Chime Review 2024 (2024)

• Who Is Chime Best For?
• Our Review Methodology
• What Is Chime?
• How Does Chime Work?
• Chime Basics
• Access on the Go
• Chime Fees
• Alternatives To Chime
• How To Open a Chime Account
• Is Chime Any Good?
• Frequently Asked Questions (FAQs)

Chime has a few accounts with unique benefits that make it an excellent choice for a wide range of customers. Chime may be a good fit for you if you:

• Are comfortable banking fully online without access to in-person locations.
• Plan to receive direct deposits.
• Want to build your credit without fees or a credit check.
• Want an easy-to-use checking account with no monthly fees.
• Don’t want to waste money on overdraft fees, ATM withdrawal fees or service fees.

Chime might not be best for anyone looking to maximize interest earnings. While the Chime® Savings Account pays a respectable 2.00%¹ APY, there are many 5% interest savings accounts out there.

Forbes Advisor rates banks based on various factors, including fees, rates, access, requirements and more. We assign unique ratings to individual products, such as checking accounts, savings accounts, money market accounts and certificates of deposit (CDs), then compile these results to score institutions overall. Ultimately, we rate banks on a scale of one to five stars, with one star being the lowest rating and five stars being the highest.

Factors that contribute to ratings include:

• Fees
• Interest rates
• Customer experience
• Mobile access
• Deposit requirements

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.

Chime® is a financial technology company—not a bank— offering online banking services through Bancorp Bank, N.A. and Stride Bank, N.A., Members FDIC. Founded in 2013 and headquartered in San Francisco, it services millions of customers with 24/7 online banking and provides access to a network of 60,000-plus ATMs˜ nationwide.

With Chime, you can receive direct deposits up to two days early****, earn savings interest, send payments and build credit. Chime doesn’t charge monthly fees, and it offers fee-free overdraft up to $200² to eligible customers.

Chime provides all of its banking services through Bancorp Bank, N.A. or Stride Bank, N.A. because it’s a financial technology company, not a bank. However, opening an account through Chime and using its app to manage your money is similar to using other mobile banking apps. You’ll manage your accounts online or from the app, contact customer service over the phone or through live chat and have your deposits covered by FDIC insurance up to standard coverage limits through Chime’s bank partners˜˜.

Opening any Chime account is free. When you open a Checking Account, Chime Visa® Debit Card to start using right away. You’ll need a Chime® Checking Account in order to apply for a Chime Savings Account or a Secured Chime Credit Builder Visa® Credit Card*.

Chime offers two bank account options to help you manage your money. However, you can only open a savings account if you have a checking account. Here’s a rundown of each account’s features, benefits and pricing.

Chime® Checking Account

The Chime® Checking Account has a $0 monthly maintenance fee. And there are no minimum balance requirements for this account.

Here are some of the highlights of the Chime Checking Account:

• Get paid up to two days early with direct deposit****
• With SpotMe®, you can get fee-free overdraft up to $200 (with $200 or more in direct deposits each month)**
• Automated savings features
• Send money to friends and family without fees (up to a $5,000 monthly limit)***
• Access to 60,000+ fee-free ATMs nationwide˜
• Disable transactions if your card is lost or stolen
• Free debit card replacement
• Compatible with Google Pay and Apple Pay

The Chime® Checking Account is fee-friendly. For example, when you enroll in Chime’s SpotMe** service, you can get fee-free overdraft up to $200. A single deposit of $200 in qualifying direct deposits is required each month to be eligible for this feature. Chime can increase your SpotMe allowance to up to $200 or more at its discretion based on your account history, direct deposit amounts and frequency, spending activity and other factors. Just note that SpotMe doesn’t cover non-debit card transactions such as ACH transfers, Pay Anyone transfers or check transactions.

There’s no credit check to open an account and receive a Chime Visa® Debit Card. Your debit card can be used anywhere Visa® debit cards are accepted.

