Many or all of the products here are from our partners. We may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.
Chime offers free checking and savings accounts with user-friendly online and mobile account management tools. It doesn't have a bunch of flashy perks to set it apart, but it does offer some more understated benefits. These perks include automated savings tools, as well as the option to receive your direct-deposited funds up to two days early. You don't find those benefits with many other banks. Get all the details in our Chime review below.
Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
Chime's version of a checking account is what it refers to as a Spending Account. This is the account type where your day-to-day transactions will take place.
Chime also offers the Chime Savings Account, which is only available to customers who also have a Spending Account. The Chime Savings Account pairs well with the bank's Spending Account and its high APY is sure to draw attention from those trying to earn the most interest possible.
|Offer||Our Score||APY||Best For|
Chime Savings AccountMember, FDIC
Rating image, 4.0 out of 5 stars.
4.0 starsWe 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.
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.
|APY: 0.50%||Best For: High APY and modern banking experience|
High 0.50% APY: The Chime Savings Account's APY is competitive with the highest savings account rates. Chime's automated savings tools also can help you grow your savings more quickly.
No fees or balance requirements: You can open a Chime Savings Account with any amount of money and you won't owe a monthly maintenance fee, regardless of your balance.
FDIC insured: Like its Spending Account, Chime's Savings Account is FDIC insured. In the unlikely event that Chime closes its doors, your savings would be protected up to $250,000.
Ease of opening: Chime requires you to open a Spending Account before you can open a Savings Account. That may not be ideal for those who are only interested in the savings account, but it's not a huge hurdle to overcome.
Deposit options: Chime doesn't enable you to deposit funds directly into the Savings Account. You must first place the funds into your Spending Account and then transfer them to the Savings Account. The transfer happens instantly, but it's still another hoop to jump through.
Get direct-deposited funds up to two days early: Chime promises to make your direct-deposited funds available as soon as the other party deposits it. Some other banks hold these funds up to two days before releasing them.
Automated savings tools: Chime Spending Account customers who also open a Chime Savings Account can take advantage of its built-in savings tools. These let you automatically transfer a percentage of each paycheck to your savings account or to round up every purchase to the nearest dollar and put the change in savings. Both are optional and you can opt in or out at any time.
User-friendly mobile apps: Chime's mobile apps for iOS and Android devices have received high ratings from customers. They enable you to view your balance, transfer funds, pay bills, and remotely deposit checks as well as locate nearby ATMs and remotely enable and disable your debit card.
Nationwide fee-free ATM network: Chime partners with the MoneyPass® and Allpoint ATM networks to give its customers free access to their cash at over 60,000 retail locations nationwide. To find the nearest one to you, check your Chime mobile app.
Send checks online: Chime's Checkbook feature enables all those who have had their Spending Accounts for at least 30 days to send out checks through their online account. You're limited to $5,000 per check and $10,000 per month, but these limits should be sufficient for most people.
No foreign transaction fees: Your Chime debit card doesn't have a foreign transaction fee, so you won't pay extra to use it in a foreign country.
FDIC insured: Chime Spending Accounts are protected up to $250,000 in the event of bank failure.
Transfer limits: When initiating a transfer from another bank to Chime through your online Chime account, you are restricted to $200 per day and $1,000 per month. But you can get around these limits by initiating the transfer from your other bank account rather than through Chime.
Out-of-network ATM fees: Chime charges customers $2.50 every time they use an ATM outside of the MoneyPass® and Allpoint networks. It's one of the few banks that charges its own out-of-network ATM fee, and you could pay even more if the ATM owner also charges a fee.
Cash deposit options: If you want to deposit cash into your Chime Spending Account, you must either place it in a different checking account and transfer the funds or do so at a Green Dot location where you'll pay a fee.
The Chime Credit Builder is the bank's secured credit card, designed to help you establish a credit history or turn over a new leaf. Here's what you need to know about it.
Overall, the Chime Credit Builder card is worth considering if you're an existing Chime customer who is looking to turn over a new financial leaf or establish a credit history for the first time. Just make sure you have some extra cash or you won't be able to use the card.
Chime has an A+ rating with the Better Business Bureau and a 4.5 out of 5 rating with TrustPilot. Its mobile apps have also received excellent reviews from customers. The bank hasn't been around long enough to attract the attention of larger customer satisfaction surveyors, like J.D. Power, but reviews thus far are encouraging.
While most customers won't have any issues managing their money online, you can contact the bank via email or phone if you need personalized support.
If Chime doesn't fit what you're looking for, consider these other banks:
CIT Bank is another online bank that offers deposit accounts with high APYs -- such as the CIT Savings Builder -- and no maintenance fees. Its array of products is a little more robust than Chime's. Some products include CDs, money market accounts, and home loans. It hasn't received quite as much praise from consumers as Chime, but its reviews aren't bad enough to set off any alarm bells.
Discover Bank is another online bank that has done away with many of the fees you traditionally find with brick-and-mortar banks. It also offers some unique accounts, like its checking account which offers cash back on debit card purchases as opposed to offering interest on your balance. The bank also offers the Discover Online Savings Account, plus CDs, loans, and a credit card suite it's best known for.
Chime is a smart option for you if:
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. The Motley Fool has a Disclosure Policy. The Author and/or The Motley Fool may have an interest in companies mentioned.