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Chime Review

Several banks offer a wide variety of account options, each with various bells and whistles, so finding the right one can be difficult. The Chime mobile app is intuitive and tied to one checking account, one savings account, and one secured credit card, so you don’t feel overwhelmed with options.

In this review, we provide an overview of Chime’s personal banking products.

Check out Chime’s services and compare them to your other options. As of December 31, 2021, account details and annual percentage yields (APYs) are accurate.

Account Basics

Spending Account

Spending Accounts do not have any fees associated with them. There is no minimum balance requirement or monthly fee associated with these accounts.

Your checks will arrive up to two days earlier with the direct deposit program. As soon as your employer deposits your paycheck into your Spending Account, you will be eligible to receive your paycheck up to two days early, as soon as it has been deposited.

You can enroll in SpotMe if you receive at least $200 in monthly direct deposits. Up to $20 may be overdrawn on debit card purchases without incurring fees with this optional service. Depending on your account history, direct deposit amounts and frequency, spending activity, and other factors, Chime may increase your SpotMe allowance to up to $200 or more. In the app, you can look at your SpotMe limit. It doesn’t cover transactions that do not use a debit card.

Do you need a paper check? You can generate one using the mobile app, and Chime will send it on your behalf.

Savings Account

Chime offers an APY of 0.50% on its high-yield savings account. The great part is that neither a minimum balance nor a monthly fee is required. You can earn interest as long as you have a penny in your account and there’s no ceiling on how much you can earn. Chime Savings Accounts do not require a minimum deposit, but you must have a Chime Spending Account to open one.

To help you save money, Chime offers two optional programs.

You can save small amounts when making purchases when you use Save When You Spend. Chime rounds up every transaction for your debit card to the nearest dollar and deposits any difference to your savings account. Shopping for groceries and spending $25.50? Your debit card will be used to pay the store, and Chime will move 50 cents from your Spending Account to your Savings Account. Even if it seems like not much, if you use your debit card often, it adds up.

Also, each time you get paid, Chime enables you to set up recurring transfers. This will enable you to move 10% of your direct deposit paycheck of $500 or more from your Spending Account into your Savings Account.

Other Accounts and Services

Chime offers the Chime Credit Builder Card, which you can apply for without a credit check. Your Chime Visa credit card can be used to spend the money from your Spending Account if you are working on building your credit history. All three credit reporting agencies receive reports from Chime credit cards. It is unusual in that the Credit Builder secured card has a 0% APR.

With Chime’s Pay Anyone peer-to-peer system, you can make free mobile payments to family and friends regardless of whether they’re Chime members or not. Payments are limited to $2,000 per month.

Access on the Go

Chime offers plenty of features for mobile banking since it is designed to be used primarily through a mobile app. In the App Store and Google Play, Chime’s mobile app has received 4.8 out of 5 stars.

Whenever you make a purchase, Chime sends you a transaction alert and your account balance notification. When you lose your card, you can disable transactions from the Chime app to avoid having to contact customer service. If you want to disable international transactions, you can also do that via the app.

It can be added to your Apple Pay or Google Pay mobile wallet, and it works anywhere Visa is accepted. Furthermore, you can use over 60,000 ATMs from MoneyPass, Allpoint, and Visa Plus Alliance. To avoid being charged out-of-network ATM fees, check the Chime app.

Checks can be deposited into a Chime Spending Account through mobile deposit via the Chime app.

If you lose your Chime debit card you can disable transactions within the Chime app. Replacement cards are available for free within the app.


  • There are several free account options available to you
  • Very competitive savings APY
  • Automated saving tools to help you improve your savings habits
  • Direct deposit receipts as soon as they are received


  • Branch offices are not available for in-person service
  • Customers have complained about access to Chime accounts and funds in recent 

How Chime Stacks Up

Chime may not be the best fit for those seeking a full suite of banking services. It offers a set of financial tools that are simple and easy to use and are facilitated by a multipurpose app. Customers who want an emergency fund boosted or to save for something else will find its automated savings tools particularly appealing.

A Note on Products

Chime is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.

Frequently Asked Questions (FAQs)

Are They FDIC insured?

All Chime accounts are FDIC insured up to the standard maximum of $250,000 per depositor, for each ownership category, in the event of a bank failure, through its partner banks, Stride Bank, N.A. (FDIC# 4091) or The Bancorp Bank (FDIC# 35444).

What happens if someone steals my debit card or makes unauthorized purchases?

Chime debit cards are protected by Visa’s Zero Liability Policy, so you won’t be responsible for purchases made if your card information is stolen.

What is required to open an account?

You need to provide your Social Security number, home address and be a U.S. citizen or resident. You must be at least 18 years old.

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