Chime Review: A High Savings APY and an All-in-One, Modern Experience

Chime offers simple online checking and savings accounts with almost no fees. It also offers rare perks like automated savings tools, instant peer-to-peer payments, and the option to receive your direct deposits up to two days early. Oh, and there's also an industry-leading secured credit card for building or rebuilding credit. Check out our full Chime review to learn more about all it has to offer.

Chime offers a checking account and a savings account combo. You start by opening a checking account, then you can open an optional saving account. This is ideal for users who want to do their spending and saving in one app. You can open a standalone checking account, but to open a savings account with Chime, you must open a checking account first.

Top perks

2.00% APY^: The Chime Savings Account's APY is far from the best savings rate we've seen, but it's much better than the average rate. 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 Checking Account, Chime Savings Account is FDIC insured. In the unlikely event that Chime closes its doors, up to $250,000 of your savings would be protected.

What could be improved

Ease of opening: Chime requires you to open a Chime Checking Account before you can open a Chime Savings Account. That may not be ideal for those who are only interested in the savings account, but it's a low hurdle to overcome.

Deposit options: Chime only lets you automatically deposit 10% of paychecks directly into its Savings Account. To deposit more, you must manually transfer funds from the Checking Account to the Savings Account. The transfer happens instantly, but it's still another hoop to jump through.

Top perks

Get direct-deposited funds up to two days early: Chime promises to make your direct-deposit money available as soon as the other party deposits it. Some banks hold these funds up to two days before releasing them.

Automated savings tools¹: Chime Checking Account customers can take advantage of its built-in savings tools. These let you automatically transfer 10% of each paycheck to your savings account, or you can 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.

Free peer-to-peer payments: Chime lets you pay anyone with money in your Chime account, regardless of whether the receiver has a Chime account. It's similar to Venmo, but cheaper and built in. Payments are free and settled instantly upon acceptance.

User-friendly mobile apps: Chime's mobile apps for iOS and Android devices have received high ratings. They let you view your balance, transfer funds, pay bills, remotely deposit checks, locate nearby ATMs, send peer-to-peer payments, and remotely enable or disable your debit card.

Nationwide fee-free ATM network²: 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. It also allows for free cash deposits at Walgreens locations.²

Send checks online: Chime's Checkbook feature enables customers who have had their Chime Checking Account for at least 30 days to send checks through their online account. You can check your limits in the Chime app.

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 Checking Accounts are protected up to $250,000 in the event of failure.

What could be improved

Out-of-network ATM fees: Chime charges customers $2.50 every time they use an ATM outside of the Chime ATM Network. 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.

The Chime Credit Builder Secured Visa® Credit Card is the company'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.

• There are no fees: The Chime Credit Builder Secured Visa® Credit Card is one of the rare secured credit cards that doesn't require cardholders to pay an annual fee.
• There is no APR: You must deposit funds to your Credit Builder account before you can make purchases. At the end of the month, Chime pays your bill using the money in your account, so you never have to worry about interest charges.
• There is no credit check: You can apply and get approved for a Chime Credit Builder account even if you have no credit history or you've managed credit poorly in the past, because Chime doesn't look at your credit report.
• There is no minimum security deposit³: Most secured credit cards require a minimum deposit, but Chime doesn't. However, your credit limit is tied to the amount you deposit, so you may not be able to charge much to the card if you don't put a lot of money in.

Overall, the Chime Credit Builder Secured Visa® Credit Card card is worth considering if you're a Chime customer looking to rebuild credit or establish a credit history. Just make sure you have some extra cash to deposit, or you won't be able to use the card.

Chime currently has a B+ rating with the Better Business Bureau, and a 2.6 out of 5 rating with Trustpilot. Recent Trustpilot reviews indicate users enjoy using Chime, but may be dissatisfied with how Chime's customer service team resolves issues. Its mobile apps for iOS and Android have received excellent reviews from customers.

The company hasn't been around long enough to attract the attention of larger customer satisfaction surveyors like J.D. Power, so it's difficult to compare it to some of its competitors.

While most customers won't have any issues managing their money online, you can contact Chime via email or phone if you need personalized support. To contact Chime by phone number, you can call 844-244-6363.

Is Chime FDIC insured?

Chime is not a bank, Chime is a tech company that provides access to banking services. However, any accounts you open through Chime are FDIC insured and protected up to $250,000 in the event of failure.

• You're comfortable managing your money online.
• You want to manage your checking and savings needs under one roof.
• You want zero fees and simple terms.
• You seek an above-average savings account APY.
• You feel you could benefit from automatic savings tools.
• You want to access your direct-deposited funds as soon as possible.
• You want to quickly pay others directly from your Chime account

• *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 received a single qualifying direct deposit of $200 or more to your 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.

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