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Chime review

Chime review 2024: more features, same low fees

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Chime logo

4.3

Fees4.5

Features4.5

Customer service4

Ease of use4.5

Account types4

Interest rates4

Chime is an award-winning mobile financial app and debit card. It combines low fees and a solid APY with helpful features such as SpotMe®, Credit Builder and early paycheck access.

Chime features

Features
Details
Accounts
Checking, Savings, Credit Builder
Access
Web, iOS, Android
Amount of branches
0
ATM access
60,000+ in-network ATMs
FDIC insurance
Customer service
24 hours a day, 7 days a week: 844-244-6363

How Chime works

Chime was designed to work as a user's primary financial management platform. So customers are encouraged to allow direct deposit. However, there's no harm in using Chime as a secondary financial platform and using other methods of deposit.

To get the most out of Chime, you must have a smartphone that is capable of downloading the app (available for Android and iPhone).

Getting started is easy. It takes only five minutes. You'll need to provide your Social Security number, birth date, address, and a secure password and have your smartphone handy to complete the signup process.

Once you're logged in, if you want to use direct deposit, you can print out or download the information your employer needs to direct your paychecks to Chime®.

If you decide to forego the direct deposit option, you can send money to your spending account >using the following methods:

  • Direct bank linking by logging into your external account using the Chime app.
  • External bank link using your Chime routing and account numbers at your current banking platform.
  • Depositing through Green Dot retailers.
  • Using an external debit card.

After signing up, any interactions with your account can be done through the mobile app. These include activating your new debit card, transferring money between accounts, opening a savings account, or getting help.

Chime Visa® credit card

After your spending account is approved, you automatically get a free Chime Visa® Credit Card that is mailed within ten business days.

The Chime Visa® Credit Card is linked to your spending account. Use your debit card anywhere in the U.S. that accepts Visa.

If you need cash, there are more than 60,000+ free ATMs through Chime's partner MoneyPass, at any Allpoint or Visa Plus Alliance ATM. You can find the nearest in-network ATM using the Chime app.

You can also get cash during checkout at participating merchants like Walmart, CVS, Target, Whole Foods, and Safeway, to name a few.

Chime's checking account

Chime's offers a basic checking account that has no minimum balance requirements. It offers Early Direct Deposit, which will deposit your paycheck up to two days earlier than you'd likely receive it from a traditional bank.

If you need to send someone a paper check, use Chime Checkbook. Through the app, go to your account to pay a bill and fill out the on-screen information, and Chime will process it for you by sending a physical check to your recipient by mail within three to nine business days. This service is free.

Manage your funds, analyze your spending, transfer money between internal and external accounts and view all your transactions from the mobile app. Your Visa debit card is linked to your checking account. It makes buying whatever you need and paying for bills online super-easy.

Learn more about Chime

Chime savings

The Chime savings account APY is 2.00%, which is higher than the national average.

And Chime offers two unique features, Round Ups and Save When I Get Paid, that can help you set money aside automatically. Here's how they work:

  • Round Ups: Every time you make a purchase using your Chime debit card, the Automatic Savings Program (ASP) rounds up the purchase amount to the nearest dollar and saves that money into your savings account. You get unlimited round ups each month.
  • Save When I Get Paid: If you have a direct deposit going into your spending account, you can activate your savings account to transfer 10% of your paycheck into savings automatically.

Chime Credit Builder

If you are looking for a new way to build credit, then Chime Credit Builder may be able to help. These accounts allow you to build credit with everyday purchases and by making on-time payments. Chime Credit Builder reports to all three credit bureaus to help you build credit over time. 

Chime Credit Builder is one of the most attractive credit builder accounts on the market today thanks to the fact that it has:

  • No annual fees
  • No interest
  • No large security deposit requirements
  • No credit check to apply

To use Credit Builder, you move money from your Spending Account into your Credit Builder account. This is the amount of money that you can spend on your secured card.

You can use your Credit Builder card anywhere that accepts Visa cards. And the money you move into your Credit Builder account automatically pays your monthly balance on time when you have the “Safer Credit Building” feature turned on.

Chime SpotMe®

Chime SpotMe® is a program that gives overdrafts free of charge. With Chime SpotMe®, you can overdraft up to $200. This allows eligible Chime members to make purchases with their debit card without worrying about the overdraft fee that would otherwise be attached. The overdraft amount is deducted from your next deposit. 

