Chime Bank Review

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Can’t remember the last time you went into a physical bank branch? That might mean Chime, or a bank like it, is for you. Designed originally as a bank for millennials, Chime can be a good bank for nearly anyone interested in mobile banking.

Savings APY
Min. Deposit
J.D. Power Rating
2.8 / 5.0
SimpleScore Chime 2.8
Min. Deposit 5
Overdraft Protection 3
Customer Satisfaction N/A
Support 2
Additional Accounts 1

The bank was created in 2013 by Chris Britt and Ryan King. It’s completely online, so there are no branches or ATMs of its own, but it does offer a large fee-free ATM network through partner banks. For most users, that is not necessarily a bad thing. Accounts are protected by the FDIC just like the branch on the corner, so you still have all the security of a traditional bank without all the fees and fluff. And that’s really where Chime shines: banking there is as fee-free as you can get. Here’s a bit more about the bank and how it works.

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In this article

    Chime Bank at a glance

    BankMinimum Savings DepositMaximum Savings APY1-Year CD RateJ.D. Power Survey ScoreKey Benefit
    Chime Bank$00.50%N/AN/ANo fees

    What we like about it

    The most important thing to love about Chime is the absence of fees. Essentially, the bank makes money from Visa each time you use your Visa debit card. Without the overhead of large banks, they don’t need to rely on fees to support a large infrastructure. In fact, the only fee you’ll normally encounter will be a $2.50 out-of-network ATM fee.

    Even that is not likely. You can use any MoneyPass or Visa Plus Alliance ATMs for free. The app and interface are both easy to use, the app has some great features and opening an account takes only five short minutes. You can either use the micro-savings feature, and round up purchases to the nearest dollar and put the rest in savings, or you can automatically have 10% of your payroll direct deposit routed to savings. Both are optional.

    So users are saving money by not paying recurring bank fees and overdraft charges, and actually saving money becomes simple with Chime.

    Things to consider

    Every bank has downsides, and Chime is no exception. First, due to lack of physical locations, depositing cash is extremely difficult unless you do so through another external account you have linked to the Chime app.

    There is a mobile check deposit feature, but reviewers have complained that it is difficult to use. Direct deposit seems to be the best way to get money into your account. To add to the frustration, customer service also takes a long time to respond through the app — a matter of days, not hours.

    The only other major issue? The savings rate is exceptionally low, approaching zero. It’s almost not worth putting money in the account and leaving it there. The only advantage is that it won’t show on your checking balance, so hopefully, you will not be as tempted to spend it.

    If you’re looking for high, or even decent, yield, Chime is not the place to get it. There are also no physical checks available, although there is a workaround.

    Chime checking accounts

    When you first sign up, you’re signing up for Chime’s Spending account. This is essentially a checking account. There is no minimum balance, and you can and should use direct deposit. Getting money into the account, especially cash, is really difficult and must be done through Green Spot, which usually charges fees.

    For a checking account, there are no physical checks offered. However, once you have an account for more than 30 days, you can send a check through the app’s checkbook feature. Essentially, they’re printing a check and sending it for you.

    There are also some other handy features. There are cash-back rewards from some retailers and other places, and they change from time to time, giving the program some flexibility. There is also a great Split the Bill feature, which will send a text message to the person of your choice with a link to pay you back through Venmo or Chime if they also have an account.

    Chime savings accounts

    There are a couple of cool ways to save with Chime. The first is the micro-savings feature, which is similar to other banks’ “round-up” features. Purchases can be rounded up to the nearest dollar, and the remainder put in savings. It’s amazing how fast those small amounts can add up.

    You can also set the account up so that 10% of direct deposits are put automatically into savings. Both of these programs are not required.

    The savings account is more to keep your balance out of your spending account so you won’t touch it.

    Chime money market accounts

    Like many other online-only challenger banks, Chime does not offer a full suite of financial investing products.

    Chime CDs

    As stated, Chime bank doesn’t have certificates of deposit to offer for customers. This is typical for challenger banks like Chime. For decent, low-deposit CDs, try Barclays. Any deposit amount will work, from $1 to $100,000. Although there’s no real point in depositing only $1 into a CD, those who want to see real returns on their investments will enjoy the benefits that Barclays has to offer.

    Chime IRA accounts

    IRAs are typically offered only by established financial institutions like Bank of America, HSBC or other banking goliaths, so you won’t find any retirement investing options with Chime. For those ready to plan for retirement, try opening an IRA with TD Ameritrade. First, customers can receive a $600 bonus if they roll over an old 401(k). There’s no account minimum and customers will have access to financial advisors to help them make the best decisions regarding their money for retirement.

    Chime credit cards

    Chime Bank doesn’t offer any credit cards, unfortunately. It’s definitely something to consider when looking for a new bank, but many people have credit cards with institutions they don’t bank with, too. Credit card issuer giant, Capital One, offers a wide variety of credit cards to suit multiple lifestyles and spending habits. Although it ends up with a $95 annual fee after the first year, the Capital One® Venture® Rewards Credit Card comes with 2x the miles per dollar spent and 50,000 miles sign-up bonus when you spend $3,000 in the first three months. This is a good credit card for those who like to travel rather than stay-cation and appreciate deals on flights, hotels and car rentals.

    Chime investing

    Chime has no investing plans, so you’ll need an app like E*Trade or another similar app if you want to trade in mutual funds.

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    Troy Lambert

    Contributing Writer

    As a freelance writer, content strategist and three-time business owner, Troy offers a unique understanding of business, cash flow, investing and other business management tools. A serial entrepreneur, he just founded his third company in 2019 and published his first non-fiction book, “Writing as a Business: Production, Distribution, and Marketing” this year with Unbound Publishing.

    He lives, works and plays in Boise, Idaho, with his wife and a German Shepherd. Troy can be found roaming the hills around his hometown when he’s not behind the keyboard and computer screen.