Chime Review: Checking and Savings
Chime charges few fees and can be easy to open, even if you've been denied a bank account in the past. But depositing cash may cost you.
Overall bank rating
4.5
The bottom line:
Chime is an online-only financial company that partners with two banks to offer its checking and savings accounts. It’s not like your traditional neighborhood bank branch, but Chime accounts still have FDIC insurance, so they’re safe places to keep your money. Chime has no monthly fees or overdraft fees, and it lets you round up purchases to the next dollar and save the remainder. But cash can be difficult to deposit.
Best for: Customers who want to maximize savings account interest in an online account, are paid via direct deposit and have access to other bank accounts to make transfers.
Pros
No monthly fees, no overdraft fees.
Large free ATM network.
Get your paycheck up to 2 days early with direct deposit (see below for more information from Chime).
Cons
Cash deposit is difficult and may cost you.
Consumers who've reported fraud in their Chime accounts note that their accounts may be frozen during the investigation.
Mobile check deposit is only available if you’re also signed up for direct deposit.
Online transfers initiated through Chime are limited to $200 per day.
Full review
Best Savings Account

Chime High Yield Savings
4.5
NerdWallet ratingAPY
0.50%
With $0.01 minimum balance
Chime offers an annual percentage yield of 0.50%, and it has no minimum balance requirement. It will also round up every purchase on your Chime card to the nearest dollar and deposit that difference into your savings account. Or, you can have the company automatically transfer 10% from your paycheck into your savings account. Both features are optional, but handy, and not all savings accounts have them. Chime also offers an unlimited number of transfers from your savings account into your spending account. See below for more information from Chime.
Keep in mind that you need to have a Chime spending account before you can open a savings account with Chime.
» For some other high-rate options, check out NerdWallet’s best savings accounts.
at Chime, Deposits are FDIC Insured
4.5
NerdWallet ratingat Chime, Deposits are FDIC Insured
Monthly Fee
$0
Chime’s spending account is free: It has no monthly fee and no minimum balance requirement. It also gives users access to over 38,000 fee-free ATMs. And with direct deposit, customers can receive paychecks up to two days earlier than at a traditional bank. Plus, Chime doesn't charge fees to use your card abroad; other banks typically charge 1% to 3% of the amount of your purchase. See below for more information from Chime.
However, Chime does charge $2.50 per transaction at out-of-network ATMs, and you'll have to deposit cash at Green Dot locations, which may charge a fee. Mobile check deposit is available via the app, but your spending account must be enrolled in direct deposit. Chime doesn't offer a physical checkbook, but you can pay bills by sending a check online through the Chime Checkbook feature. There are limits of $5,000 per payment and $10,000 in a calendar month. You can also provide billers with your Chime account number and the routing number.
Further limitations to Chime are the daily and monthly transfer limits. When you initiate an online transfer through Chime, the maximum you can send from an external bank is $200 per day and $1,000 per calendar month. There is a workaround, though: You can initiate a transfer from your external bank account, which likely has higher limits. Wire transfers are not available.
Chime doesn’t offer joint accounts, so it’s not ideal if you’re looking to share an account with someone.
» Looking for free checking? Compare accounts here.
Banking experience
4.5
NerdWallet ratingWhat to know about neobanks: Neobanks can be solid options for consumers who prefer online-only banking. Funds deposited in these accounts are usually FDIC-insured through partner banks, which will also typically receive customers’ money if a neobank closes, so customer funds are safe. Neobank accounts often have low monthly fees and earn strong rates. However, they may also lack traditional banking features, including in-person customer service and access to personal or cashier’s checks (often required for large purchases, such as buying a home) or wire transfers. Consider these details before opening an account.
Chime customer experience: Chime's mobile app excels where it counts — customers have rated the iOS version 4.8 stars and the Android app 4.6 stars, both out of 5. What's more, daily balance updates and real-time transaction alerts can help customers stay on top of their spending. And if your card goes missing, you can block transactions using the Chime app.
In addition to having low fees, Chime opts out of using screening tools that most banks use to determine whether a person will be blocked from getting a bank account if they’ve had one closed in the past. This can make Chime a helpful banking solution if you’re trying to restart your financial life. See below for more information from Chime.
Customer service is available by phone Monday through Friday from 6 a.m. to 10 p.m. CST, and on the weekends from 7 a.m. to 9 p.m. CST. Customers can also get help via the app or email.
