Chime is a no-fee mobile-only banking account offering a savings and checking account bundle called a Spending Account and Savings Account with a Visa debit card. Chime’s savings feature helps you save automatically as you make purchases using your account. It does this by rounding your purchases to the nearest dollar and moves that amount into your Savings Account.
The Chime account accepts direct deposits, electronic transfers, and connects to an existing bank or credit union for easy transfers. If you have your paycheck direct deposited with Chime, you get two additional benefits: 1) get paid 2 days earlier and 2) access to the mobile check deposit feature.
Chime Banking Account Key Features:
- Clean and intuitive banking app
- Get paid 2 days earlier with paycheck direct deposit
- Automatic savings feature
- Competitive interest rate on savings account
- No minimum fees, no monthly fees, and no overdraft fees
- Access to over 38,000 surcharge-free ATMs (the only fee is an ATM fee for going out of network)
Chime New Account Bonus
Sign up with Chime Bank‘s no-fee account and receive $50 as a signup bonus for new account holders. In order to get the signup bonus, you must have at least $200 direct deposited into your account. With direct deposit, you get access to an early payday too.
Chime Banking Account Overview
Chime Bank, founded in 2013, is a mobile-only bank with its banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.
What Is Chime Spending and Savings Account?
Chime offers a bundled service that includes a Spending Account, Savings Account, and a Visa debit. Chime’s goal is to eliminate the high banking fees and impersonal approaches most people have experienced with existing banking relationships. Chime does not charge any fees making it a highly competitive financial service.
Who is it best for?
Chime is best for anyone regardless of financial capability or financial past. Chime does not do credit checks as part of the signup process. For those who’ve had issues in the past with banks or negative information on Chexsystems, then Chime is your second chance account. The app is easy to use and very intuitive giving it an edge over many other mobile or online banks. For those who hate bank fees and need a little extra help saving money, Chime’s no-fee structure and round-up savings feature can be a great help.
What do you get?
Chime’s mobile banking app is clean and simple making it a delight to use. Chime’s benefits don’t end with no-fee banking but include access to thousands of surcharge-free ATMs, payday 2 days early, mobile check deposit if enrolled in direct deposit, access to writing and sending paper checks through the website or on Chime’s additional app.
Chime Banking helps you perform both traditional and digital banking:
- With Chime, you don’t have branch access, but you chat with customer support through the app
- Get your routing number and account number in the app
- Use of the debit card for in-store or online purchases
- Block your debit card right in the app if you’ve lost or had it stolen
- Real-time alerts to let you know what’s happening with your account
- Send a paper check to someone without writing a check
- Connect your traditional bank with branches to your Chime account and make transfers
- FDIC insured deposits through Chime’s bank partners
How Chime Spending and Savings Account works
Chime accounts work like traditional checking and savings accounts overlayed with an award-winning mobile banking app. When you open an account, you are now a banking customer of Chime even though their banking services are backed by their partner banks.
The easiest way to get money into Chime is through direct deposit. You can also transfer money from an existing banking relationship that you’ve connected to Chime.
Safety and Security
Chime requires two-factor authentication and supports fingerprint authentication. Your deposits are insured up to $250,000 through The Bancorp Bank; Member FDIC. There is also Visa’s Zero-Liability policy that protects you from all unauthorized purchases.
Where to Get Started with Chime
- It’s quick and easy to get started with Chime online or through the app
- Complete the required information to verify your identity
- Fund your account by connecting a bank account
- Set up direct deposit to get paid early
Why Use Chime Spending and Saving Account
If you’re the type who absolute detest bank fees, then Chime is the mobile-only bank for you. Banks no-fee mantra that includes no account minimums, maintenance fees, overdraft fees, or bounced check fees, is definitely a highly competitive offer. Additionally, Chime’s mobile app is exactly what a minimalist could dream of in a banking app. It’s not overly crowded and quite intuitive. The ability to do most of the things you need through the app makes it a breeze. The only issue with Chime is the lack of customer service support. You get access to a chat feature but we’ve found it to be lacking.