Chime is an online-only financial technology company that has partnered with two banks – Stride Bank and The Bancorp Bank – to offer consumers both a checking account and a savings account.
As a fintech company, Chime relies on Stride Bank and The Bancorp Bank for things like FDIC insurance and to comply with all applicable banking laws and regulations in general.
To see if a Chime checking account or Chime savings account is right for you, continue reading our review below.
In this post you'll learn:
Chime Checking Account
The Chime checking account comes with a free visa debit card and has no minimum deposit requirements or daily balance requirements to open and maintain the account. It also has no monthly maintenance fees of any kind.
✅ Checking Account Features:
- Free Visa Debit Card with EMV chip technology
- Access to over 60,000+ fee-free ATMs via Allpoint. These ATMs are at popular retail stores like Walgreens, CVS, 7-Eleven, and Target.
- Get direct deposits up to 2 days early.
- Get fee-free overdraft with SpotMe. Eligibility requirements apply. See below for more details.
- No credit check required.
- Automatic savings features.
To enable overdraft protection with SpotMe you must first set up a recurring direct deposit of at least $200 each month. This will initially allow for overdrafts of up to $20 in either cash withdrawals or spending. This $20 amount could go up to $200 or more based on your history with Chime and your direct deposit amounts and frequency each month.
🛑 Checking Account Drawbacks:
- No physical bank locations or branches.
- $2.50/transaction for out of network ATM usage.
- Must deposit checks using 3rd party locations unless you have had at least 1 direct deposit of $1 or more from an employer, gov benefits, or gig economy work. This direct deposit unlocks the Mobile Check Deposit feature.
Chime Savings Account
The Chime Savings account is only available to consumers that have first opened the Chime checking account. Like the checking account, the savings account has no monthly maintenance fees and no minimum deposit or balance requirements.
You can also set up automatic savings features. Chime currently offers 2 of these – Round Ups and Save When I Get Paid.
Round Ups automatically round up each transaction you make with your Visa debit card to the nearest dollar, depositing the change into your savings account.
Save When I Get Paid lets you automatically transfer 10% of your direct deposit of $500 or more into your Chime Savings account.
Chime Savings Rate
To put this yield into perspective, the national average for a money market account and a savings account sit at just 0.08% APY and 0.07% APY, respectively, according to FDIC data.
This is a variable rate that is subject to change at any time without notice. We should note that this APY has not changed yet in 2022, despite many savings and CD rates rising throughout the country after the FED’s latest rate hike on May 4, 2022.
All deposits are FDIC-insured up to the applicable limits through Chime’s banking partners.
Frequently Asked Questions
Still have questions about the Chime Checking or Chime Savings account? See what other consumers are asking as well as our responses below.
How to Open the Chime Spending Account?
You can open a new account in under 2 minutes. Visit Chime.com and enter in all your relevant personal information. You must be at least 18 years old to open an account.
Once you’re enrolled Chime will send you your Visa Debit Card. This typically arrives in 7-10 business days.
How to Add Funds to my Chime Spending Account?
You can add funds via:
- Direct Deposit
- ACH transfer from your current bank or credit union using your Chime account number and Chime routing number: 103100195
- Cash Deposits at Allpoint locations.
- Mobile Check Deposits. Available to account holders who have set up and received at least one direct deposit. Available 30 days after direct deposit.
Is Chime Legit?
Chime is a fintech company that has partnered with two banks – Stride Bank and The Bancorp Bank – to provide banking services to consumers. If Chime fails as a company, your funds are federally insured by the FDIC through Stride Bank and The Bancorp Bank.