no monthly service fee
None
$0
- No minimum opening deposit
- No monthly service fees
- Receive your paycheck up to 2 days early with direct deposit
- Rounds debit card purchases up to the nearest dollar and puts spare change in your Chime Savings Account
- No overdraft fees for overdrafts up to $200 with SpotMe®, if you qualify
- No foreign transaction fees
- Request checks be sent to recipients online
- Can deposit cash at select retailers
- $2.50 out-of-network ATM fee
- No overdraft protection for overdrafts exceeding $200
- No physical checkbook
Chime has one of the best checking accounts out there, but it doesn't offer joint accounts or pay the best savings rate. Its strongest feature is that it's great for people who might not qualify to open accounts elsewhere — it doesn't check your credit score or banking history when you apply for a checking account, savings account, or credit card. It also provides several credit-building tools.
- Get paid up to 2 days early with direct deposits
- 50,000+ fee-free ATMs nationwide through MoneyPass® and Visa® Plus Alliance
- Free cash deposits at Walgreens; May deposit cash at other select retail locations but you may be charged a fee
- Rounds debit card purchases up to the nearest dollar and moves spare change into your Chime Savings Account
- Qualify for SpotMe® overdraft protection by receiving $200 in direct deposits per month
- Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
Business Insider's personal finance team compared Chime® to the best banks and found it to be a standard offering. Chime is a fintech company, so it has limited banking services compared to online banks.
Chime has one of the best checking accounts out there, but it doesn't offer joint accounts or pay the best savings rate. Its strongest feature is that it's great for people who might not qualify to open accounts elsewhere — it doesn't check your credit score or banking history when you apply for a checking account, savings account, or credit card. It also provides several credit-building tools.
Chime Overview
Chime is a banking platform, not a bank. However, your accounts are FDIC-insured through Chime's partner banks, Stride Bank, N.A. and The Bancorp Bank, for up to $250,000.
Chime has a checking and high-yield savings account. You must open a checking account to qualify for the savings account.
Chime checking and savings accounts do not require a credit check, and the platform doesn't look into your banking history through ChexSystems like most banks do. This means Chime has two of the best second chance bank accounts out there. Second chance accounts are for people who wouldn't normally qualify to open a bank account at another institution.
Chime has partnered with Experian to provide in-app integration of Experian Boost. Experian Boost is a service that lets you use on-time bill payments to build credit. Chime members will be able to connect Experian Boost to their Chime app and raise your FICO score over time.
The Chime mobile app has 4.8 out of 5 stars in the Apple store and 4.7 out of 5 stars in the Google Play store. You can email, call, or talk via live chat with Chime representatives 24/7.
Chime Pros and Cons
Chime Pros
- Good accounts for people with low credit scores or poor banking history
- Low-fee checking and savings accounts
- A $0 minimum deposit for a checking or savings account
- Receive your paycheck up to two days early
- Automatic savings plans
- Fee-free tax filing if you have an account
Chime Cons
- Must open a checking account to qualify for the savings account
- Doesn't offer a CD or money market account
- No joint accounts
- Low savings rate compared to other online banks
- Can't overdraw your account by more than $200
Banking Options with Chime
Chime offers several different products, including a checking account, a savings account, and a credit card designed to help build your credit. It also offers tax filing services for its members.
Chime Checking Account
no monthly service fee
None
$0
- No minimum opening deposit
- No monthly service fees
- Receive your paycheck up to 2 days early with direct deposit
- Rounds debit card purchases up to the nearest dollar and puts spare change in your Chime Savings Account
- No overdraft fees for overdrafts up to $200 with SpotMe®, if you qualify
- No foreign transaction fees
- Request checks be sent to recipients online
- Can deposit cash at select retailers
- $2.50 out-of-network ATM fee
- No overdraft protection for overdrafts exceeding $200
- No physical checkbook
Chime has one of the best checking accounts out there, but it doesn't offer joint accounts or pay the best savings rate. Its strongest feature is that it's great for people who might not qualify to open accounts elsewhere — it doesn't check your credit score or banking history when you apply for a checking account, savings account, or credit card. It also provides several credit-building tools.
- Get paid up to 2 days early with direct deposits
- 50,000+ fee-free ATMs nationwide through MoneyPass® and Visa® Plus Alliance
- Free cash deposits at Walgreens; May deposit cash at other select retail locations but you may be charged a fee
- Rounds debit card purchases up to the nearest dollar and moves spare change into your Chime Savings Account
- Qualify for SpotMe® overdraft protection by receiving $200 in direct deposits per month
- Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
The Chime® Checking Account is a good low-fee account — there are no monthly service fees, foreign transaction fees, or overdraft fees. Chime does charge a $2.50 for using an out-of-network ATM, though.
The Chime checking account's lack of monthly service fees and low amount of other fees means Chime is a good banking option for checking accounts.
Early direct deposit allows you to receive your paycheck up to two days early. This helps you both access your money sooner and transfer money into your savings account to start earning interest sooner.
