Chime Bank Account Review

The Good

• Easy Account Setup
• No Hidden Fees
• Automatic Savings Features
• Extensive ATM Network
• Get Paid Up to Two Days Early
• 24/7 Mobile Banking

Easy Account Setup

Opening an account with Chime is quick and free. The process takes only a few minutes and does not involve a credit check, so your credit score won’t be affected. To get started, you just need to provide your Social Security number and home address.

No Hidden Fees

Chime emphasizes transparent and affordable banking. There are no fees to open an account, and no minimum balance requirements. The bank does not charge overdraft fees, ATM fees (when using in-network ATMs), international transaction fees, or card replacement fees.

Chime offers an overdraft feature called SpotMe* for qualifying customers who receive at least $500 in direct deposits monthly. This service allows you to overdraft debit card purchases up to $200 without any fees.

If you lose your debit card, Chime replaces it free of charge.

Note: Out-of-network ATM withdrawals and over-the-counter cash withdrawals incur a $2.50 fee, but you can avoid this by locating fee-free ATMs easily via the Chime mobile app.

Automatic Savings Program

Chime's optional Savings Account has no fees, no minimum balance, and currently offers a 0.50% APY¹ (as of December 2020). You can earn interest without limits, making even small balances worthwhile.

Two helpful savings tools include:

• Save When You Spend: Rounds up each debit card purchase to the nearest dollar and transfers the spare change to your Savings Account. For example, spending $47.55 results in 45 cents saved automatically.
• Save When I Get Paid: Automatically transfers 10% of each direct deposit paycheck (of $500 or more) into your Savings Account.

Get Paid Up to Two Days Early

Chime's Early Direct Deposit feature gives you access to your paycheck up to two days before the official payday, as soon as your employer's payment is available.

24/7 Banking

Designed mainly for mobile use, the Chime app lets you check balances, transfer money, disable transactions, and deposit checks at any time. The Chime Visa debit card works everywhere Visa is accepted and integrates with Apple Pay and Google Pay for added convenience.

Limited Availability

Chime accounts are currently only available to U.S. citizens or residents 18 years or older with a valid Social Security number. While the debit and credit cards can be used globally, accounts cannot be opened by individuals outside the U.S.

Inactive Account Policies

Savings accounts with no activity and a zero balance for nine months may be closed. Any remaining funds will be transferred to your Spending Account, but accrued interest for the cycle may be lost if closure happens before the statement ends.

If your savings account is closed, you must wait 90 days before reopening a new one.

Though some banks allow longer dormancy periods (12-24 months), Chime's shorter nine-month policy helps avoid monthly dormancy fees, which Chime does not charge.