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

Many or all of the products here are from our partners that pay us a commission. 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 innovative checking and savings accounts with almost no fees. It also offers rare perks, like automated savings tools, free cash deposits at select locations, and the option to receive your direct deposited funds up to two days early. Oh, and there’s also an industry-leading secured credit card for those trying to build or rebuild credit. Check out our full Chime review to learn more about all it has to offer.

Best For: Savings and modern experience

Chime

Rating image, 4.50 out of 5 stars.
Info Icon Circle with letter I in it. 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. We 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.
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4.50/5
Bottom Line

Chime's accounts charge minimal fees and offer some unique perks you don't see with many other online apps, like the option to receive your direct-deposited funds up to two days early. Chime's Savings Account is also a standout with its high APY. Its high-quality online and mobile app experience round out the packed feature set and explain why we think it's such an innovative offering.

Pros
  • Optional High-Yield Savings Account with competitive Annual Percentage Yield (APY)
  • Great customer service
  • Get direct-deposited funds up to two days early*
  • Automated savings tools
  • Secured credit card with no credit check
  • Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
Cons
  • Difficult to deposit cash
  • Savings Account requires Spending Account

A primer on how Chime works

Chime offers a checking account and a savings account, but there is no option to open a standalone account. Members must first open a checking account, then will have the option to open a savings account as well. This could be an ideal solution for those who want to open both types of accounts with a single bank.

Chime Savings Account review

Rates as of Sept. 28, 2022

Chime Savings Account

Rating image, 4.00 out of 5 stars.
Info Icon Circle with letter I in it. 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. We 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.
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4.00/5
APY
1.50%
Min. To Earn APY
$0
  • Optional High-Yield Savings Account with competitive Annual Percentage Yield (APY)
  • Great customer service
  • Get direct-deposited funds up to two days early*
  • Automated savings tools
  • Secured credit card with no credit check
  • Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
  • Difficult to deposit cash
  • Savings Account requires Spending Account

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

*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 August 25th, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.

Top perks of Chime Savings Account

1.50% APY^: The Chime Savings Account's APY is competitive with some of the highest savings account rates we've seen. 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.

What could be improved

Ease of opening: Chime requires you to open a Checking 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 let you deposit funds directly into the Savings Account. You must first place the funds into your Checking Account, then transfer them to the Savings Account. The transfer happens instantly, but it's still another hoop to jump through.

Chime Checking Account review

Top perks of Chime Checking Account

Get direct-deposit 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 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. They let you view your balance, transfer funds, pay bills, remotely deposit checks, locate nearby ATMs, 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 Checking Accounts for at least 30 days to send 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 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 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.

Chime Credit Builder

The Secured Chime Credit Builder 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 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 card is worth considering if you're a Chime customer looking to turn over a new financial leaf or establish a credit history. Just make sure you have some extra cash, or you won't be able to use the card.

RELATED: Check out The Ascent's Chime credit card review to see if this is the right secured card for you.

Chime customer service and experience

Chime currently has an A+ rating with the Better Business Bureau, and a 3.9 out of 5 rating with TrustPilot. Its mobile apps 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.

Alternatives to consider

If Chime doesn't fit what you're looking for, consider these other banks:

CIT Bank

CIT Bank is another online bank that offers deposit accounts with high APYs -- such as CIT Savings Connect -- 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.

Discover Bank

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.

Rates as of Sept. 28, 2022
Offer
 
 
Account
Rating
Rating image, 4.50 out of 5 stars.
Info Icon Circle with letter I in it. 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. We 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.
= Best
= Excellent
= Good
= Fair
= Poor
4.50/5
Rating image, 4.00 out of 5 stars.
Info Icon Circle with letter I in it. 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. We 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.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
APY 2.40% 2.10%
Min. to earn APY $100 $0
Next Steps

Chime is right for you if:

Chime is a smart option for you if:

  • You're comfortable managing your money online.
  • You want to manage your checking and savings needs under one roof.
  • You are wary of fees.
  • You seek a high savings account APY and feel you could benefit from automated savings tools.
  • You want to access your direct-deposited funds as soon as possible.

Terms and Conditions

  • *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 August 25th, 2022. 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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