Chime Bank Account Review (2021)

Chime bank account review

A good bank account can be difficult to find. As you seek out a new account, you might be looking for no hidden fees and a helping hand to build your savings. Instead, most banks offer accounts riddled with hidden fees that drain your savings slowly. The Chime bank account experience is one that is changing the game.

Instead of using an extensive fee structure to fund its operations, Chime has decided to put the needs of its customers first. You'll find that the services offered through Chime put your money goals at the center of their business.

Today we will take a closer look at what Chime has to offer.

What is Chime?

Chime offers an online-only experience that is known for being user-friendly. The company was originally founded in 2013. Since then it has slowly built upon its service to create a worthwhile solution for your bank account needs.

Not only can you enjoy a full-service, FDIC insured bank account, but also avoid all hidden fees. In fact, you won't even have to worry about overdraft fees! Let's take a closer look at the features offered.

Spending Account

The Chime Spending Account will allow you to start banking without worrying about monthly fees or minimum balance requirements. Beyond the useful features of a streamlined direct deposit process and a top of line security features, their mobile app offers far more.

Avoid overdraft fees with SpotMe

One of the most unique features of this account is SpotMe. With SpotMe, you'll be able to overdraw your account without any overdraft fees. Since an overdraft can turn into $35 accidents for anyone, this is a huge point of relief for many of us. You'll be allowed to overdraft your account up to $100 without worrying about a fee. Of course, you'll have to repay the amount to Chime but at least you won't have to pay a fee on top of that.

Chime SpotMe Notification

However, there is one fee that you will need to be aware of. You'll be charged a $2.50 fee if you have to get cash out of an out-of-network ATM. That being said, Chime offers access to a network of over 38,000 free ATMs, so you should be able to avoid this fee in most cases.

Overall, Chime offers a new type of banking experience. Most of us would be pleasantly surprised by the overwhelming lack of fees as we start to explore banking with Chime. It can be easier to stay on budget when hidden fees are popping up to take your funds on a regular basis.

Savings Account

In addition to a Spending Account, Chime offers a high yield Savings Account with a 0.50% Annual Percentage Yield (APY). This account has several automated features to help you work towards your savings goals.

Chime - Opening a Savings Account

Automated transfers via round up

The first automated savings feature is a transfer from your spending account to your savings account each time you complete a transaction. Chime will round up your purchase to the next dollar amount and transfer the difference to your Savings Account automatically. Although it may only be a few cents each time, it can add up quickly.

In addition to the round-up savings feature, Chime will also help you automatically save a portion of each paycheck. When set up, it pulls out a percentage of your paycheck that you approve from your direct deposit. As a result, the new funds never touch your spending account. Instead, the funds will be safely stashed in your savings account.

Both of these are optional savings features, but they can help you painlessly work towards your savings goals.

How does the Chime debit card work?

Within a few days of opening the Chime bank account, you'll be able to start using your Chime Visa Debit Card to fund your purchases. The card has a connection to your Spending Account so you can use on a regular basis for your transactions. In addition, you can also use it with mobile-payment options including ApplePay, GooglePay, and Samsung Pay.

Chime debit visa card

The Chime Visa Debit Card is a key feature of this account. This feature is the reason that Chime can afford to provide a bank account which such minimal fees and features like SpotMe. Each time you whip out your Chime Visa Debit Card to complete a transaction, Chime will receive a small portion of the interchange fee. This is a fee that Visa imposes on every purchase made with their cards.

The bottom line is that you are able to enjoy a positive banking experience without the constant threat of fees. This is due to the clever way that Chime has decided to set up this bank account.

Is there a Chime app?

After you create an account with Chime, you'll be able to use a mobile app to easily manage your account. The app is very user-friendly for Chime Members.

You'll find that you can use the "view my card" feature to access all of the information you need about your Chime debit card. With each transaction, you'll receive an instant notification. Plus, every morning you'll receive a balance update which can be helpful when you are managing on a tight budget. If you are concerned that your card has been compromised, you'll be able to block the card instantly.

The app will also allow you to send money to your friends without any fees with the Pay Friends feature. The convenience of a fee-free way to transfer money to friends and family is a blessing for many.

How does Chime customer service work?

If you need to get in contact with Chime, you can call, email, or reach out via the app for help. You can contact customer support at any time through the Customer Support tab in the app or send an email to [email protected]

If you prefer to speak to a specialist over the phone that is also an option. You can reach them on Monday through Saturday from 7 AM to 7 PM CST or on Sunday from 9 AM to 5 PM CST. The number to call is (844)-244-6363.

The company also offers a helpful FAQ page that might be able to answer your questions without making a call.

Pros and cons of Chime

As with every banking experience, there are pros and cons to banking with Chime. I'll break this down below.


  • No hidden fees. The importance of a fee-free banking experience cannot be understated. You won't need to worry about hidden fees if you choose to bank with Chime.
  • Automatic savings. Building your savings can be difficult. Chime steps in to offer a helping hand to work towards your savings goals together.
  • SpotMe. Overdraft fees can add up quickly, SpotMe eliminates that worry.
  • Block Card. You can instantly disable or enable your Chime debit card through the settings in the Chime app at any time. It can come in handy if you are worried that your card has been compromised.
  • FDIC insured. Chime may be a new type of banking experience, but the protection of FDIC insurance will remain to protect your funds.
  • Payday comes early. With the help of direct deposit, you can receive your funds up to two days early.
  • Notifications. You receive an update anytime your complete a transaction. Plus, you'll receive a notification about your balance every morning.
  • View My Card. In addition to notifications, you can always check in to find out information about your Chime debit card in the app.
  • Pay Friends. Exchanging money with friends is much easier with a fee-free option in Chime. The transfer is instant and you won't have to wait for days to use the funds.

Chime PayDay Notification


  • No branch locations. As an online banking experience, Chime doesn't have any in-person branches to visit.
  • Fees to deposit cash through third parties. Although it is possible to deposit cash at over 60,000 locations, you will encounter fees for the service from a third party that facilitates the transaction. Plus, there may be some limitations on how much cash you can deposit into your spending account through the third party.

Is Chime a good fit for you?

If you are looking for low fees and a transparent company, then the banking experience offered by Chime might be exactly what you are looking for. With many ways to help you work towards your financial goals without holding you back with endless fees, Chime offers a unique bank account.


¹ APY-Annual Percentage Yield. Effective December 9, 2020, the interest rate will be 0.50%. These interest rates are variable and may change at our discretion at any time. No minimum balance required. Must have $0.01 in savings to earn interest.
² The average national savings account interest rate of 0.05% is determined by FDIC as of November 30th, 2020 based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. visit to learn more.
³ There's no fee for the Chime Savings Account but a $2.50 cash withdrawal fee is applied to the Chime Spending Account for out of network ATM withdrawals and over the counter "OTC" withdrawals. You must have a Chime Spending Account to open a Chime Savings Account.
⁴ Round Ups automatically round up debit card purchases to the nearest dollar and transfers the round up from your Chime Spending Account to into your savings account. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more into your savings account.

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