Chime review January 2025: No fees, but limited account options

Chime checking accounts 

Chime’s free online checking account has no monthly fees or account minimums. Manage your money easily with 24/7 online banking and access your cash with over 50,000 fee-free ATMs. All checking accounts offer a free debit card with the ability to disable transactions if it’s lost or stolen. Plus, it also offers fee-free overdraft protection of up to $200 for those who qualify for SpotMe and early direct deposit for paychecks. 

To qualify for SpotMe, you must make a single direct deposit of $200 or more each month. If you want to deposit mobile checks, you’ll also need to make qualifying direct deposits. Luckily, you can deposit cash at over 8,000 Walgreens locations instead of a branch location. To find the best checking account for you, read our articles on how to find a free checking account and the top checking account bonuses.

MyPay™

If you’re low on cash and need a boost before payday, MyPay™ is a cash advance feature that lets you borrow up to $500^ without a credit check or interest charges. The service is entirely free if you can wait up to 24 hours to receive your money, but if you need it immediately, you’ll pay a $2 fee*. To get access to this service, you’ll need to receive at least $200 in qualifying direct deposits, have an activated physical Chime card, and live in one of the 27 states (or Washington, D.C.) where MyPay is offered.

Chime is a financial technology company, not a bank. MyPay^TM line of credit provided by The Bancorp Bank, N.A. or Stride Bank, N.A. MyPay services provided by Chime Capital, LLC (NMLS ID 2316451).

^To be eligible for MyPay, you must receive qualifying direct deposits to your Chime Checking Account as set forth in the MyPay Agreement. A qualifying direct deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Maximum Available Advance may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 – $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See Bancorp MyPay Agreement or Stride MyPay Agreement for details.

*Free transfers within 24 hours or $2 fee applies to get funds instantly.

Effective 10/28/24, members can apply for Credit Builder without $200+ direct deposit requirement.

Chime Deals

Chime Deals are a way for you to get cash back by using your debit card at participating restaurants, gas stations, and grocery stores. To reap these rewards, you have to search for deals in the Chime app and activate them before you make a purchase with your Chime Visa Debit Card or secured Chime Credit Builder Visa Credit Card. Cash back is then deposited into your checking account within 10 business days.

Chime checking vs. other popular checking accounts

Chime savings accounts

Chime’s savings account offers up to a 2% APY, which is a competitive rate but lower than the high-yield savings rates offered by some other online banks. That said, there are no minimum deposit requirements or monthly maintenance fees, and it offers two automated savings tools:

• Round Ups: Round up your debit card purchases to the nearest dollar and transfer that amount to your savings account.
• Save When I Get Paid: Transfer 10% of your direct deposits of $500-plus to your savings account automatically.

You will need to open a Chime checking account to open a savings account. With your two accounts set up, you’ll be able to link them and use the automated features to grow your savings.

Chime savings rates compared to current top rates*

While Chime is a strong option with great features, there may be some institutions that offer higher interest rates. Compare the rates above to this list of competitors:

Chime savings vs. other popular savings accounts

Chime credit card

Chime offers a basic credit card in addition to its two deposit accounts. The Credit Builder Secure Visa credit card is designed to help people start building credit for free with no monthly fee, no interest, and no credit check to apply. There is also no minimum security deposit required.

Instead, the Chime credit card functions like this:

1. Transfer money from your checking account to your Credit Builder account.
2. Use your Credit Builder card as you would a normal credit card wherever Visa is accepted.
3. Pay your monthly balance on time with the money you transferred to build credit.

Chime will actively report your credit history to the major credit bureaus. However, to open a Chime Credit Builder card, you’ll have to open a checking account and make $200 or more in qualifying monthly direct deposits. There is also a cap on how much you can spend, equal to the money you transfer each month.

If you do go over your spending limit, Chime lets you spend up to $200 over your limit with SpotMe coverage. Chime automatically pulls the amount from your next direct deposit to cover your negative balance. Overdraw limits start at $20 and may go up to $200 based on your direct deposit frequency and amount, spending activity, and other risk-based factors.

Learn more: see our list of the best secured credit cards.

In-app tax filing

Chime offers a completely free tax filing service right from its app through tax e-file providers Column Tax and april. Right now, the program is still in the pilot stage but it's currently available to millions of customers. Chime claims it can get you your federal tax refund up to six days early with direct deposit—even if you have a joint refund as long as you're the primary filer.

Financial education through Zogo

Chime members can access over 25 lesson modules from Zogo, a financial education platform. These lessons cover a range of financial topics, including saving and spending, risk and insurance, and government and taxes. Each lesson is gamified to make it more entertaining and, if you complete enough lessons, you can earn rewards, such as gift cards or charity donations.

Chime fees

While Chime is mostly a fee-free bank, it does have one fee you might encounter: Chime will take a $2.50 fee for any out-of-network ATM withdrawals.

Chime’s online banking platform

Chime is an online-only financial technology company that offers financial products and services through its partner banks. It has an easy-to-use mobile and desktop banking platform that lets you manage your money 24/7. Applying for an online account can take as little as two minutes, and you can access benefits such as automated savings tools and early direct deposit.

However, Chime’s online platform has some limitations. For example, you can only deposit checks online if you make at least $1 in qualifying direct deposits. Many of its other benefits, such as automated savings and credit-building features, also have qualification requirements.

Chime customer support

Chime offers 24/7 customer support via live chat or its customer service phone number. It also has a valuable help center with popular articles and information on its products, services, features, and benefits.

Is Chime secure?

Chime and its two partner banks are all FDIC members, meaning that your deposits are insured up to $250,000 by the federal government. Additionally, Chime boasts robust trust and safety initiatives, with industry-recognized technologies and securities frameworks and more than 4,000 customer service experts on call for 24/7 support. Further, Chime cards include Visa’s Zero Liability Policy.

With the Chime platform, you can set up custom account alerts, protect your accounts with identity verification, and block cards if they’re missing or if you notice suspicious activity.

Chime user reviews

Chime is rated 2.3 out of five stars on the review site Trustpilot with over 9,000 user reviews. It is also rated 1.4 out of five by 650+ users on the ConsumerAffairs website. Users complain about the difficulty of depositing mobile checks and the helpfulness of its customer service. However, these reviews may not reflect the security and reputability of the overall institution.

Earlier this year, Chime agreed to pay $2.5 million in fines to the California Department of Financial Protection and Innovation after the agency found it had not responded to customer complaints in 2021 in a timely manner. After the investigation, Chime agreed to bolster its customer service by providing more training to employees and increasing customer service availability, among other measures.

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