Read More: Best Checking Accounts Of 2023

Chime® Savings Account

Chime’s Savings Account offers a 2.00%¹ annual percentage yield (APY). That’s a fairly competitive rate compared to other high-yield savings accounts some of the top online banks offer.

Here are the main highlights of the Chime® Savings Account:

• No monthly fees
• No minimum balance requirements
• No cap on the amount of interest you can earn
• No minimum deposit is required to open an account

You will need a Chime Checking Account to open a Chime Savings Account. Once you have your accounts set up, you can use Chime’s Round Ups feature to save automatically. Whenever you use your Chime Visa® Debit Card, Chime rounds the transaction up to the nearest dollar and transfers the difference to your savings account^^.

For example, let’s say you spend $25.50 at the grocery store. You’ll pay the store for that amount from your debit card, and Chime will move 50 cents from your checking account to your savings account.

Chime also offers the Save When I Get Paid^^^ feature that automatically transfers 10% of your direct deposit paycheck of $500 or more from your checking account to your savings account each time you get paid.

Read More: Best High-Yield Savings Accounts Of 2023

Other Chime Accounts and Services

The Secured Chime Credit Builder Visa® Credit Card^^^^, which is available without a credit check to apply. It’s a secured card designed for people who are trying to build credit. However, you must have a Chime Checking account and receive monthly direct deposits of at least $200 to qualify and apply for the Credit Builder card.

Here’s how the card works:

1. Move money from your Chime Checking Account to your Credit Builder secured account
2. Use up to that amount you moved over to make purchases on the Credit Builder card
3. Pay back those purchases on time to start to build credit

Chime reports your payments to the three major credit bureaus: TransUnion®, Experian® and Equifax®. According to Chime’s website, many members see an increase in their scores after making on-time payments^^^^^^. The Secured Chime Credit Builder Visa® Credit Card charges no interest^*, no annual fee and no minimum security deposit*.

You’ll need a Chime checking account and qualifying monthly direct deposits of $200 or more to apply for the Secured Chime Credit Builder Visa® Credit Card.

Chime is designed to be used primarily through its mobile app and offers plenty of features to make mobile banking convenient. Chime is known for its mobile app, which is available on both Android and iOS devices.

The Chime app sends daily account balance notifications and transaction alerts when you make a purchase. You can disable transactions from the Chime app, saving yourself a customer service call if you misplace your card. You can also choose to disable international transactions via the app.

Your Chime debit card works anywhere Visa debit cards are accepted, and you can add it to your Apple Pay or Google Pay mobile wallet. You also have access to more than 60,000 MoneyPass, Allpoint and Visa Plus Alliance ATMs˜. You can check the Chime app to avoid out-of-network ATM fees.

If you want to deposit a check to your Chime Checking Account, you can do so via mobile deposit^^^^^ on the Chime app. Chime also permits cash deposits˜˜˜ at over 85,000 partner locations, including Walgreens, Walmart and 7-Eleven. Cash deposit fees may apply. ˜˜˜Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.

If you lose your Chime debit card, you can disable transactions within the Chime app. There’s no charge for replacement debit cards, which can be requested in the Chime app.

Chime does not load its customers down with fees like you might find at a traditional brick-and-mortar bank. For example, there are no:

• Minimum balance fees
• Monthly fees
• Maintenance fees
• Direct deposit fees
• Overdraft fees

There is one fee to be aware of, however. Chime assesses a $2.50 ATM withdrawal fee when you withdraw cash at an out-of-network machine. The ATM operator may also charge a third-party fee.

If you’re looking for a full suite of banking services, Chime may not be the best fit for you. But if you’re just getting started on your financial journey and want a user-friendly set of financial tools, facilitated by a multipurpose app, Chime covers the basics well. Its automated savings tools are particularly attractive for customers who want to boost their emergency fund or save for another goal.

Here’s how Chime compares to two other top online banking options.

