Chime Review

Chime was founded in 2013 with the goal of making basic financial services easier. While it isn’t a bank, Chime is a financial technology company that can help you manage your money. There aren’t physical branches, instead, Chime is entirely online. You can access it through the financial app and website.

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

Pros:

Cons:

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 is a financial technology company that allows access to a checking account, savings account, and a secured credit card.

Checking and Savings Accounts

If you open a checking account, which they call a spending account, you are not subject to fees˜ or a minimum balance. Direct deposits are available up to two days earlierˆ when you set up direct deposit than with traditional accounts. You can also access their SpotMe service, which allows you to overdraw your account by up to $200* 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 are no monthly fees˜ 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 Chime Checking account before you can open a Chime Savings account.

With Chime, your funds are FDIC insured up to $250,000 through their partners The Bancorp Bank or Stride Bank, so you don’t need to worry about the safety of your money.

Other Services

The company also offers a Chime Visa® Credit Builder Card which is a secured credit card that you can get without any credit checks. You can add money from your spending account to the credit card account and spend it with your Chime Visa® 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%¹ and no minimum balance requirement. Every purchase that you make with your Chime 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 paycheck² 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 24 hours a day, 7 days a week. 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 manage your finances. As a leader in the financial technological space, Chime prioritizes making it as easy as possible. 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 financial 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.

Pricing

The big selling point for Chime is the lack of fees˜ when compared to traditional financial and banking institutions. 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 use of out-of-network ATMs˜, and there may be a fee to deposit cash since it needs to be done at Green Dot locations. They do offer access to over 60,000 fee-free ATMs˜ via locations like Walgreens, 7-Eleven, CVS, and more.

What People Are Saying About Chime 

As of November 2021, Chime has a great Trustpilot score. Based on evaluations from more than 7,000 customers, the company has a score of 4.0 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 November 2021.

The Bottom Line

Chime could be a good fit for those interested in managing their finances online. It offers a user-friendly app and standard finance 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 financial technology companies.

Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
Credit Builder card issued by Stride Bank, N.A. Chime Spending Account and $200 qualifying direct deposit required to apply for the secured Chime Credit Builder Visa® Credit Card. See chime.com to learn more.
^Early access to direct deposit funds depends on payer
˜Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. Cash deposit or other third party fees may apply.
*Eligibility requirements apply. Overdraft only applies to debit card purchases and cash withdrawals. Limits start at $20 and may be increased up to $200 by Chime. See chime.com/spotme.
¹ The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of November 1, 2021. No minimum balance required. Must have $0.01 in savings to earn interest.
² Round Ups automatically round up debit card purchases to the nearest dollar and transfers the round up from your Chime Spending Account to into your savings account. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more into your savings account.
³ The average national savings account interest rate of 0.06% is determined by FDIC as of November 1, 2021 based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Visit https://www.fdic.gov/regulations/resources/rates/ to learn more.