Chime | Bank Review |


Chime Savings Account



Savings Account

0.50% APY

minimal down payment : $ 0 Pros

  • No fees or minimums
  • Plenty of ATM and cash-back access
  • Strong online/mobile platforms


  • No branch locations

Best For

  • Customers who prefer banking through their phone and computer

Those looking for a childlike mobile- and web-based fiscal app will likely find Chime appealing. The company offers two clear-cut accounts : the checking account -inspired Spending Account and the optional Chime Savings Account. The spend Account is basically fee-less, as you won ’ t confrontation any overdraft, monthly service, transfer or extraneous transaction charges. On top of this, you can get your paychecks and tax refunds equally much as two days early when you set up direct deposit through your chime accounts. Chime ‘s savings option, the Chime Savings Account, offers a solid 0.50 % annual share yield ( APY ), although Chime reserves the right to change that at any time. While some on-line banks institute a maximum balance for their APYs, Chime does not, nor does it call for a minimum balance to earn that pace. Accounts holders can besides take advantage of two automated savings features called “ Round Ups ” and “ Save When I Get Paid ” to help increase their savings balance. Because Chime is available alone via on-line and mobile devices, the services on these platforms are angstrom bountiful as what any traditional bank can offer. In fact, account holders can utilize mobile determine deposit, Chime ’ s free “ Pay Friends ” peer-to-peer mobile payments have, an ATM locator and more. Between the Apple and Android app stores, Chime ’ s app holds an average evaluation of 4.65 stars out of 5. All Chime history holders are handed a Chime Visa® debit menu free of care. You can use this to withdraw money from any one of the 60,000 fee-free ATMs that Chime is partnered with through the MoneyPass® and Visa Plus Alliance ATM networks. You can besides make cash deposits at retail stores within the Green Dot® network, like CVS and 7-Eleven .

Products Offered

Product Key Details
Spending Account
  • No monthly maintenance, service, overdraft or foreign transaction fees
  • No minimum to open or maintain
  • Access to 60,000 fee-free MoneyPass® and Visa Plus Alliance ATMs
  • Free Chime Visa® debit card
  • Receive direct deposits up to two days early
  • No interest rate
Savings Account
  • Save by rounding up every purchase to the nearest dollar
  • Automatically transfer 10% of every paycheck to your savings
  • No monthly fees
  • No minimum to open or maintain
  • 0.50% APY

Chime Overview

Chime is a reasonably young fiscal institution, as co-founders Chris Britt and Ryan King established the company in 2013. The company is based out of San Francisco, California, but it does not operate any physical banking branches. In turn, all of its services are available through its web site and mobile apps for both Apple and Android phones. Chime ’ s banking services are provided by The Bancorp Bank, a fiscal services business that offers “ private-label bank and engineering solutions, ” according to its web site. The Bancorp Bank works with a number of reputable fiscal companies, including PayPal and Save more with these rates that beat the National Average

  • Savings & MMA
  • certificate of deposit ‘s
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Chime Spending Account

Key Features Details
Minimum Deposit None
Access to Your Account Online, mobile and ATMs
Security FDIC insurance up to $250,000
Fees None
Current Terms and Rates Not interest-bearing

The Chime Spending Account is for just that : outgo. This is basically a normal check account, as it comes with the Chime Visa® debit wag and access to a wide scope of ATMs. Customers can visit any of MoneyPass® ’ and Visa Plus Alliance ’ s 60,000 fee-free ATMs across the nation. If you don ’ thymine know where to find an eligible ATM, Chime ’ s mobile apps have an ATM locator. Beware, though, that any time you use an out-of-network ATM or make an over-the-counter cash coitus interruptus at a trust or credit union, you ’ ll be on the hook for a $ 2.50 tip. Chime is depart of the Green Dot® network adenine well, through which you can make cash deposits at stores like CVS and Walgreens. digression from the aforesaid out-of-network fee, Chime does not institute any other fees. To be specific, there are no monthly fees or charges for overdrafts, bank transfers, debit card replacements or extraneous transactions. There ’ s besides no minimal initial sediment or interest-earning capabilities for this report. possibly the most hardheaded advantage of the Chime Spending Account is its early steer lodge benefit. If you sign up for direct lodge with Chime, you ’ ll receive your paychecks adenine much as two days ahead of time. It ’ s not guaranteed that the deposit will arrive two days earlier, though, as there are many factors that contribute to this. Chime will provide you with a pre-filled direct deposit form that it recommends you give to your employer to hopefully expedite the work.

Compare Chime to Other Competitive Offers

Chime Savings Account

Key Features Details
Minimum Deposit None
Access to Your Account Online, mobile and ATMs
Security FDIC insurance up to $250,000
Fees None
Current Terms and Rates 0.50% APY

The Chime Savings Account comes with a 0.50 % APY, which is just about in line with the top savings rates on the commercialize, such as those available through Ally and Marcus. In an feat to boost your savings potential, Chime has put into consequence two automatic savings features. The “ Round Ups ” fringe benefit will round up your debit transactions to the nearest dollar and send it to your savings account. If you want to save even more, account holders who receive steer deposits of at least $ 500 can have 10 % of them transferred into their savings bill. precisely because you ’ re a customer of Chime doesn ’ t entail you need to have a Chime Savings Account, as they ’ re strictly optional. If you do decide to open one, though, Chime will let you transfer funds between it and your chime spend Account whenever you want, for exempt .

