Simply Put: Chime is an award-winning mobile banking app and debit card with over 200,000 5-star reviews. It offers a fee-free online banking experience with no minimum balance requirements. You can also get your paycheck two days early and transfer a percentage of it to your savings automatically when enrolled in direct deposit. Creating an account is free.
Pros: Cons:
- No monthly fees XLimited account options
- Get paid early XNo physical branches
- Round-Ups XDifficulty depositing cash
The 2008 financial crisis weakened the trust people had in big banks. Consumers felt overwhelmed, underappreciated, and confused. Online banking filled the gap offering high-yield account options and friendlier customer service as a low-cost alternative.
This Chime review details who they are, their banking services, and whether they’re worth your time. Simply put, if you’re looking for an online, fee-free alternative to a traditional bank, keep reading.
What Is Chime?
Chime is a mobile bank account and debit card. It carries no hidden fees, lets you get paid two days early with direct deposit, and features fee-free overdraft protection.
There are no minimum balance requirements, opening an account is free, and it won’t affect your credit score.
When using its mobile app, you’re able to track account balances, transactions, and savings at any time.
You can also instantly transfer money to other members, send paper checks, and automatically grow your savings with debit card round-ups.
Chime has over six million members and is based in San Francisco. It was founded in 2013 by Chris Britt and Ryan King.
How Does Chime Work?
Applying for an account is free and takes two minutes. Provide your personal information including name, social security number, home address, and email.
You’ll create a password to get started. Chime does require you to be 18 years of age and a U.S. citizen or resident.
Once you complete your application, they’ll send you a Visa Debit Card, which typically arrives within seven to ten business days.
You can link an external bank account, set up direct deposit, or make a cash deposit to fund your account.
Opening a Spending Account (checking account equivalent) is free and requires no minimum balance.
The spending account affords members the opportunity to rebuild their credit because it doesn’t use credit reporting agencies (e.g., ChexSystems) like a traditional bank.
Chime is best if you want an easy, fee-free online checking and savings account solution in one place. They’ve also referred to themselves as second-chance banking, as those members with a checkered banking history have the added benefit of rebuilding credit.
Chime Features
| Maintenance Fee | $0 |
| Minimum Deposit | $0 |
| Opening, Closing, or Inactivity Fee | $0 |
| Overdraft or Insufficient Funds Fee | $0 |
| Physical Checks | Mails for you |
| Foreign Transaction Fee | $0 |
| APY | 0.06% |
| Mobile Check Deposit | Yes |
| Accessibility | Desktop, iOS & Android mobile app |
| Accounts Supported | Online checking and savings |
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