Chime vs. Ally

Ally Bank offers numerous banking products and services, including:

• Interest checking accounts
• Online savings accounts
• Credit cards
• Money market accounts
• High-yield certificates of deposit (CDs)
• Raise Your Rate CDs
• No-penalty CDs

Ally is an FDIC-insured, full-service online bank, unlike Chime. In addition to deposit accounts, it offers loans, mortgages, a cash-back credit card and investment accounts. Ally and Chime are both known for having no monthly maintenance fees or minimum balance requirements.

Chime and Ally also offer comparable interest rates. The Ally Bank Spending Account account pays 0.10% annual percentage yield (APY) on checking accounts with less than a $15,000 minimum daily balance, and 0.25% APY for accounts with minimum daily balances of $15,000 or more and the Ally Bank Savings Account pays an APY of up to 4.35%. Your balance will determine if you earn the highest APY. Ally reimburses up to $10 in foreign ATM fees per statement cycle.

Chime vs. Varo

Varo offers a checking account called the Varo Bank Account, and a Varo Savings Account. The accounts have no monthly or overdraft fees.

You can manage your accounts online or through the Varo Bank mobile app. Varo’s ATM network includes 55,000+ fee-free Allpoint locations.

The bank’s Varo Advance feature allows you to get up to a $500 advance against your paychecks. Varo Believe offers an opportunity to build credit with no security deposit, no fees and no interest^*.

Chime vs. SoFi

SoFi offers a comprehensive suite of banking products and financial services, including:

• Interest-bearing checking accounts
• Online savings accounts
• Personal loans and mortgages
• Student loans and refinancing
• Small business financing
• Estate planning
• Insurance

Unlike Chime, SoFi is a chartered bank, which allows it to lend at more competitive rates and provide higher yields on savings and checking accounts.

SoFi members with direct deposit can earn above-average APYs on their savings and checking balances. Members without direct deposit still earn interest on their account balances. By comparison, Chime offers a much lower APY on its high-yield savings account and offers no interest^* on its checking account.

Both companies offer direct deposit up to two days early, with no account fees and no foreign fees. SoFi offers a generous sign-up bonus when you open an account and set up direct deposits, and it offers cash back at select local retailers when you pay with your debit card.

Opening a Chime account is similar to opening any online bank account. You must be a U.S. citizen or permanent resident to sign up. Applying only takes a few minutes and three steps:

1. Complete a Chime Checking Account application online by providing your name, Social Security number and contact information.

2. Download the Chime app for Android or iOS to view and manage your account.

3. Set up direct deposit or make an external transfer to fund your new account.

After opening a Chime Checking Account, you can also open a Savings Account or apply for the Secured Chime Credit Builder Visa® Credit Card, if you choose. Contact Chime at 844-244-6363 for help or questions.

What Is Required To Open a Chime Account?

There are a few requirements you’ll need to meet to open a Chime account, including:

• Being at least 18 years old.
• Being a legal citizen or permanent resident of the U.S.
• Having a valid Social Security number.

You can only have one of each type of account with Chime. If you qualify to apply, you’ll provide your personal information and a mailing address, phone number and email. Chime may request a picture of a government-issued ID to verify your identity in your application.

Chime is a financial technology (fintech) company—not a bank—but it may work for you if you want a fully digital banking experience with minimal fees. Chime doesn’t check your credit or your ChexSystems profile like most banks do, so it may be a good option if you’ve been turned down for an account elsewhere. But you can find a wider range of products and services—plus higher APYs on savings accounts—by comparing online banks.

¹The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. 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 transfer the round up from your Chime Checking Account to your savings account.
³^^^Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
*Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
**SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card.
Qualifying members will be allowed to overdraw their Chime Checking Account up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions and fees associated with OTC cash withdrawals. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.
***Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.
****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.
^There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.
^^^^To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
˜Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
^*Out-of-network ATM withdrawal and OTC advance fees may apply. View The Bancorp agreement or Stride agreement for details; see back of card for issuer.
^^^^^Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.
^^^^^^On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
˜˜Deposits in Chime accounts are FDIC insured through The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

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