It may well be the case that digital-first (or digital only) bank accounts and banking are the next wave in the industry.

Chime is an early entrant in the field who have taken root with their branch-free banking approach.

Chime, a fintech pioneer founded in 2013 by CEO Chris Britt and CTO Ryan King, offers, most of the key features of traditional deposit accounts, but boasts a considerably lower fee schedule. Chime also offers savings account option that features much higher interest rates than typical savings accounts.

  • Explaining Chime Bank…
  • Why Is Chime Good?
  • What’s Not Ideal About Chime
  • How Does Chime Provide Customer Service

Explaining Chime Bank

Essentially a personal finance app that offers digital banking services, Chime’s products include checking and savings accounts with none of the typical fees associated with traditional bank accounts.

Chime accounts are FDIC-insured by partner banks Stride Bank, N.A. and The Bancorp Bank.

Here’s our take on doing business with Chime.

Why Chime Is Good

  • Chime Offers Fee-free Banking: Chime account come without monthly maintenance fees and offer no account minimums.
  • Overdraft Fees, Nope: Chime skips overdraft fees and offers their SpotMe overdraft protection. Chime set you up, if you’re eligible, with a starter fund of $100 taken out of your next deposit.
  • How About An Early Payday Feature: Chime offers to help you out with what they call an “early payday” feature. This product allows you to get your paycheck up to two days early if you sign up for direct deposit.
  • Green Dot: Need to deposit cash? Chime has you covered with Green Dot, and it’s available at 60,000 retail locations.

And What’s Not Ideal About Chime

  • You Won’t Get Interest: Chime checking accounts come with no interest.
  • None of Your Business: Sorry, no small business banking options are available; it’s personal accounts only with Chime.
  • Features Are Limited: Chime accounts are a bit shy when it comes to budget tools and other financial services.
  • You’re Flying Solo: Shared accounts? Not at this moment.

Our Rating of Chime

While you do get a fully functional checking and savings account options, a nationwide ATM network, and cash and checks deposit features, you don’t get the whole panoply of standard banking features.

Chime Checking Account

They call it a “Spending Account,” and it’s the Chime version of a checking account. A non-interest-bearing deposit account, it’s linked to a debit card and functions just like a standard checking accounts:

  • Chime Offers a Visa Debit Card: Use it for point-of-sale transactions, ATM withdrawals and Green Dot cash features.
  • They Do Offer Direct Deposit: Setting up automatic ACH deposits are handled just like any other bank.
  • Mobile Deposits? Yep: Checks can be deposited into into your as quick as it takes you to snap a photo via their app.
  • Pay Your Bills:  All of your various debts can be paid direct via ACH transfer. You also have the option to send a paper check with Chime Checkbook.


A Chime Savings Account includes a host of automated features:

  • Save As You Spend: You can set up your Chime account to automatically round up transactions with the remainder of the full dollar amount deposited in your savings account.
  • Save As Payday Rolls In: Chime allows you to automatically transfer 10% of your paychecks – if they amount to $500 or more – straight into your savings account.

While the Savings Account interest rate is a modest 1.00% Annual Percentage Yield (APY), Chime doesn’t require a minimum deposit.

The Chime Savings Account is federally regulated, so you must follow Fed rules regarding withdrawal limits.

ATMs and Green Dot

Chime debit cards are good for purchases made through all point-of-sale platforms. You can also pull out your cash via more than 38,000 fee-free ATMs across the U.S.

It’s also possible to push cash into your account inside 60,000 brick and mortar retailers. Grocery stores, Walmarts, etc… using Green Dot. Cashiers can load your money straight to your debit card. While the deposit limit is $1,000 per day and $10,000 per month, that should prove sufficient.

Chime Fees

The fees clock in at just a modest $2.50 cash withdrawal charge if you use an out-of-network ATMs or when you make an in person withdrawal through Green Dot.

Customer Service

Chime has you covered via phone, their app or through email.

You can also reach out to Chime via Instagram, Twitter and Facebook.

How We Formulate Our Bank Ratings

Our Methodology:

Our editorial policy is to analyze all available data and then filter that information through our team of financial professionals.  Our reviewers take into account a full list of features from fees to balance requirements, charges, access to ATM locations, customer service quality and mobile products.

And perhaps most crucially, we compile our ratings entirely independent of input from advertisers or partners to give you utterly objective analysis and recommendations…