4 Little-Known Perks of Using the Chime Banking App
by Ashley Maready | Published on Oct. 13, 2022
Did you ever think your smartphone could replace your bank?
- Chime is a fintech company that partners with banks to offer banking services.
- Its mobile app is highly rated with both iOS and Android.
- It offers useful features like balance notifications, a savings round-up tool, and access to special offers just for Chime users.
The internet does so much for us. Online shopping. Funny cat pictures on demand. And online-only banking. Online banks are truly the wave of the future -- a future in which you can manage your money from anywhere with internet access. One major player in the online banking space is Chime.
Chime isn't actually a bank, but a financial technology ("fintech") company that partners with two FDIC-insured banks, The Bancorp Bank and Stride Bank, to offer banking services like checking and savings accounts. It's an example of a neobank, which is an online-only company offering traditional bank features, usually without also extending loans and credit. (Chime offers a secured credit card for those who wish to build credit via their Chime accounts.)
These entities focus on technology that makes money management easy and accessible to more people. Part of that technology is mobile apps. Chime's banking apps for iOS and Android are highly rated, with 4.8 out of 5 stars in the App Store and 4.7 out of 5 stars in Google Play. Here are four perks of using the Chime banking app you may not have considered before.
1. Balance notifications
The Chime app offers a lot of different fun notifications for its users, but perhaps the most useful for most people is the daily balance notification. It's a good idea to stay on top of your bank account balances, so you'll know if you have money to cover a bill you're paying or a purchase you're making, and Chime makes this especially easy. The app will also ping you if you make a purchase, with a notification that tells you how much you just spent and how much your balance is now. Useful!
2. Easily disable transactions
If you've ever accidentally misplaced your debit card, you probably remember the heart-stopping realization that someone you don't know could have access to your money. This feeling is also often followed by the headache that is notifying your bank that your card is AWOL and you have to cancel it. The Chime app allows users to disable future transactions if they find that their debit card or has gone missing. Chime will also replace your missing card for free, and you can request your new card right through the app. The Chime app also allows you to easily opt in or opt out of international transactions, just by toggling a switch in the settings.
3. Automatic Savings
The Chime app makes it easier to save money by offering a little feature called Automatic Savings. This program works by rounding transactions up to the next dollar amount and moving that extra bit of money from a Chime checking account to a linked Chime savings account. Each transaction may not amount to much, but it will certainly add up over time. Users can access this feature to turn it on (or off) in the settings on the app.
4. Access to special offers
Chime app users can get easy access to special offers from Chime's partners, right in the app. These offers include ways to save money on gas, life insurance, and utility costs. You might also find deals on debt relief and options to earn cash back on your purchases.
If you're in the market for a new checking or savings account (or both), it might be worth giving Chime a look, so you can get access to these great perks available through the Chime banking app.
These savings accounts are FDIC insured and could earn you up to 15x your bank
Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts can earn you more than 15x the national average savings account rate. Click here to uncover the best-in-class picks that landed a spot on our shortlist of the best savings accounts for 2022.
About the Author
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.