Chime is known for offering an easy online banking experience with low-cost accounts that do not include overdraft fees or monthly maintenance fees. However, Chime’s rates are lower than many online banks, its available account options are limited, and it does not have any physical locations. That said, Chime does offer customer service 24/7 via its chat and phone line for online customers.
Chime is a financial technology (fintech) company based in California. It has partnered with The Bancorp Bank, N.A., and Stride Bank, N.A., to offer financial products. Both Chime and its partner banks are Federal Deposit Insurance Corp. (FDIC) members, making it a safe banking option.
All rates and fees are current as of March 11, 2024, and are subject to change.
Chime
| Checking accounts | Doesn’t offer interest but no balance requirements or monthly fees. |
| Savings accounts: | Earn 2% annual percentage yield (APY) without monthly fees or balance requirements. |
Pros
- Automated savings tools
- Easy online banking experience
- Build credit with no credit check or fees
- Access to over 60,000 fee-free ATMs
Cons
- Checking account doesn’t offer interest
- Does not offer money market accounts or certificates of deposit (CDs)
- No physical branches available
- Mobile check deposit only available with qualifying direct deposit
Chime is an easy-to-use and safe online banking platform that offers basic deposit accounts as well as benefits such as automated savings tools, the ability to build credit without a credit check, early direct deposit, and more. For this reason, it’s a good choice for people looking to open a checking or savings account with a reputable online bank that can help you build credit and savings automatically.
While Chime is a safe online bank, it only offers a checking and savings account as well as a basic credit card to help you build credit. The checking account does not offer interest and the savings account APY is only 2% with higher interest rates available from other online banks. It also has no physical branches and only lets you deposit checks online if you set up a qualifying direct deposit.For this reason, if you need a bank with more account options or physical locations with an easier way to manage cash and checking deposits, then Chime probably isn’t right for you.
Chime rates and products
Chime only offers a basic checking and savings account when it comes to deposit accounts. These accounts don’t have any balance minimums or monthly fees and come with additional benefits, such as no overdraft fees and early direct deposit for paychecks. However, the checking account does not offer interest and the savings account’s APY is only 2%, with better interest rate options out there.
| Checking accounts | No APY |
| Savings accounts | 2.00% APY |
Chime checking accounts
Chime’s free checking account has no monthly fees or account minimums. Manage your money easily with 24/7 online banking and access your cash with over 60,000 fee-free ATMs. All checking accounts offer a free debit card with the ability to disable transactions if it’s lost or stolen. Plus, it also offers fee-free overdraft protection of up to $200 for those who qualify for SpotMe and early direct deposit for paychecks.
To qualify for SpotMe, you must make a single direct deposit of $200 or more each month. If you want to deposit mobile checks you’ll also need to make qualifying direct deposits. Luckily, you can deposit cash at any Walgreens location instead of a branch location. To find the best checking account for you, read our articles on how to find a free checking account and the top checking account bonuses.
Chime checking account features
| Account opening bonus | None |
| Minimum opening deposit | None |
| Monthly fees | No monthly maintenance or overdraft fees |
| APY | None |
| Overdraft limit | Up to $200 |
| Early direct deposit | Up to two days early |
Insight from Toni Matthews-El, Fortune contributor
“Chime is my favorite choice for direct deposits because the money often goes into my checking account much faster than other banks I had set deposits up with. While I appreciate its ‘SpotMe’ feature, which will let you overdraft up to a certain amount, it is important to note that multiple overdrafts are not a good look. This feature makes your financial decision-making look very bad if you rely on it frequently.”
Chime savings accounts
Chime’s high-yield savings account offers up to a 2% APY, which is a competitive rate but much lower than the rates offered by some other online banks. That said, there are no minimum deposit requirements or monthly maintenance fees, and it offers two automated savings tools:
- Round Ups: Round up your debit card purchases to the nearest dollar and transfer that amount to your savings account.
- Save When I Get Paid: Transfer 10% of your direct deposits of $500-plus to your savings account automatically.
You will need to open a Chime checking account to open a savings account. With your two accounts set up, you’ll be able to link them and use the automated features to grow your savings. For a list of the best savings accounts, check out our article on the top high-yield savings accounts.
Chime savings account features
| Account opening bonus | None |
| Minimum opening deposit | None |
| Monthly fees | No monthly maintenance fees |
| Top APY | 2.00% |
| Monthly transaction limit | Six transactions |
Chime savings rates compared to current top rates*
While Chime is a strong option with great features, there may be some institutions that offer higher interest rates. Compare the rates above to this list of competitors:
Chime credit card
Chime offers a basic credit card in addition to its two deposit accounts. The Credit Builder Secure Visa credit card is designed to help people start building credit for free with no monthly fee, no interest, and no credit check to apply. There is also no minimum security deposit required.
