimum balance. There are no monthly account fees or minimum balance requirements.
Chime offers a program that accelerates your direct deposits by making them available to you up to two days early. Set up Direct Deposit into your Spending account and receive your paycheck up to 2 days earlier than some of your co-workers.
If you receive a direct deposit of at least $500 monthly, then you could be eligible to enroll in Chime’s SpotMe®service. This optional service allows you to overdraw your account by up to $200 on debit card purchases without any extra fees.
Another benefit of using the Chime checking account system is the option of using paper checks. You can create a paper check with the mobile app, and then it can be sent in the mail to you. This is an excellent option if you require physical proof of your financial standing or other official or unofficial reasons.
These features make Chime one of the top banks for checking accounts for starters.
Does Chime Offer CDs Or Money Market Account?
Chime does not offer any CD savings program, but there are other accounts and services you can use to build and achieve long-term or short-term savings options.
Along with the lack of CD savings plans, Chime offers no money market accounts. Although you may think this gives you a disservice for financial planning, Chime offers other significantly beneficial ways to build your savings and access your finances on the go.
Chime Credit Builder Credit Card
Chime only has one credit card – the Chime credit builder card. This is, however, a secured card designed to assist you in building your credit. No annual fees or credit checks are required at the time of application. You will need a security deposit, but Chime does not set a minimum requirement.
When you use your card, Chime will report your monthly repayments to the major credit bureaus, allowing you to begin building your credit. Chime claims to have helped its members improve their scores by 30 points on average.
If you are working to build your credit history, you can add money from your Chime Spending Account to your Credit Builder account. This is secure care that offers a zero percent APR. You can also make free mobile payments to any family and friends through Chime’s Pay Friends peer-to-peer system. The monthly limit on this feature is $2,000.
How to Open a Checking Account on Chime
Step 1:
Visit the Chime homepage and then click on “Get started.”
Step 2:
This brings up the next page, where you are expected to fill in your full name.
Step 3:
Other pages come up requiring you to fill details such as your date of birth, phone number, and residential address, fill them and then click “Continue”.
Step 4:
Next, create a password and then verify your identity.
Step 5:
Next, talk about your activity, by answering the questions under that category.
Lastly, tick the agreement boxes, and click “Submit application.”
If you're still not how to open an account online with Chime, you can always talk to Chime customer service.
Should You Consider Chime?
Chime is a great option for you if you are comfortable with online banking and want to build your credit. Chime allows you to open an account regardless of past banking mistakes, which is a reassuring assessment. Chime also eliminates overdraft fees and other fees from your life, making it a consistently reliable source of your finances.
Chime is a customer-focused banking system that optimizes technological protective measures that protects your account and your assets. Chime is a fantastic option if you are looking to restart your financial life because of its minimal fees and assistance with spending and saving suggestions.
Also, the checking account system is a great alternative to banking fees. Chime has amazing automated savings tools that you need to take advantage of because the interest rates are too great to pass up.
On the other hand, it may not be a good fir for those who have already established their credit and managing a large sum of money – those can get much better conditions in traditional banks such as Discover and Capital One.
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Chime Banking FAQs
Does Chime build credit?
Chime can help you to build your credit history if you don’t have a credit file or have poor credit. The Chime products are designed to help you recover your credit, so you can access a greater variety of financial products in the future.
Does Zelle work with Chime?
Currently, Chime does not have Zelle integrated natively within the app, but it is possible to use Zelle with your Chime account. Since it isn’t integrated, the transfers will not occur as quickly as they would if it were directly integrated, but it is still possible.
Once you sign into your Zelle account, you’ll need to use the “don’t see your bank” link when you try to find your bank. This will allow you to manually enter your Chime card information.
How does Chime make their money?
Chime makes its money by charging interchange fees for each transaction on your card. This includes ATM fees. However, these fees are paid by the Visa network rather than being charged to the customer.
Which is better: Chime or Current?
Like Chime, Current is an online-only banking tool where you can access your money and manage transactions via its mobile app.
However, Current has a maximum balance of $10,000 across all of your accounts. This means that while you can set up different savings pods and accounts, you must watch your balances to ensure you don’t go over.
Chime is far more user-friendly. While there are limited product options, there are some very helpful tools to assist you to save and increase your spending visibility. Additionally, Chime offers very competitive rates, despite being a completely free service.
Is Chime better than SoFi Money?
While they may appear similar, there are some key differences between Chime and SoFi bank
While SoFi allows you to keep all savings and checking funds in one account, Chime allows you to have multiple separate accounts. This makes it easier to manage your money.
Additionally, while you may earn up to 4.60% on all funds in your SoFi account, you’ll only earn 2.00% on your Chime savings. That makes SoFi a bit better option – our rating for SoFi bank is 4.5, higher than Chime.
Which is better: Aspiration Bank or Chime?
Both Aspiration Bank and Chime are online banks offering low-fee banking services. While they offer similar services and rates, Aspiration commits to positive environmental change by taking action when you “round up” your purchases.
The other benefit that Aspiration has over Chime is that you can enjoy one fee-free ATM withdrawal outside the US each month.
While Chime does have some solid products, if you like the idea of dealing with ethical companies and assisting positive environmental and social change, Aspiration is likely to be a more appealing choice for you.
