Chime is an American-based neobank — meaning that it’s online-only and very similar to a bank. The company was founded in 2013 to provide a fee-free alternative to traditional banking.
Headquartered in San Francisco, Chime has seen swift growth, boasting over 14 million account holders and over $2 billion in private funding.
With a minimalist, user-friendly platform, Chime aims to help people get ahead financially by encouraging a mutually beneficial partnership between bank and customer.
Chime Products
Big, traditional financial institutions often come with an overwhelming variety of products — with Chime accounts, things are kept pretty simple.
You’ll only have one option each for checking, savings, and credit card accounts.
1. Chime Spending Account
The Chime Spending Account is a no-fee, basic online checking account with a Visa debit card.
You’ll have mobile banking, direct deposit, mobile check deposit, and hassle-free transfers between checking and savings.
Chime also makes it easy if you lose your debit card, with an option to disable transactions in the app rather than waiting on hold for someone to help you.
2. High Yield Chime Savings Account
The High Yield Chime Savings Account is Chime’s sole option for savings.
High-yield savings accounts are typically a major selling point of online-only banks, and Chime is no different, with a competitive annual percentage yield (APY) currently sitting at 2.00%.
As mentioned above, Chime also aims to make saving easier with round-ups and automatic monthly transfers.
3. Chime Credit Builder Secured Visa ® Credit Card
The Chime Credit Builder Secured Visa ® Credit Card comes with no annual fee or interest rate and no minimum security deposit requirement.
Here’s how it works: All you need to apply is a Chime Spending Account and have direct deposits of at least $200 in the past year. Chime doesn’t run credit checks, so don’t worry if your score is low.
Once you’re signed up, move money from your Spending Account, which becomes your available balance.
Each month, your balance gets paid with the money you’ve already moved over, and Chime reports your balance as paid in full, just like a normal credit card — easy, right?
The Chime Credit Builder Secured Visa ® Credit Card doesn’t have a point system or intro bonus, so I don’t recommend it if your credit is already in good shape.
That said, this could be a great option for those looking to build credit without the added risk of running up a balance.
The secured Chime Credit Builder Visa® Credit Card is issued 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 credit cards are accepted. Please see the back of your card for its issuing bank.
Chime Features
Below are some of the features that set Chime apart:
60,000+ Fee-Free ATMs
Chime partners with the Allpoint ATM network and Visa Plus Alliance ATM. You can also access MoneyPass ATMs in any 7-Eleven. This gives account holders fee-free access to over 60,000 ATMs throughout the United States. Allpoint is the largest ATM network in the country.
As Chime continues to evolve, this gives them a unique advantage since consumers can access more than 3x more ATMs than the big national banks.
Online-Only Banking
Chime is a neobank that operates entirely as an online-only bank with no brick-and-mortar bank locations.
This can mean a few things for customers, but the primary factor is that with less overhead for physical spaces and employees, online banks don’t have the same need to nickel and dime you on monthly fees.
Highly-Rated Mobile App
Chime advertises itself as a bank built by a tech company, so it’s no surprise that it’s on top of things when it comes to mobile usability.
The Chime app has many options for automation and notifications and includes everything you need from a bank right from your phone.
You can deposit paper checks, make transfers, and monitor your balance — anywhere you have an internet connection.
Current users on both iOS and Android are happy. The app has a 4.8-star rating (out of 5) in the App Store and 4.7 stars (out of 5) in the Google Play Store.
Early Direct Deposit
When you set up direct deposit with Chime, you’re automatically enrolled into a program that allows your paycheck to hit your account up to two business days early.
You can enroll in direct deposit from the app, and Chime sends you the required form to give to your employer.
Learn More:
Savings Automation
Chime’s goal is to help its customers to hit their financial goals. With this in mind, Chime offers some solid options for automating your savings.
For example, the Roundup feature can automatically round up every purchase made with your Chime Visa Debit Card to the nearest dollar, dropping the remainder into your savings.
The service works similarly to the robo investing app Acorns; however, you can access funds in your Spending and Savings Accounts instantly with Chime.
Chime also makes it easier to build good savings habits through its ‘Save When I Get Paid’ feature, which makes automatic savings deposits. Using this tool, you can automatically send a certain percentage of your paycheck directly into your savings account.
Mobile Payments
Chime has a mobile feature called Pay Anyone, an easy, fee-free option for sending money to other Chime users. The app works similarly to Venmo, Zelle, or Cash App, making it easy to split the check or pay someone back instantly.
Deposit Cash
With most online banks, depositing cash isn’t an option, and you’ll have to deposit into another account and transfer over. Fortunately, with Chime, you won’t have this problem.
Cash deposits are available at over 75,000 retail locations, such as Walmart or Walgreens. You can deposit cash up to three times daily and up to $10,000 monthly.
This ability to deposit cash makes Chime stand out compared to most online-only banks.
Fees
Chime is all about no fees and affordable banking. So, as you might expect, Chime reviews don’t have much to discuss about fees.
Let’s look at any fees and other things you can expect from its pricing model.
Out of Network ATM Fees
If you have to use an ATM outside of Chime’s network, you could be hit with a fee from the ATM carrier plus $2.50 per transaction from Chime. Unfortunately, Chime doesn’t reimburse for these fees, so be sure to locate free options in your area.
Overdraft Protection
With Chime, you won’t pay a fee if you accidentally spend more than what’s in your account. Overdrafts can be stressful, and that stress can build upon itself with traditional overdraft fees.
Fortunately, Chime’s SpotMe feature is a form of overdraft protection that covers you for overdrafts of up to $200.
To qualify for SpotMe you must have at least $200 in monthly direct deposits. From there, it’s pretty simple.
Chime will cover your negative balance until your next deposit can make up the difference.
