Chime Review: Checking and Savings - NerdWallet (2024)

Checking

Chime Review: Checking and Savings - NerdWallet (1)

Chime Checking Account

Checking

Deposits are FDIC Insured

4.5

/5NerdWallet rating

Monthly fee

$0

Bonus

N/A

Learn more

at Chime®

Upsides:

Free ATM access and no monthly fee: Chime’s checking account is free: It has no monthly fee, no minimum opening deposit and no minimum balance requirement. It also gives users access to make fee-free withdrawals at over 50,000 ATMs.

Early direct deposits and no foreign transaction fees: With direct deposit, customers can receive paychecks up to two days early. Plus, Chime doesn't charge fees to use your card abroad; some banks charge 1% to 3% of the amount of your purchase. See below for more information from Chime.

Cash deposit available at thousands of locations: Customers can deposit cash at more than 85,000 partner locations including retail stores such as 7-Eleven and Walmart. Cash deposits are free only at Duane Reade and Walgreens, though.

Downsides:

Fees for cash deposits and out-of-network ATM usage: Chime charges $2.50 per transaction at out-of-network ATMs, and the only way to deposit cash is at cash deposit partner locations. Cash deposits at Duane Reade and Walgreens are free, but other retailers may charge a fee.

Limits on mobile check services and no physical checks: Mobile check deposit is available via the app, but to access this feature, your account must have received a minimum of one qualifying direct deposit of at least $1. Chime doesn't offer a physical checkbook, but you can pay bills by sending a check through the Chime Checkbook feature on its website or in the app.

No joint accounts: Chime also doesn’t offer joint accounts, so it’s not ideal if you’re looking to share an account with someone.

» Comparison shop: Check out our list of the best free checking accounts

See more information from Chime

Chime says: "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."

"Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM."

"Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade."

"Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member's direct deposit enrollment status."

Savings

Chime Review: Checking and Savings - NerdWallet (2)

Chime High Yield Savings

Savings

Deposits are FDIC Insured

4.5

/5NerdWallet rating

APY

2.00%

With $0.01 min. balance for APY

Bonus

N/A

Upsides:

No monthly fees and no minimum balance: Chime has no minimum balance requirements to open or maintain the account.

Two automated savings programs: It will also round up every purchase on your Chime debit card to the nearest dollar and deposit that difference into your savings account. Or, you can have the company automatically transfer 10% from your paycheck into your savings account. Both features are optional but handy, and not all savings accounts have them.

No limit on outbound savings transfers: Chime also offers an unlimited number of transfers from your savings account into your checking account, which not all banks allow. See below for more information from Chime.

» Want to check out your options? See NerdWallet's view on Varo vs. Chime

Downsides:

Checking account required: Be aware that you need to have a Chime checking account before you can open a savings account with the company.

Not a competitive rate. Chime’s rate is above the national average, but it’s far below what many online savings accounts offer.

» For more high rates, check out NerdWallet’s best savings accounts.

See more information from Chime

Chime says: "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 September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest."

"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."

Customer experience

5.0

NerdWallet rating

What to know about neobanks: Neobanks can be solid options for consumers who prefer online-only banking. They do have differences from banks:

  • Funds deposited in neobanks' accounts are usually FDIC-insured through partner banks, which will also typically receive customers’ money if a neobank closes, so customer funds are safe. (Learn about what can happen if a neobank closes.)

  • Neobank accounts often have low monthly fees and earn strong rates. However, they may also lack traditional banking features, including in-person customer service and access to personal or cashier’s checks (often required for large purchases, such as buying a home) or wire transfers. (Learn more about neobanks and what they offer.) Consider these details before opening an account.

Chime's high mobile app ratings, solid features: Chime's mobile app excels where it counts — customers have given high ratings to both the iOS version and the Android version. And if your card goes missing, you can block transactions using the Chime app.

Second-chance checking option: In addition to having low fees, Chime doesn’t use screening tools that most banks do to determine whether a person will be blocked from getting a bank account if they’ve had one closed in the past. So Chime can be a helpful banking solution if you’re trying to restart your financial life. See below for more information from Chime.

» Had banking issues in the past? Consider more second-chance checking accounts

Multiple support options: Customer service is available 24/7 by phone. Customers can also get help through the chat option in the app and on X (Twitter).

History of involuntary account closures: Be aware that some Chime customers have had troubling issues with their accounts. ProPublica, a nonprofit news organization, reported in July 2021 that Chime customers have had their accounts closed without notice, leaving them with no way to access their money. These reports are similar to complaints that customers have made to the Better Business Bureau. (Find out what to do if Chime or another neobank closes your account.)

In May 2024, the CFPB ordered Chime to pay millions of dollars for failing to refund consumers in a timely manner after their accounts were closed.

» Shop around: See banks and credit unions that are great for mobile banking

See more information from Chime

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

Overdraft fees

5.0

NerdWallet rating

No overdraft fees: Like more and more financial institutions, Chime doesn’t charge overdraft fees.

Free overdraft program for those eligible: Qualifying customers can overdraw up to $20 without penalty (and that buffer can increase to $200, but there are eligibility requirements and restrictions). The company will cover the overdraft without a fee, and your next deposit or transfer will be applied to the negative balance.