Is Discover checking better than Chime?
Both Discover and Chime offer fee-free banking with a variety of products. However, Chime does have daily spending and withdrawal limits and no overdraft protection.
The main advantage of Chime is its Pay Friends feature. This allows you to instantly send money to others. All you need is the name, phone number, or email to transfer up to $2,000 per month.
So, if you frequently send funds to family or friends or have bad credit, you may find Chime a better option. If you're looking for better rates and top-notch service, you may want to consider a Discover bank account.
Which is better Axos Bank or Chime?
While Chime does offer no monthly maintenance fees, the main advantage of this platform is that you can pay friends using the mobile app. This makes it a less comprehensive banking service compared to Axos bank account, where you can choose a variety of accounts with competitive rates.
So, unless you frequently need to send money to your friends, you are likely to find Axos Bank far more appealing for your day-to-day banking needs.
Online Banks For Starters - Alternatives
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|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| up to 4.60%
| 2.00%
| 3.00% – 5.00% |
Checking Account Fee
The monthly fee on checking account
| $0 | $0 | $0 |
Checking Minimum Deposit | $0 | $0 | $0 |
Mobile App Rating | 4.8/5 on iOS, 4.2/5 on Android | 4.8/5 on iOS, 4.6/5 on Android | 4.7/5 on iOS, 4.5/5 on Android |
BBB Rating | A+ | F
| A+ |
How We Rated Chime : Review Methodology
The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:
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Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank's product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank's offerings, crucial for meeting customers' diverse financial needs.
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Account Features (30%): This category delves into the features and benefits accompanying each bank's accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.
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Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
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Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.
Compare Alternative Banks
Chime vs Axos
Axos Bank offers home improvement loans as well as checking and savings accounts online. Because Axos is a low-cost online lender, it is able to pass on significant savings to its customers. Axos waives many fees and reimburses ATM and rewards checking fees.
Chime is an online-only company that works with two banks to provide checking and savings accounts. Online banking with Chime is not the same as using a traditional banking system. Chime secures and protects your online financial accounts. It is a safe place to keep your money and access it without any technical difficulties.
Read Full Comparison: Axos VS Chime: Which Online Bank Is Better?
Chime vs Varo
Chime differs from many banks and other financial institutions in that it screens customers in an unusual way. If you don't have perfect credit or are still building your credit history, this may make it easier to open an account with Chime.
Varo, a mobile-only bank, was established in 2015. As a result, there are no bank branches. To use Varo's services, first download and sign into the bank's Apple and Android mobile apps. Varo offers a lot of functionality for on-the-go users, which may entice you to go online.
Read Full Comparison: Chime vs Varo Comparison: Which Online Bank Wins?
Chime vs Aspiration
Aspiration and Chime both have a fairly streamlined banking product offering. Aspiration offers only one hybrid account with a $7.99 per month upgrade option and one credit card option. Chime offers a savings account, a checking account, and a credit card. The product lines' premise, however, differs.
While Aspiration is a banking service aimed at assisting people in living a more environmentally friendly lifestyle, Chime's products are aimed at assisting those who want to build their credit. This will help you decide whether Aspiration or Chime is a better fit for you.
Read Full Comparison: Aspiration vs Chime: Which Banking Service Wins?
Chime vs Current
There are some key differences between Current and a traditional checking account. Current, for example, allows you to access direct deposits up to two days faster and manage your account completely through the mobile app. Keep in mind that Current does not have any physical locations, so you will be unable to deal with any banking issues in person.
Online banking with Chime is not the same as using a traditional banking system. Chime secures and protects your online financial accounts. It is a safe place to keep your money and access it without any technical difficulties. You can round up your purchases to the nearest dollar amount and save the difference because Chime has no monthly or overdraft fees.
Read Full Comparison: Chime vs Current – Which Banking Service Is Better?
Chime vs Marcus
Marcus, a Goldman Sachs Bank division, provides online savings accounts, CDs, and personal loans. Marcus has no physical locations, so you can only access your accounts through the Marcus website, mobile app, or phone-based customer service.
In addition to assisting you in avoiding typical bank fees, Chime includes useful new features such as early direct deposits and automatic saving. While Chime does not provide credit cards or loans, its savings options and competitive interest rates make it an excellent choice, especially for younger people.
Read Full Comparison: Chime vs Marcus: Which Online Bank Wins?
Chime vs Ally
Ally has a robust banking product offering that rivals that of a traditional bank. Savings accounts, checking accounts, CDs, investments, retirement products, personal loans, auto loans, and mortgages are all available.
Chime's product line has been simplified. All Chime products are designed to assist customers in rebuilding or establishing credit. There are only two savings accounts, one checking account, and one credit card available.
Read Full Comparison: Ally vs Chime: Which Banking Account Wins?
Chime vs SoFi
SoFi's online Spend and Save account, like the Chime online checking account, is fee-free, but it has some different checking account features. Chime, for example, offers a $200 fee-free overdraft facility subject to terms, whereas SoFi provides cash back if you have recurring direct deposits of $500 or more each month.
Read Full Comparison: SoFi vs Chime: Which Online Banking Wins?
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The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. The secured Credit Builder card issued by Stride Bank, N.A.