Once the negative balance is squared away, you can leave a tip and pay it forward. Tipping is completely optional, and whether or not you feel like leaving one has no impact on your standing with Chime.
Fee-Free Banking
Chime accounts all come with none of the monthly maintenance fees and minimum balance requirements that you might see in a traditional bank. Chime’s banking services repeatedly boast no hidden fees, but there aren’t any in plain sight either.
Getting Started
Signing up with Chime takes less than two minutes on the website or mobile app, and there’s no hard credit pull. You only need to provide your social security number, birth date, and mailing address.
Once your account is ready, you can access Chime’s online and mobile features. You won’t be able to sign up for a Chime credit card immediately, but you should be able to once you make your first deposit of $200 or more.
Chime Promotions
Unfortunately, there are currently no active Chime promotions. Check out these bonus offers instead:
| Bank | Bonus | Expires | Requirements | |
|---|---|---|---|---|
 TD Bank Complete Checking |
$200 | January 1, 2025 |
|
Learn More |
| TD Bank Beyond Checking |
$300 | January 1, 2025 |
|
Learn More |
 Chase Chase Business Complete Checking® |
$300 | January 16, 2025 |
|
Learn More |
Security
As an online-only fintech, information security is at the top of Chime’s priorities. Here are some of the security features that Chime offers:
- Instant Account Blocking: If you lose track of your card or suspect unauthorized use, you can take care of it without making a phone call. Just open up the Chime app and temporarily disable your account.
- Real-Time Alerts: You can set up alerts on your phone every time a transaction happens with your card. These alerts can help you keep track of spending and notify you if someone else is using your card.
- FDIC Insured: All Chime accounts are backed by its banking partners, The Bancorp Bank or Stride Bank, N.A. Both banks are insured by the FDIC, meaning your deposits are always protected up to $250,000.
- Visa Zero Liability: Chime debit cards are protected by Visa Zero Liability, which means that if purchases are made with your card before you can disable it, you won’t be responsible for covering them.
- 128-Bit AES Encryption: Strong encryption software is essential for online banking, so you can rest assured that any sensitive information stored within Chime will be unreachable for any potential unauthorized users.
Customer Service
Shifting to online-based customer service is typically the biggest transition for those used to traditional banks or credit unions.
Online banks, of course, don’t offer the in-person service of physical branches, but the good news is that you still can get help when needed.
For starters, Chime’s website has a ton of FAQs to help you help yourself. If you need to speak to someone, you can email or call the customer service phone number 24/7.
Customer Reviews
Chime’s customers have mixed feelings about the customer support they’re receiving, as demonstrated by the bank’s 2.6-star rating (out of 5) on Trustpilot, though over 75% of the reviews are either 4 or 5-star ratings. By comparison, both Bank of America and U.S. Bank have 1.3-star TrustPilot ratings. Ouch!
Here’s what some of Chimes customers have to say.
5-star review:
Ive been using chime for a few years now and they definitely make banking easier.Patty McKenzie Trustpilot
4-star review:
I didn’t know of Chime until my grandson signed me on to it a little over two years ago. It’s the first time I am experiencing trouble-free banking without being nickle-and-dimed to death like my previous bank. And I get tickled pink when my direct deposit is available to me 2 days before the end of the month. Thank you Chime!Tobin P. Trustpilot
3-star review:
Sometimes I have trouble logging in other than that the chime account I have has been just fine.Carl Goldys Trustpilot
Pros and Cons
Chime reviews should cover the good and bad aspects of Chime’s accounts. Here’s what you can expect.
Pros:
- No fees whatsoever
- Excellent online and mobile functionality
- High APY on savings account
- Good customer support
- Great for rebuilding credit
- Fee-free access to 60,000+ ATMs in the Allpoint Network
Cons:
- No physical locations
- Limited account options and services
- No rewards credit cards
Alternatives to Chime
Chime’s main competition comes from other online-only banks, such as:
Many other online banks offer a similar low-fee structure and competitive interest rates. It’s all about finding the provider that serves your specific needs.
If the idea of an online-only bank sounds good, but you’re not quite ready to take the full leap, you might consider a hybrid bank like Capital One or a more traditional bank with a strong online presence like Chase.
Learn More:
Frequently Asked Questions
Here’s a look at the answers to some of the most common questions from those considering banking with Chime.
Is Chime a real bank?
This is a little tricky. Chime accounts are FDIC-insured, so your money is just as secure as it would be with a traditional bank. On the other hand, Chime itself is not actually a bank. It’s a tech company that operates bank accounts and credit cards. Chime partners with The Bancorp Bank and Stride Bank, which manage its accounts and carry the insurance policy.
Is Chime FDIC insured?
Yes, The Bancorp Bank and Stride Bank, which operate all of the bank accounts within Chime, are both insured by the FDIC for up to $250,000 per account.
Is Chime safe?
Yes, Chime is safe. Aside from FDIC insurance, Chime has security measures in place to make customers feel secure with online-only banking.
Is Chime Right For You?
On a scale of 1 to 10, how much do you hate banking fees?
The higher you rank on that scale, the more Chime makes sense for you. We aren’t talking low or rare fees here, but totally nonexistent ones.
Add that to outstanding mobile usability, a high-yield savings option, and customer service when you need it, and you’ve got a modern, online option that should serve your everyday banking needs well.
On the flip side, if you like having a local branch and a robust offering of account types and services, you might benefit from looking into a bigger, more traditional bank.
Overall, Chime is a solid option for anyone, but I would say that it especially stands out for young people, fee-haters, and people who want to avoid minimum balance requirements. It’s also a top choice for people whose credit scores could be higher.
Now that you know what Chime offers, the next step is signing up for an account if the bank’s services make sense.
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.
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