You can make debit card purchases with your Chime SpotMe® account and make cash withdrawals. Note that it does not cover any Pay Friends transfers, ACH transfers, or Venmo or Square Cash services. 

Chime SpotMe® is a free service for eligible Chime members. To qualify, you need to have a Chime bank account and receive direct deposits of at least $200 a month. You'll be eligible each month if you continue to meet this $200 minimum deposit requirement.

Eligible members can also send Boosts to family and friends to increase their Chime SpotMe® limits. They can also Boost you back to raise your limit. Chime SpotMe® is not available to use on Credit Builder.

Learn more about Chime

Customer service support

You can contact Chime 24/7 via phone or email. They also have an online help center that answers many popular questions.

Chime has a an A+ rating on the Better Business Bureau website and 3.1 stars out of 5 stars from customers. Many of the complaints on the website are from 2020 regarding closed accounts and not receiving funds.

Chime fees

Chime is dedicated to “empowering people to lead healthier financial lives.” One of the ways they seek to fulfill this mission is by not relying on customer fees. Instead, Chime makes money from Visa every time customers use their Visa debit card for purchases.

Chime doesn't believe in hidden fees and is very transparent. There is:

  • No minimum balance
  • No monthly fee
  • No membership fees

The only fee you will come across is a $2.50 out-of-network ATM fee. The ATM fee amount is charged to your Chime Spending Account.

Chime alternatives

Highlights Capital One 360 Ally Bank CIT Bank
Rating 3.75/5 4/5 4.25/5
Accounts Savings, Checking, CDs Savings, Checking, Money Market, CDs Savings, Checking, Money Market, CDs
Online deposits
Physical branches
FDIC insurance
ATM reimbursement
Read reviews Capital One 360 review Ally Bank review CIT Bank review
Open account Get started Get started Get started

CIT Bank. Member FDIC.

Chime pros and cons

Pros

Pros

  • Virtually zero fees: The only fee you'll ever pay is for out-of-network ATM withdrawals.

  • Visa debit card: You'll receive a Visa debit card that can be used wherever Visa debit cards are accepted.

  • Automatic savings: Allow Chime to automatically “round up” money to deposit in your savings account. You can also have 10% of every paycheck automatically deposited into your savings account.

  • ATM network: Although Chime has no physical branch locations, you can make withdrawals fee-free at more than 60,000 ATM locations.

Cons

Cons

  • Limited account types: Chime allows only one checking and one savings account.

  • No debit card rewards: Chime doesn't offer any cash back rewards on debit card transactions.

Learn more about Chime

Is Chime safe?

Chime's spending and savings accounts and free Visa debit card are supported by The Bancorp Bank, a finance industry leader that's insured by the Federal Deposit Insurance Corporation (FDIC). So, yes, it's a safe place to keep your money.

The bank uses advanced encryption to secure its website. And it offers customers multiple ways to further protect their accounts such as two-factor authentication (2FA) and fingerprint authentication.

Is Chime legit?

Yes, with 20 million customers and counting, Chime is far and away the largest online-only bank in the United States. It gives you access to a large ATM network, allows you to use your card overseas with no foreign transaction fee, and you can deposit checks electronically through your mobile phone.

Chime also makes it easy to start an account. All you have to do is head over to Chime and download the mobile app. Once you enter some basic information, you can set up your online account. You must be 18 or older to have an account, and you must be a U.S. citizen or permanent resident to have a Chime account.

Summary

If you're looking for a fee-free, mobile-friendly bank with features that can help you save and earn extra money, then Chime is worth a try.

If you need access to legacy banking options like brick-and-mortar branches or paper checks, then Chime won't be for you. Also, if you're specifically looking for a high-yield savings account, you may want to compare your options here or check out our post on the best Chime alternatives.

Learn more about Chime

Chime Disclosure - Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.1Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.^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.

Chime SpotMe® Disclosure- Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member's Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime's discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won't cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See terms and conditions.

Chime Credit Building:To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Checking Account. The qualifying direct deposit must be made by 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, and 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 deposits are not qualifying direct deposits.On-time payment history can 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.

Chime APY Disclosure- 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 October 25, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.

Chime ATM Disclosure- Get fee-free transactions at any Moneypass ATM in a 7-Eleven location and at any Allpoint or Visa Plus Alliance ATM. Otherwise, out-of-network ATM withdrawal fees may apply.

Christine C. Renee Freelance Contributor

Christine is a freelance money blogger who is passionate about helping fellow solopreneurs do better with their time and money. Her love for freelance blogging shows in her work where her clients get results!

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