While Chime doesn't charge overdraft fees, it also only lets you overdraw your account by up to $200. The best banks for overdraft protection might let you overdraw your account by a larger amount.
Chime Savings Account
no monthly service fee
2.00%
$0
- Competitive APY
- No minimum opening deposit
- No monthly service fee
- Option to round debit card purchases to the nearest dollar and put spare change in savings account
- Option to automatically save a percentage of your paycheck
- Must open Chime Spending Account before savings account
- Deposit cash at Green Dot locations, which may charge fee
- Round debit card purchases to the nearest dollar to put spare change into savings account
- Set up a percentage of your paychecks to be put into savings account
- Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
The Chime Savings Account makes it easy to automatically save through two automatic savings options. First, it will round any debit card purchase up to the nearest dollar and put the spare change into your savings account. Second, you can set up a percentage of your paycheck to immediately go into your savings account.
You must have a Chime® Checking Account before opening a Chime Savings Account, because the two often work in tandem.
Chime Credit Builder Secured Visa Credit Card
$0
None
No Credit History, Poor
- No credit check required for approval
- No annual fee
- Build credit with responsible use
- No welcome bonus or rewards
- Requires a Chime checking account
- No ability to carry a balance
If you have a problematic credit history or none at all, the card offers a way to get the functionality of a credit card without having to undergo a standard credit check. The card can help you build credit by reporting activity on your account to the major credit bureaus. However, it doesn't earn rewards and can't be converted to an unsecured card, so it may not be your best option. The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.
Chime Credit Builder Secured Visa- No credit check required for approval
- No annual fee
- No welcome bonus or rewards
- Requires a Chime checking account
- No ability to carry a balance
The Chime Credit Builder Secured Visa® Credit Card helps you build credit without requiring a credit check to qualify. The Chime Credit Builder card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted (please see the back of your card for its issuing bank).
This is a secured credit card, which means your Chime credit card limit is determined by how much money you have in your Credit Builder secured account. For example, if you have $100 in your secured account, you'll have a $100 credit limit; you don't have a set credit limit when you open your card. That being said, you have a daily credit limit of $10,000, no matter how much is in your account.
Chime Tax Return
Chime offers a fee-free tax return service for its members through April Tax Solutions and Column Tax. Chime's website says that its free tax software doesn't charge any fees for filing both state and federal taxes, although the website's fine print mentions that you might have to pay if you decide to buy other optional financial products offered in relation to your tax filing.
If the tax return software makes a mistake that results in you having to pay money to the IRS that you wouldn't have to otherwise, Chime's tax software partners will reimburse you up to a total of $10,000. If you find an error in the preparation that lowers your total refund, april will let you amend your return for no additional charge. Column Tax will reimburse you for up to $250 if you are able to get a higher federal or state tax return or lower refund elsewhere.
If you choose to direct deposit your tax return into your Chime account, you could get your return up to six days early.
Chime's website says it covers the most common tax situations, including salary and self-employed income, freelance and gig work income, unemployment income, crypto or stock sales, and itemized tax deductions.
Is Chime Trustworthy?
Chime has a B- rating from the Better Business Bureau. The BBB grades a company based on its honesty in its advertising, transparency about business operations, and responsiveness to customer complaints. The highest possible grade is an A+. Chime has this rating to the high number of customer complaints on the BBB website, as well as the government action taken against the business.
In 2024, the CFPB required Chime to pay a $3.25 million penalty. The CFPB says that Chime did not give customers timely refunds when their accounts were closed, which caused significant financial harm to consumers. The CFPB also required that Chime provide at least $1.3 million to the consumers it harmed.
Many users have filed complaints with the Consumer Financial Protection Bureau, saying that Chime has unexpectedly closed their accounts and sometimes kept them from accessing their money.
Chime Alternatives
Chime vs. Ally
Ally is an online bank that offers CDs and a money market account — so if you want to open either of these account types, it's the clear option. Chime only has checking and savings accounts. Ally savings rates are also much higher than Chime savings rates.
Chime is the better option if you need to deposit cash into your account because you can deposit cash at select retailers (some retailers charge a fee). Ally allows you to deposit checks digitally, but not cash.
Chime is also the better option if you have poor credit or banking history because it will accept your application and help you increase your credit score.
Chime vs. Capital One 360
Capital One 360 is an online bank that offers checking, savings, and CD accounts. It's the obvious choice if you want a CD, since Chime doesn't offer CDs. It's also the better option if you want to open a savings account but not a checking account, as Chime requires you to have a checking account to qualify for savings.
Capital One also offers a high-yield savings account with a significantly better rate than what Chime pays. This account gives it a major edge over Chime.
Both institutions are great for second chance bank accounts because they don't check your banking history before approving your application.
Chime Banking Fees and Charges
Chime's banking options are low on fees, making them a good choice if you don't want to worry about monthly bank maintenance fees. Chime's savings account, checking account, and credit card all have zero monthly service fees.