Program requirements: To gain access to this program called SpotMe® requires your checking account to have received (and to continue to receive, for continued eligibility) one qualifying direct deposit of at least $200 in the 34 days before the overdraft occurs.

No traditional overdraft alternatives: But unlike many banks, Chime doesn’t offer overdraft protection transfers or a line of credit, so customers who overdraw outside of the SpotMe® program or past its limits can’t get transactions covered; instead, those transactions will likely be declined. See below for more information from Chime.

See more information from Chime

Chime says: "SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card.

Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions: https://www.chime.com/policies."

Chime Review: Checking and Savings - NerdWallet (2024)

FAQs

What is the downside of Chime? ›

What is the downside of Chime? Chime does not offer CDs or money market accounts and only offers a basic checking and savings account. Cash deposits can only be made at Walgreens locations and its savings account APY of 2.00% is competitive but lower than other online banking options.

Is it good to open a savings account with Chime? ›

Pros Explained. No monthly fees: Unlike some competitors that charge a monthly maintenance fee for savings accounts, Chime doesn't have monthly fees. You won't need to worry about these costs eating away at your balance. No initial deposit requirement: There is no initial deposit requirement for a Chime savings account ...

Is Chime a good way to save money? ›

Keeping money in a Chime Savings Account will get you an Annual Percentage Yield (APY) of 2.00% and an interest rate of 1.98%. Interest is paid monthly. As your Savings Account balance grows, you'll earn more interest and your balance will grow faster.

Can I trust my money with Chime? ›

Deposits are FDIC-insured up to $250,000 through Chime's bank partners, The Bancorp Bank, N.A. or Stride Bank N.A.; Members FDIC. FDIC insurance protects you against losing insured funds if a bank fails, not against issues like fraud.

What are the problems with Chime? ›

But that impressive quick cash delivery has not always benefited customers: ProPublica found several instances of Chime closing customer accounts based on false conclusions that money had been fraudulently deposited.

Why use Chime instead of a bank? ›

Chime delivers a range of perks, including early direct deposit (up to two days early), fee-free overdraft up to $200 for eligible members via SpotMe®, 24/7 customer support and instant transfers through Pay Anyone without fees.

Can I take money out of my savings account with Chime? ›

You can't withdraw money directly from your Savings Account. You'll have to first transfer it to your Checking Account by tapping Move Money in your app. When you deposit cash to your Chime Checking Account, it is transferred by a third party to your account.

Can I withdraw $5000 from Chime? ›

You can withdraw up to $515 a day from your Chime account using an ATM. This $515 and any fees you incur from out-of-network withdrawals count toward the $2,500 daily limit on the Chime card.

Can I transfer money from my Chime savings account? ›

You can transfer funds to and from your Credit Builder Secured Deposit Account, Chime Savings, and Checking accounts via the Chime app or by logging into your account online. To transfer funds through the app: Tap Move Money on the bottom of the home screen. Tap Transfer Funds.

Is Chime worth the hype? ›

Chime may be worth it if you're looking for a strong checking account — the Chime® Checking Account doesn't charge monthly service, overdraft, or foreign transaction fees. It's also worth it if you have a poor credit or banking history.

Is it safe to keep a lot of money in Chime? ›

We take security seriously.

At Chime, information security is a top priority. Deposits are FDIC insured up to $250,000 through The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. And we work hard to protect your information, such as by using encryption and other measures to help safeguard your money and data.

How much money can you keep in Chime? ›

Current and Chime offer checking and savings accounts through their partnerships with FDIC-insured banks. You can only store $10,000 across your Current checking accounts, while the Chime Checking Account has no limit in place. Both accounts have FDIC insurance, which protects your funds up to $250,000.

Will Chime refund money if scammed? ›

If the transaction warrants further investigation, and Chime feels your claim has merit, they may provide you with a provisional credit for the original transaction amount. Keep in mind this credit is purely temporary, and not every dispute will warrant a temporary credit.

Does Chime report to the IRS? ›

If you have or had a Chime Account and earned a yearly total of $10 or more in interest and/or bonuses for account openings or increasing your balance, you'll receive a 1099-INT form. Interest or bonuses that qualify you to receive a 1099-INT form include: Referee bonus. Credits for opening an account.

Does Chime track your spending? ›

Try other methods for tracking expenses

If you use your Chime Checking Account for all purchases and monthly expenses, all your transactions will be listed in one place. Opening the app before you buy something can help you decide if you can afford the cost.

Does Chime mess with your credit score? ›

There is no credit check for a Chime Credit Builder card, though. A hard inquiry will not be placed on your credit file, which can temporarily lower your credit score. Once you have the card, Chime will report your monthly payment activity to the three major credit bureaus, TransUnion, Equifax and Experian.

Do you really get money from Chime? ›

Yes! If you are transferring money to or from someone who is a Chime member, the money transfers are processed immediately1. If you are paying a friend or family member who does not have Chime, they have 14 calendar days to claim their transfer.

How negative can you go with Chime? ›

All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member's Chime Account history, direct deposit frequency and amount, spending activity and other risk-based ...

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