Chime® Review

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Advantages Over Regular Bank

Chime®  is one of a new generation of fintech companies offering access to financial services in sleeker and more user-friendly ways than traditional banks. Instead of pushing an endless number of products and services that require lots of red tape and fees, Chime focuses on the essentials. 

Chime is completely digital, but with over 50,000 fee-free ATM locations˜ , it is easy to access your funds when needed. 

Now, get your federal tax refund up to 5 days early⁵ with a Chime® Checking Account.

Here are some more winning points for Chime:

• No Monthly Fees:  That means no monthly fees, no minimum balance fees, and no overdraft fees whatsoever.
• Faster Pay: Get your hard-earned money faster with a direct deposit.

Cutting-Edge Banking Services

You aren’t going to find a lot of variety when it comes to Chime’s product offerings, but the products they do offer really shine.

Here are the top Chime banking features:

• Optional automatic savings feature: Every purchase you make with your checking account can be automatically rounded up and placed into your Savings Account to earn interest. For example, your $3.55 latte automatically banks you $0.45 into your Saving Account. Additionally, Chime users can have a percentage of every paycheck automatically deposited into their Savings Account.¹ 
• Bad credit friendly: Your poor credit will not keep you from getting a Chime account. That's right: no credit checks or ChexSystems.  
• SpotMe®*: You won’t be penalized for spending a little more than you should have with SpotMe® fee-free overdraft of up to $200* for eligible members. You do have to repay your SpotMe® negative balance and you have the option of leaving a voluntary tip to pay the next overdraft forward. This kind of thinking keeps Chime from piling on the fees for all of its members.

Traditional Banking Services

Even though Chime is recognized for innovative financial services, you can still expect a few traditional banking perks, such as:

• ATM accessibility: You don’t have to worry about going out of your way to find an in-network ATM. Your account comes with unlimited cash withdrawals at over 50,000 fee-free ATMs˜ , and you can get cash back at many other locations, such as some grocery stores. 
• Chime Visa® Debit Card: Your Chime card is accepted anywhere Visa is accepted
• Checking account: The account acts almost identically to the checking account you are used to—minus the checks.

Interest Rates and Fees

Chime offers a Checking Account and an optional Savings Account. The Chime® Checking account works like a traditional checking account. Earn a great 1.25% on savings balances, and automatically bump your APY to 3.75% with Chime+†. Chime does not offer other traditional investment products such as CDs or money market accounts. 

Both accounts are free to open, require no minimum deposits or balances, and have no monthly or hidden fees˜.

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Customer Service

While you can reach the Chime team via the mobile app 24/7, this customer support tab is only available for newer versions of iPhone and Android.  

Chime’s live support service is available 24/7/365 and can be reached through their customer service number at (844-244-6363) or online and through their mobile app. 

Mobile App

Chime makes mobile banking a breeze with its modern and sleek app. With over 350,000 five star reviews in app stores, it is clear that Chime users love the app for tracking their expenses and paying friends quickly. 

The Chime app allows you to:

• Always know your account balance 
• Receive instant transaction alerts
• Instantly disable (and re-enable) your debit card
• Turn international transactions on and off
• Deposit checks on the go
• Transfer money between accounts 

Security

Chime keeps your money and information safe with 128-bit AES encryption, access control, and secure processes. Funds are also held at FDIC insured banks,².  Chime allows users to keep their money safe with the ability to instantly turn off a debit card if it's lost or stolen. You can receive real-time purchase alerts to make sure the only one spending your money is you. 

Conclusion

Chime is an excellent financial app choice for individuals who want to enjoy excellent mobile capabilities and streamlined financial services with no hidden fees˜.  Those wishing for a more traditional bank feel with all of the perks of online banking should look into one of these hybrid banks instead. 

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Disclosure

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC. Chime Checking Account is required to be eligible for a Savings Account.

* 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.

^Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

†The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of April 6, 2025. No minimum balance required. Must have $0.01 in savings to earn interest.

¹ Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account into your savings account. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more into your savings account.

² FDIC deposit insurance limit to $250,000 per depositor, per insured bank, per ownership category. For Stride Savings Account depositors, funds are eligible for FDIC insurance when it arrives at the bank. Please visit www.chime.com/savings-apy-and-program-banks/ for more details on FDIC insurance.

³ Sometimes instant transfers can be delayed. The recipient must use a valid debit card to claim funds. See your issuing bank’s Deposit Account Agreement for full Pay Friends Transfers details.

⁴ The average national savings account interest rate of 0.17% is determined by FDIC as of September 19, 2022 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 National Rates and Rate Caps to learn more.

⁵ Chime will be offering members a chance to get their federal tax refund up to 6 days early when they file directly with the IRS and direct deposit with Chime. Getting your federal tax refund early is simple, just sign up for a Chime Checking Account, file your return with the IRS, and set up your tax refund to direct deposit into your Chime Checking Account. After setting up direct deposit, members will also be eligible to get regular paychecks up to 2 days early^.

Banking services and debit card provided 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 debit cards are accepted.