Chime Bank Review 2021

Benefits explained

  • No monthly fees – Chime provides simple banking options with no maintenance or monthly service fees, no minimum balance fees. There is no either 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 $ 500 or more in total monthly direct deposits.
  • Early access to direct deposits – Payday is always a good day, but with Chime it is possible to receive your money up to two days earlier.
  • Large network of ATMs – Chime customers have access to over 38,000 free MoneyPass and Visa Plus Alliance ATMs across the United States

Against explained

  • Average savings rate – Chime savings account earns 0.50% annual percentage return (APY), which is considered a high yield rate. It’s much better than what almost any traditional bank offers, but compared to other online banks, Chime’s savings rate still misses the mark.
  • Limited services – Chime offers simple banking services, so if you are looking for a full service bank with certificates of deposit (CDs), money market accounts, and loan options, you will have to look elsewhere.
  • Difficult to make cash deposits – Cash deposits are only possible at points of sale with Green Dot. You may pay a fee for this service.
  • Off-network ATM fees – Chime charges a fee of $ 2.50 for each transaction at the off-grid ATM.

Who is Chime Bank for?

Carillon Perfect for customers looking for simple banking services with no monthly maintenance fees or minimum balance requirements. Chime allows customers to:

  • Open a savings account with no minimum balance requirement
  • Open an expense account with a debit card
  • Have access to a large network of ATMs
  • Use their debit card abroad with no transaction fees abroad
  • 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
  • Expense account (with debit card access)

Savings account

Chime only offers one savings option: a high yield savings account. Chime’s savings account comes with a savings rate of 0.50% APY which is good but still less than the best high yield savings accounts on the market.

The savings account comes with two optional automatic savings programs, so clients can reach their savings goals faster:

  • Save when you spend – When enabled, each purchase you make with your Chime Visa debit card is rounded to the nearest higher 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 straightforward process. Customers can transfer money from their Chime spending account or use the Save When I Get Paid feature.

Chime Savings Account
Chime Savings Account $ 0 $ 0 0.50%

Expense account

Chime’s “checking” account is called an expense 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 Check Chime feature. You simply choose to pay your bills through the checkbook feature, and Chime will send a check on your behalf, up to $ 5,000, usually within 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 all 50 states and the District of Columbia.

Customers can use their debit cards free of charge at over 38,000 ATMs across the United States. There are also no overseas transaction fees charged for using your Chime debit card internationally. Unfortunately, using your debit card at off-network ATMs incurs a fee of $ 2.50 per transaction. ATM withdrawals are limited to $ 500 per day.

To fight against overdraft fees, Chime offers SpotMe, an overdraft protection service that allows eligible clients to avoid overdraft fees on their expense account. SpotMe is available to customers who receive monthly direct deposits totaling at least $ 500. Chime uses your total direct deposit from the previous 31 days to determine 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 $ 100, depending on account history and activity.

Chime expense account
Chime expense account $ 0 $ 0 Nothing

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
  • Freeze your card in case of loss or theft
  • Pay the bills
  • Transfer funds between accounts
  • Receive transaction notifications

Chime offers several ways to contact customer service when you need help. In addition to logging into the mobile app, customers can also get support from Chime by email ([email protected]) or by calling 844-244-6363 Monday through Friday 6 a.m. to 10 p.m. ( CST), and Saturdays and Sundays from 7 a.m. to 9 p.m. (CST).

Chime 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 through Chime

Chime makes it easy to open an account. To get started, simply head 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 limited to persons 18 years of age and over. You must be a U.S. citizen or permanent resident to open a Chime account.


Chime is a great 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 has an extensive network of free ATMs that will meet the in-person needs of most customers. While her 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 analysis of banks. We’ve collected over 20 data points from over 80 banks – including available products, interest rates, fees, and affordability – to make sure our content helps users make the right decision based on their savings and banking needs.

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