Instead, the Chime credit card functions like this:
- Transfer money from your checking account to your Credit Builder account.
- Use your Credit Builder card as you would a normal credit card wherever Visa is accepted.
- Pay your monthly balance on time with the money you transferred to build credit.
Chime will actively report your credit history to the major credit bureaus. However, to open a Chime Credit Builder card you’ll have to open a checking account and make $200 or more in qualifying monthly direct deposits. There is also a cap on how much you can spend, equal to the money you transfer each month.
Learn more: see our list of the best secured credit cards.
Chime’s online banking platform and support
Chime is an online-only financial technology company that offers financial products and services through its partner banks. It has an easy-to-use mobile and desktop banking platform that lets you manage your money 24/7. Applying for an online account can take as little as two minutes, and you can access benefits such as automated savings tools and early direct deposit.
However, Chime’s online platform has some limitations. For example, you can only deposit checks online if you make at least $200 in qualifying monthly direct deposits. Many of its other benefits, such as automated savings and credit-building features, have similar qualification requirements.
Chime offers 24/7 customer support via live chat or its customer service phone number. It also offers a valuable help center with popular articles and information on its products, services, features, and benefits.
Is Chime secure?
Chime and its two partner banks are all FDIC members, meaning that your deposits are insured up to $250,000 by the federal government. Additionally, Chime boasts robust trust and safety initiatives, with industry-recognized technologies and securities frameworks and more than 4,000 customer service experts on call for 24/7 support. Further, Chime cards include Visa’s Zero Liability Policy.
With the Chime platform, you can set up custom account alerts, protect your accounts with identity verification, and block cards if they’re missing or if you notice suspicious activity.
Chime user reviews
Chime is rated 2.5 out of five stars on the review site Trustpilot with over 9,000 user reviews. It is also rated 1.6 out of five by 560 users on the ConsumerAffairs website. Users complain about the difficulty of depositing mobile checks and the helpfulness of its customer service. However, these reviews may not reflect the security and reputability of the overall institution.
Earlier this year, Chime agreed to pay $2.5 million in fines to the California Department of Financial Protection and Innovation after the agency found it had not responded to customer complaints in 2021 in a timely manner. After the investigation, Chime agreed to bolster its customer service by providing more training to employees and increasing customer service availability, among other measures.
Compare Chime alternatives
 Chime |  SoFi Checking & Savings |  Ally Bank |
|---|---|---|
| Checking account APY | Checking account APY | Checking account APY |
| 0.00% | 0.50% (must meet direct deposit requirements) | 0.10% (for balances less than $15,000) |
| Checking account monthly fee | Checking account monthly fee | Checking account monthly fee |
| $0 | $0 | $0 |
| Savings account APY | Savings account APY | Savings account APY |
| 2.00% | 4.60% (must meet direct deposit requirements) | 4.35% |
| Savings account monthly fee | Savings account monthly fee | Savings account monthly fee |
| $0 | $0 | $0 |
| Offers credit cards | Offers credit cards | Offers credit cards |
| Yes | Yes | Yes |
| Compare other alternatives | Read our review | Read our review |
Is Chime right for you?
Chime may be right for you if you need basic checking and savings with low fees and benefits such as automated savings features and a credit-building credit card. However, Chime does not offer money market accounts, CDs, or loans. It also does not offer interest on its checking account and only 2.00% APY on its savings account.
Frequently asked questions
Can Chime be trusted?
Yes, Chime is a trustworthy bank with standard FDIC insurance of up to $250,000. Both its partner banks are also members of the FDIC. Furthermore, Chime has been recognized as having industry-recognized technologies and securities frameworks with over 4,000 customer service experts accessible 24/7.
What is the downside of Chime?
Chime does not offer CDs or money market accounts and only offers a basic checking and savings account. Cash deposits can only be made at Walgreens locations and its savings account APY of 2.00% is competitive but lower than other online banking options. It offers a credit-building credit card, however, that card is limited without many benefits.
What is the upside of Chime?
Chime is a financial technology company that offers automated savings tools and a credit card that helps you build credit. Its savings tools let you round up debit card purchases to the nearest dollar and move that amount to your savings account as well as an option to move 10% of qualifying direct deposits from your checking to your savings account.
Does Chime build credit?
Chime offers a Credit Builder Secure Visa credit card to help you build credit. The card can be used anywhere Visa is accepted and Chime reports your credit history to the major credit bureaus. However, you must open a checking account and transfer money into your credit account each month to use the card.
