Chime Review

Chime Bank was founded in 2013 as an alternative to traditional banking. There aren’t physical branches, instead, Chime Bank is entirely online. You can access it through the website and mobile app. As of 2020, Chime had 8 million account holders.

Wondering if Chime is right for you? Let’s take a closer look at everything it offers to help you decide.

Pros and Cons of Chime



What Does Chime Offer?

Checking and savings accounts can be accessed anytime through the mobile app or the company website. Unlike many banks that have a vast array of services that can be complicated to understand, Chime keeps it very simple: you can get a checking account, savings account, or credit card.

Checking and Savings Accounts

If you open a checking account, which they call a spending account, you aren’t subject to fees or a minimum balance. Direct deposits are available two days earlier than with traditional accounts. You can also access the Spot Me service, which allows you to overdraw your account by up to $20 on purchases, provided that you receive at least $500 worth of direct deposits every month. Although Chime doesn’t send you a checkbook when you sign up, you can have the mobile app generate a check that the company will mail on your behalf.

The savings account works much the same way. There’s no monthly fee and you don’t have to keep a minimum balance. There’s no cap on the interest you can earn, and there’s no minimum deposit to open the account. However, you do need to have a checking account before you can open a savings account.

Chime has FDIC insurance, so you don’t need to worry about the safety of your money.

Other Services

The bank also offers a Credit Builder secured credit card that you can get without a credit check. You can add money from your spending account to the credit card account and spend it with your Chime credit card. This is useful for building or improving credit.

Chime offers many benefits that some traditional brick-and-mortar banks don’t. In addition to the lack of fees, benefits include an annual percentage yield of 0.50% and no minimum balance requirement. Every purchase that you make with your Chime credit card can be rounded up to the nearest dollar with the difference deposited in your savings account. You can also have the company transfer 10% of every paycheck into your savings account. Neither feature is required, but you can choose to take advantage of them if you so desire.

Customer Service

In terms of customer service, you can contact representatives from 6 a.m. to 10 p.m. CT and 7 a.m. to 9 p.m. CT on the weekends. You’re also able to easily access customer assistance over the app or via email.

What To Expect on the Site

Chime is a modern way to do your banking. As a leader in the online banking space, Chime prioritizes making it as easy as possible to do your banking online. As a result, it has a simple-to-understand website and app. So, even though there are no physical branches, you shouldn’t miss a beat — Chime enables you to complete your banking tasks virtually.

Unsurprisingly, the Chime app is well regarded by customers. As you’ll see below, both the Apple and Android apps have excellent customer scores.


The big selling point for Chime is the lack of fees when compared to traditional banking. No overdraft fees and no monthly fees mean you may be able to save more money in the long run. They do charge a $2.50 transaction fee for the use of out-of-network ATMs.

Additionally, there may be a fee to deposit cash if you use a third-party money transfer service. However, Chime has a network of over 90,000 retail locations that support cast deposits into Chime accounts. For example, you may be able to make a cash deposit at your local Walmart or Walgreen’s. Fortunately, you can use the app to find a nearby location to deposit cash.

What People Are Saying About Chime 

As of July 2021, Chime has a great Trustpilot score. Based on evaluations from more than 6,000 customers, the company has a score of 3.9 out of 5 stars:

Additionally, the Chime app earns rave reviews from customers on the App Store and Google Play:

These scores are accurate as of July 2021.

The Bottom Line

Chime could be a good fit for those interested in an online bank that offers a user-friendly app and standard banking products. With its lack of fees, accessible customer service, easy-to-understand products, and optional automated savings tools, Chime is an alternative worth checking out.

Given these points, Chime should be included in any comparison of top online banking providers.