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I Use Chime Personally: Here's My Honest Review

Review Updated
Cole Tretheway
Author: Cole Tretheway
Cole Tretheway
Cole Tretheway

Cole Tretheway is a full-time personal finance writer whose articles have been featured on Motley Fool Money and The Motley Fool. He has a degree in English with a Certificate in Professional and Technical Communication from California Polytechnic University, SLO.

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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Offer image for
Member FDIC.

Chime

Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line

Chime makes it easy to manage your money in one place. It charges few fees and offers a competitive rate on savings account funds. Its checking account features are also appealing. Especially the option to get your paycheck up to two days early. What it sacrifices in features and account types, it makes up for in simplicity.

Pros
  • Get direct-deposited funds up to two days early
  • Get paid between paydays with MyPay
  • Above-average APY on savings account
  • No maintenance fees or balance requirements
  • No foreign transaction fees
  • Free peer-to-peer (P2P) payments
  • Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
Cons
  • Out-of-network ATM fees
  • Need Chime checking account to open a savings account

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how Motley Fool Money rates bank accounts.

Is Chime right for you?

This bank may be a good option for you if:

  • You want to manage your checking and savings in one place.
  • You want zero fees and simple terms.
  • You want quick direct deposits.

We tried it: Our team's firsthand experience

Here at Motley Fool Money, we pride ourselves as real users of most of the products across our site. One of our Personal Finance Writers, Cole Trethaway, uses Chime himself.

Here's Cole's review:
Image of reviewer

One of the most noteworthy features of Chime is that it doesn't charge overdraft fees on checking accounts, which is awesome. It's also worth mentioning that Chime is very similar to a brick-and-mortar bank, as it's not super innovative. Although I am considering using another product, I'd recommend Chime Bank. If you're someone who is tech-savvy and prefers the ease of access online over physical banks, Chime could be a good fit for you.

Chime fees

Chime Fee Charge
Monthly maintenance fee $0
Out-of-network ATM fee $2.50
Overdraft fee N/A
Outgoing wire transfers N/A
Paycheck advance with MyPay $2
Data source: Chime.

Savings accounts

This is a no-frills savings account. You get a better-than-average APY, but it doesn't compare to the best high-yield savings accounts. One of the best parts is that there are no hidden fees. I've had a Chime account for years, and I've never paid a monthly maintenance fee. It's a simple, no-frills account.

Chime Savings Account
Open Account for Chime Savings Account

On Chime's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Dec 20, 2024

Chime Savings Account

Open Account for Chime Savings Account

On Chime's Secure Website.

Member FDIC.
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for Chime Savings Account

On Chime's Secure Website.

APY
2.00%
Min. To Earn APY
$0
  • Above-average APY
  • No maintenance fees
  • No balance requirements
  • Need Chime checking account to open
  • Mediocre customer service

Chime Savings is a simple savings account with a better-than-average APY. It's perfect for your basic banking needs.

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

*Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of April 3, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

Checking accounts

For one thing, with the Chime Checking Account, you don't pay fees, including overdraft fees. In fact, Chime will spot you money -- up to $200. Another cool thing Chime does is offer free peer-to-peer payments. It's like Zelle, but receiving money is more limited.

Chime gets you your direct deposits up to two days early. But there's more. Recently, Chime has started the MyPay program. MyPay lets you pay $2 to get your paycheck instantly, up to $500. There's a waitlist, so how useful this is remains to be seen. You can register for the MyPay waitlist on the Chime app.

Chime Savings Account
Open Account for Chime Savings Account

On Chime's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Dec 20, 2024

Chime Checking Account

Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
0%
Min. To Earn APY
$0
  • Get direct-deposited funds up to two days early
  • Get instant paychecks with MyPay
  • No monthly maintenance or overdraft fees
  • No minimum balance requirement
  • No foreign transaction fees
  • No ChexSystems check to open an account
  • Free peer-to-peer (P2P) payments
  • Overdraft up to $200 without fees with SpotMe
  • No physical branch locations
  • Mediocre customer service

Chime Checking is a fee-free account that makes it easy to get paid early. It's a great option for folks worried about getting hit with surprise fees -- Chime has none of those. It's a great checking account for beginners wanting simplicity.