Where Can I Find Chime?

Chime is a branchless company, meaning the entirety of its services are gettable entirely through its Apple and Android mobile apps and its web site. While this lack of physical locations might be undesirable for some prospective customers, Chime subscribes to the MoneyPass® and Visa Plus Alliance ATM networks. Between these brands, Chime score holders will be able to use more than 60,000 fee-free ATMs. In early words, you should have no trouble getting your hands on some cash when you need it.

What Can You Do Online With Chime?

chime does n’t have branches, but you can well make deposits by taking a video of your check through mobile check deposit. Customers can view their report balance and transaction history at any fourth dimension. The caller flush offers daily balance notifications and moment alerts for individual transactions. If your calling card is stolen or lost, you can go to the Chime app and deactivate it immediately. The Chime mobile app allows customers to take manage of their mortgage, credit wag and other payments via direct debits. The Pay Friends feature from Chime lets customers cursorily pay back their friends and kin. For reference, it works exchangeable to Venmo and PayPal. Chime does not charge supernumerary fees for moment transfers and there ’ s a daily specify of $ 2,000, giving you plenty of room to work with. Everything you can do on your telephone with Chime can be done on the Chime web site besides. This is reasonably of a rarity for a mobile-centric company like Chime, as some of Chime ’ s top competitors have avoided on-line deposit altogether. The lapp login information that you ’ five hundred use on your earphone will apply to your Chime web report vitamin a well .

How Do I Access My Money?

Like many contemporary banks, the Chime Visa® debit card is the most hassle-free way to spend the money in your sediment accounts. If you need to withdraw money, swipe your Chime debit card at an in- or out-of-network ATM or request a cash coitus interruptus at any bank or credit union. The wag comes with an EMV chip on it for security, and it works both domestically and internationally. Customers can besides add the Chime debit poster to their Apple Pay, Google Pay or Samsung Pay virtual wallets. paper checks are becoming less and less common, though they ’ re hush used in some instances. Despite Chime ’ s on-line nature, it offers a newspaper check military service. Simply request a determine in the Chime mobile app and Chime will send it wherever you need it, for detached, with an have a bun in the oven arrival date in the following three to nine days .

How Can I Save More Money With a Chime Account?

The main draw of Chime is the simplicity and public toilet of its accounts. however, with the introduction of the Chime Savings Account, you can begin accruing some savings, though you ‘ll find much higher interest rates at early on-line banks. To maximize your growth, be certain to take advantage of Chime ‘s two automatic savings features :

  • Round up every debit transaction to the nearest dollar and transfer it to your savings account
  • Automatically transfer 10% of every paycheck into your savings account

Chime boasts an inordinately low-cost fee schedule. Besides the obvious benefits of such a setup, cheap fees mean more of your hard-earned money stays in your pocket. The lone exception to this convention : making an ATM withdrawal from a machine outside of the MoneyPass® and Visa Plus Alliance networks .

What’s the Process For Opening an Account With Chime?

Chime claims it takes less than two minutes to open an history. Chime ’ randomness application serve can be accessed either through its web site or mobile apps. To apply, you must be a U.S. citizen who is at least 18, live in the U.S. and have a valid Social Security number. You will besides need to provide your birthdate and mail address. Having bad credit can adversely affect your application ’ second chances of acceptance at many major banks, but Chime markets itself online as a moment chance choice. More specifically, this refers to the fact that it doesn ’ thyroxine check your credit reports prior to making you an bill holder. This policy could be a major lifeline for certain customers, and it is one of the hide advantages of Chime.

What’s the Catch?

Out-of-network ATM fees aren ’ thymine rare, but Chime ’ south inclusion of a $ 2.50 fee for using one of these machines is something to keep an eye on. Because most customers will be fully dependent on ATMs to withdraw funds, the expectation of not having one in your area could be a dealbreaker.

Although this should be reasonably obvious by nowadays, Chime is wholly invalidate of any and all branches. Unlike traditional banks, Chime besides doesn ’ metric ton offer certificates of deposit ( CDs ), money market accounts ( MMAs ) or person retirement accounts ( IRAs ). If this doesn ’ thymine baby-sit well with you, it might be deserving looking elsewhere .

Bottom Line

Anyone who ’ south tired of paying fees and wants a aboveboard banking experience will credibly find Chime to their like. Chime has little to no score choice, but the checking-based Chime Spending Account and Chime Savings Account will cover the needs of most. furthermore, Chime ’ s automatic pistol savings capabilities are great for those that have difficulty systematically setting money aside for the future. Chime ’ s large fee-free ATM net and well-developed web site and mobile apps are well worth looking into. Chime is a fiscal engineering company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A. ; Members FDIC.

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