Chime's mission is to make financial peace of mind a reality for everyone. To make that a reality, Chime is changing how people think about banking. Instead of confusing terms and complicated jargon to confuse consumers (and profit off their misfortune and mistakes), Chime makes managing your money easy.
When you open a Chime bank account, you get a Visa Debit Card®, Spending Account, and (if you want) a Savings Account. All of which can easily be managed through your smartphone.
The Chime mobile banking app is available on both Android and iOS.
It's straightforward to set up an account with Chime. Applying for an account is completely free and only takes a few minutes. Plus, Chime does not pull your credit, so you don't have to worry about your credit score taking a hit.
Just be sure to have your social security number and home address ready to open an account.
Chime is all about making banking affordable and straightforward. That's why Chime offers online banking with no hidden fees˜. You don't need to worry about paying to open an account as there is no opening deposit or minimum balance required. You also don't need to worry about overdraft fees, ATM fees, international transaction fees, or card replacement fees˜.
In fact, Chime does not charge an overdraft fee but allows you to overdraft on debit card purchases with no fees˜ when you qualify for Chime's SpotMe*.
Users who receive direct deposits of at least $500 each month can enroll in Chime's SpotMe* service. It is an optional service that instead of charging you an overdraft fee, Chime allow you to overdraft up to $100* with no fees˜.
Eventually, Chime can increase your SpotMe allowance up to $100* at its discretion based on your account history.
If you lose your debit card, Chime will replace it at no extra cost.
Chime does charge a fee ($2.50) if you get cash from an over the counter withdrawal or an out-of-network ATM. Avoiding this fee is relatively simple as all you need to do is check the Chime mobile app and search for a fee-free ATM near you.
Chime's Savings Account is entirely optional but definitely worth looking into — you will need to have a Spending Account to open a Chime Savings Account. This account offers a 0.50% annual percentage yield (APY)¹ as of December 9, 2020. Just like Chime's Spending Account, there are no monthly fees ˜and no minimum balance. Additionally, there is no cap on the amount of interest you can earn, so even having a couple of bucks in this account is worthwhile.
But that's not the only way you can save. Chime offers two additional (and optional) programs to help build your savings.
The first program is Save When You Spend. This feature allows you to save a little each time you make a purchase.
Whenever you use your Chime Debit card at the store, Chime rounds your transaction up to the nearest dollar and transfers the difference into your Savings Account. For example, if you spend $47.55 at your local grocery store, Chime will move 45 cents from your Spending Account to the Savings Account. Although this isn't the fastest way to build up your savings, every penny counts.
The second feature is Save When I Get Paid. This feature allows you to set up a recurring transfer every time your direct deposit paycheck of $500 or more comes in. You can have Chime automatically transfer 10 percent from your paycheck ² into your savings account.
Another of Chime's unique features is Early Direct Deposit. When you send your direct deposit to your Online Spending Account, Chime will give you access to the funds up to two days earlyˆ — meaning you'll get paid as soon as the money is available.
Chime was designed to be used primarily through the mobile app. You can easily view your account, check balances, transfer money, and disable transactions. You can even deposit a check into your Spending Account. The Chime debit card works anywhere that Visa is accepted, and you can even add the card to your Apple Pay or Google Pay mobile wallet.
This online platform makes it super easy and convenient to bank anywhere you go.
Currently, Chime is only available to U.S. citizens 18 years and older.
While Chime's credit and debit cards work worldwide, the company only offers accounts to members who have a valid SSN and live in the United States.
Chime Savings Accounts with a $0 balance or no customer-initiated activity for nine continuous months may be subject to closure. All the money that was in your savings account will then be transferred to your Spending account. However, if the account is closed before the end of the statement cycle, any accrued interest for that cycle is forfeited.
If you want to open another savings account, you will have to wait 90 days.
Although closing inactive accounts is nothing new, most banks will wait at least 12–24 months before closing an account. So Chime's nine-month timeframe is a bit on the shorter side.
On the bright side, Chime's no fee approach comes in handy here. Most banks have a dormant account fee that ranges anywhere from $5 to $10 per month. That's not the case with Chime.