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

*Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

Customer experience

Customer service and usability are incredibly important factors when reviewing a bank.

Customer reviews

Recent Trustpilot reviews say that users enjoy using Chime. But they may dislike how Chime's service team resolves issues. Other banks get better BBB ratings. This shows that Chime is less responsive. Even so, Chime has above-average customer reviews. This indicates a solid in-app experience.

  • Better Business Bureau rating: C-
  • Trustpilot rating: 2.5 / 5

Customer service

I've found Chime's customer service on par with other online banks. Calling Chime takes me to an automated bot that directs me to agents upon request. Customer service agents are helpful. That said, it can take quite a bit of repetition to get even simple things done over the phone.

I found it frustrating, but I managed to close my Chime Credit Builder Secured Visa® Credit Card over the phone. Now, there's a weird banner on my app. I'm sure Chime would fix it if I called. But, honestly? I dread the thought of slogging through yet another slow conversation with customer service to fix it. Frankly, it's not worth the hassle.

Most customers won't have issues banking online. But, you can contact Chime by email or phone if you need help. To contact Chime by phone number, you can call 844-244-6363.

Mobile app

Chime's mobile apps for iOS and Android devices have received high ratings. The app lets you:

  • View your balance
  • Transfer funds
  • Pay bills
  • Deposit checks
  • Find nearby ATMs
  • Send payments
  • Enable or disable your debit card

I'm not a fan of Chime's customer service, but I love the Chime app. It's slick and easy to use. Everything is exactly where I expect it to be. There's no clutter. It's easy for beginners to access banking numbers and other important information. My favorite part is you can enable Automatic Savings, which sends 10% of each paycheck to my savings account.

  • App Store rating: 4.8 / 5 stars
  • Google Play rating: 4.7 / 5 stars

Physical locations

Chime does not have physical locations. You can withdraw cash fee-free from over 50,000 ATMs at stores like 7-Eleven, CVS, and Target. You can find the nearest locations in the Chime app. You can also deposit cash into your Chime account at Walgreens.

How does Chime compare?

Chime is a great choice for basic banking. But other banks offer more features, including better rates and physical branch networks.

Chime vs. SoFi®

Chime is an easy-to-use online banking app. It sacrifices features for simplicity. SoFi® picks up the slack by offering more than free checking and savings accounts. SoFi® lets you invest and take out loans through the app, so you can do even more of your finances in one place. Plus, it offers better rates than Chime. If you want Chime, but with more features, SoFi® is a good choice.

RELATED: SoFi® vs. Chime: Which Bank Is Right for You?

Chime vs. Chase

Chime offers a huge network of ATMs at partner stores. Chase offers a smaller ATM network, but you can access ATMs 24/7. Plus, you get access to a giant network of Chase branches. You may want to bank with Chase if you want in-person help and a highly rated banking app.

Terms and conditions

  • *Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
  • ^The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of April 3, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
  • 1 Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.
  • Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
  • 2 Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
  • 3 To apply for Credit Builder, you must have a Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

FAQs

  • Yes, Chime is a safe place to put your money. Deposits are FDIC insured at partner banks.

  • Chime is not a bank. Chime is a tech company that provides access to banking services, so many call it a bank. It offers checking and saving accounts through its bank partners. These are real banks. They ensure deposits are FDIC insured.

    For most practical intents and purposes, it's safe to think of Chime as a bank. But technically, Chime is a fintech company that offers banking services.

  • Your withdrawal and spending limit is set when you open a Chime account. Depending on how you withdraw or spend money, here are your limits:

    • ATM withdrawals: $515 daily
    • Point-of-sale (POS) cash back: up to $515 daily, varies by merchant
    • Over-the-counter withdrawals: $515 daily
    • Card purchases (signature and PIN): $2,500 daily

    Chime may change these limits at any time. You can check your current limits in the Chime app. There is no limit on the number of times you can withdraw funds with your Chime debit card.