If you get a Chime checking account, you'll need to pay a $2.50 out-of-network ATM fee if you use an ATM that isn't in Chime's network. You'll also probably have to pay a third-party fee charged by the out-of-network ATM. The best banks to avoid ATM fees both don't charge out-of-network ATM fees and reimburse third-party ATM fees.
Why Chime is Legit
Chime has good bank products, but it isn't a bank itself. That being said, Chime is still legit, and its banking products are still covered by the FDIC.
Despite not being a bank, Chime is a legitimate banking service. Chime is a financial technology company, not a bank, but it partners with two banks to provide and back its bank accounts: Stride Bank and The Bancorp Bank. Your money is actually being held in bank accounts offered by those two banks, which means the money in your checking account and savings account are FDIC-insured for up to $250,000.
Why You Should Trust Us: How We Reviewed Chime
To review Chime, we used the Personal Finance Insider bank account methodology. Each account receives a rating between one and five stars.
We look at ethics, security, miscellaneous features, customer service, and the mobile app when rating each bank account. Other factors considered depend on which type of account we're reviewing. For example, we evaluate interest rates for savings accounts and overdraft fees for checking accounts.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Chime Overall Rating
| Feature | Personal Finance Insider Rating (out of 5) |
| Checking | 4.5 |
| Savings | 4.25 |
| Credit Card | 3 |
| Trustworthiness | 3.5 |
| Total | 3.75 |
Chime FAQs
Is Chime legit?
Yes, Chime has legit checking and savings accounts. Its partner banks are Stride Bank, N.A. and The Bancorp Bank, which provide FDIC insurance on up to $250,000 in your Chime accounts.
What is the downside of Chime?
Some of Chime's main downsides are that it doesn't have joint accounts, and it pays a lower savings rate than many other online high-yield savings accounts.
Is it worth it to have Chime?
Chime may be worth it if you're looking for a strong checking account — the Chime® Checking Account doesn't charge monthly service, overdraft, or foreign transaction fees. It's also worth it if you have a poor credit or banking history. It doesn't check your credit score or banking history when you apply for an account, and it has several tools to help you boost your credit score.
What is the Chime SpotMe program?
Chime has a fee-free overdraft protection program called SpotMe®. This program allows you to overdraw by up to $20, and your limit may go up to $200, depending on your Chime account history. SpotMe® has its pros and cons. You don't have to link to a savings account for overdraft protection like you do with many banks. But you can only qualify for SpotMe® if you receive at least $200 in direct deposits per month.
Does Chime have daily withdrawal limits?
You may withdraw up to $500 per day from an ATM with Chime. You can also make a total of $2,500 in debit card purchases per day.
Is Chime a good bank?
Chime offers some good banking services, but Chime is not a bank. Chime is a financial technology company that offers banking services by partnering with Stride Bank and The Bancorp Bank.
Chime® Disclosures:
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
Early Pay: Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
Round Up: Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.
SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.
Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.
On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
Qualifying Direct Deposit: The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
Save When You Get Paid: Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.
Tax e-file services provided by April Tax Solutions Inc. ("april") or Column Tax, Inc. ("Column Tax"). These tax filing offers are not endorsed or offered by our partners, The Bancorp Bank, N.A. or Stride Bank, N.A.
Maximum refund guarantee is provided by april or Column Tax. If you use april's service to prepare and file your return and you find an error in the tax preparation that entitles you to a larger refund (or smaller liability), you may use their service to amend that return at no additional charge. To qualify, the larger refund or smaller tax liability must not be due to differences or inaccuracies in data supplied by you, your choice not to claim a deduction or credit, positions taken on your return that are contrary to law, or changes in federal or state tax laws. See here for details. If you use Column Tax's service, Column Tax will reimburse you for up to $250 if you are able to pay less federal or state income tax or receive a larger federal or state income tax return by using another tax return preparation provider. Eligibility requirements apply. See terms for details.
If the april tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the IRS that you would otherwise not have been required to pay, april will reimburse you up to a maximum of $10,000. See april terms for details. If interest and/or a penalty is imposed by the IRS as a result of a computational error by Column Tax, you may be entitled to up to $10,000 reimbursement by Column Tax. See Column Tax terms for details.
There are no fees required to use this product. Chime does not require you to deposit your refund into your Chime Account to qualify for free tax filing. Certain costs may be incurred if you decide to obtain other optional financial products offered in relation to your tax filing. The Internal Revenue Service (IRS) may impose penalties or other charges depending on your personal tax situation. If the april tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the IRS that you would otherwise not have been required to pay, april will reimburse you up to a maximum of $10,000. See april terms for details. If interest and/or a penalty is imposed by the IRS as a result of a computational error by Column Tax, you may be entitled to up to $10,000 reimbursement by Column Tax. See Column Tax terms for details.
Chime does not guarantee timing of refund. Six day refund estimate is based on 2023 tax year filing data. Refund timing estimates are dependent upon timing of complete tax return submission and when the IRS submits your refund.
