According to recent reports, Chime closed and froze accounts without informing its customers. We are monitoring the situation and will update this review as the facts evolve.
The benefits explained
- No monthly fees: Chime offers simple banking options with no monthly maintenance or service fees or minimum balance fees. Nor is there foreign transaction fees attached to the chime.
- No overdraft fees: Many traditional banks charge up to $36 for overdraft fees. Chime offers for free overdraft protection through SpotMe, which is available to customers who receive $200 or more in total monthly direct deposits.
- Early access to direct deposits: Payday is always a good day, but with Chime it’s possible to receive your money up to two days earlier.
- Large network of ATMs: Chime customers have access to over 60,000 free MoneyPass and Visa Plus Alliance ATMs across the United States
- Average savings rate: Chime savings account earns 1.00% annual percentage return (APY), which is considered a high yield rate. This is much better than what is offered by almost all traditional banks, but compared to other online banks, Chime’s savings rate is still not up to par.
- Limited benefits: Chime offers simple banking services, so if you are looking for a full-service bank with certificates of deposit (CD), money market accountsand loan options, you’ll have to look elsewhere.
- Difficult to make cash deposits: Cash deposits are only possible at points of sale with Chime’s cash deposit partners. You may pay a fee for this service.
- Out-of-network ATM fees: Chime may charge a fee for each out-of-network ATM transaction.
Who is Chime Bank for?
Carillon is a good choice for customers looking for simple banking services with no monthly maintenance fees or minimum balance requirements. Chime enables customers to:
- Open a savings account with no minimum balance requirement
- Open a spending account with a debit card
- Have access to a vast network of ATMs
- Use their debit card abroad with no foreign transaction fees
- Deposit checks electronically via their mobile phone
What does Chime offer?
Chime keeps its service options simple, with only two account choices available.
- Savings account
- Spending account (with debit card access)
Chime only offers one savings option—a high yield savings account. Chime’s savings account comes with a savings rate of 1.00% APY which is good but still lower than the best high-yield savings accounts on the market.
The savings account comes with two optional automatic savings programs, so customers can reach their savings goals faster:
- Save when you spend: When enabled, every purchase you make with your Chime Visa debit card is rounded to the nearest dollar. The rounded amount is transferred to your savings account.
- Save when I get paid: Registered customers can automatically transfer a percentage of each direct deposit of $500 or more to their savings account.
Depositing money into your Chime savings account is not a simple process. Customers can either transfer money from their Chime spending account or use the Save When I Get Paid feature.
|Chime savings account|
|ACCOUNT NAME||MIN OPENING DEPOSIT||MONTHLY FEE||APY|
|Chime savings account||$0||$0||1.00%|
Chime’s “checking” account is called a spending account and comes with a free Visa debit card. Although it does not come with traditional check writing privileges, you can write checks using the Chime checkbook feature. You simply choose to pay your bills through the checkbook feature, and Chime will send a check in your name, up to $5,000, usually arriving in three to nine business days. There is no limit to the number of checks you can send per day. This feature is only eligible for checks mailed to recipients in the 50 states and the District of Columbia.
Customers can use their debit card fee-free at more than 60,000 ATMs in the United States. There are also no foreign transaction fees for using your Chime debit card internationally. Unfortunately, using your debit card at out-of-network ATMs may incur fees per transaction. ATM withdrawals are limited to $500 per day.
To combat overdraft fees, Chime offers SpotMe, an overdraft protection service that allows eligible customers to avoid overdraft fees on their expense account. SpotMe is available to customers who receive monthly direct deposits totaling at least $200. Chime uses your direct deposit total from the previous 31 days to determine your eligibility. Instead of charging a fee, Chime uses your next deposit to cover the overdraft amount.
Overdrafts through SpotMe are initially limited to $20, but can be increased up to $200, depending on account history and activity.
|Chime Spending Account|
|ACCOUNT NAME||MIN OPENING DEPOSIT||MONTHLY FEE||APY|
|Chime Spending Account||$0||$0||None|
Chime Customer Service
Chime is embracing mobile banking, as evidenced by its mobile phone app, available on iOS and Android. Through the app, customers can:
- View Accounts
- Deposit checks electronically
- Send money to other Chime customers
- Block your card in case of loss or theft
- Pay the bills
- Transfer funds between accounts
- Receive transaction notifications
Chime offers several ways to contact its customer service when you need help. Besides logging into the mobile app, customers can also get support from Chime via email (firstname.lastname@example.org) or by calling +1-844-244-6363, 24/7 days out of 7.
Chime’s banking services are provided through a partnership with Bancorp Bank or Stride Bank, NA Both banks are insured by the Federal Deposit Insurance Corporation (FDIC), which means your deposits are federally insured up to 250,000 $.
How to bank via Chime
Chime makes opening an account easy. To get started, simply head over to Chime’s website or download its mobile app. You will need to enter some basic personal information and create an online account. There is no credit check associated with opening a Chime account.
Accounts are restricted to persons 18 years and older. You must be a US citizen or permanent resident to open a Chime account.
Chime is a top choice for customers looking for simple, low-cost banking options and a great mobile app for banking on the go. Although Chime does not have a physical location, it does have an extensive network of free ATMs that will meet the in-person needs of most customers. Although his savings account offers a decent rate, there are other banks to consider that may offer a higher APY. You’ll also want to look elsewhere if you want a full-service bank that offers other products, such as CDs and money market accounts.
Investopedia is dedicated to providing consumers with unbiased and comprehensive bank reviews. We’ve collected over 20 data points from over 80 banks, including available products, interest rates, fees and affordability, to ensure our content helps users make the right decision for their savings and their banking needs.