Complaints to the Better Business Bureau allege that when some consumers have reported suspected fraudulent transactions to Chime, their accounts were closed or locked, leaving them without access to funds. Kendra Boccelli, Chime's head of public relations and communications, confirmed that if Chime identifies suspicious activity in an account, it can be suspended during the review. Boccelli also says that the account review teams can request information from a customer without suspending the account. Chime isn't the only company that has suspended accounts as a response to potential fraud.
» Shop around: See banks and credit unions that are great on mobile
Overdraft fees
4.0
NerdWallet ratingChime doesn’t charge overdraft fees, and for certain customers who make a debit card purchase that drops their account as low as negative $100, the company will cover it without a fee. Your next deposit will be applied to the negative balance. You need to receive at least $500 in monthly direct deposits to be eligible for this program, called SpotMe®. Outside of that, if you don’t have the funds, transactions will likely be declined. See below for more information from Chime.
But unlike many banks, Chime doesn’t offer overdraft protection transfers or a line of credit, so customers who overdraw outside of the SpotMe® program or past its limits can’t get transactions covered. See below for more information from Chime.
Best Savings Account

Chime High Yield Savings
4.5
NerdWallet ratingAPY
0.50%
With $0.01 minimum balance
Chime offers an annual percentage yield of 0.50%, and it has no minimum balance requirement. It will also round up every purchase on your Chime card to the nearest dollar and deposit that difference into your savings account. Or, you can have the company automatically transfer 10% from your paycheck into your savings account. Both features are optional, but handy, and not all savings accounts have them. Chime also offers an unlimited number of transfers from your savings account into your spending account. See below for more information from Chime.
Keep in mind that you need to have a Chime spending account before you can open a savings account with Chime.
» For some other high-rate options, check out NerdWallet’s best savings accounts.
at Chime, Deposits are FDIC Insured
4.5
NerdWallet ratingat Chime, Deposits are FDIC Insured
Monthly Fee
$0
Chime’s spending account is free: It has no monthly fee and no minimum balance requirement. It also gives users access to over 38,000 fee-free ATMs. And with direct deposit, customers can receive paychecks up to two days earlier than at a traditional bank. Plus, Chime doesn't charge fees to use your card abroad; other banks typically charge 1% to 3% of the amount of your purchase. See below for more information from Chime.
However, Chime does charge $2.50 per transaction at out-of-network ATMs, and you'll have to deposit cash at Green Dot locations, which may charge a fee. Mobile check deposit is available via the app, but your spending account must be enrolled in direct deposit. Chime doesn't offer a physical checkbook, but you can pay bills by sending a check online through the Chime Checkbook feature. There are limits of $5,000 per payment and $10,000 in a calendar month. You can also provide billers with your Chime account number and the routing number.
Further limitations to Chime are the daily and monthly transfer limits. When you initiate an online transfer through Chime, the maximum you can send from an external bank is $200 per day and $1,000 per calendar month. There is a workaround, though: You can initiate a transfer from your external bank account, which likely has higher limits. Wire transfers are not available.
Chime doesn’t offer joint accounts, so it’s not ideal if you’re looking to share an account with someone.
» Looking for free checking? Compare accounts here.
4.5
NerdWallet ratingWhat to know about neobanks: Neobanks can be solid options for consumers who prefer online-only banking. Funds deposited in these accounts are usually FDIC-insured through partner banks, which will also typically receive customers’ money if a neobank closes, so customer funds are safe. Neobank accounts often have low monthly fees and earn strong rates. However, they may also lack traditional banking features, including in-person customer service and access to personal or cashier’s checks (often required for large purchases, such as buying a home) or wire transfers. Consider these details before opening an account.
Chime customer experience: Chime's mobile app excels where it counts — customers have rated the iOS version 4.8 stars and the Android app 4.6 stars, both out of 5. What's more, daily balance updates and real-time transaction alerts can help customers stay on top of their spending. And if your card goes missing, you can block transactions using the Chime app.
In addition to having low fees, Chime opts out of using screening tools that most banks use to determine whether a person will be blocked from getting a bank account if they’ve had one closed in the past. This can make Chime a helpful banking solution if you’re trying to restart your financial life. See below for more information from Chime.
Customer service is available by phone Monday through Friday from 6 a.m. to 10 p.m. CST, and on the weekends from 7 a.m. to 9 p.m. CST. Customers can also get help via the app or email.
Complaints to the Better Business Bureau allege that when some consumers have reported suspected fraudulent transactions to Chime, their accounts were closed or locked, leaving them without access to funds. Kendra Boccelli, Chime's head of public relations and communications, confirmed that if Chime identifies suspicious activity in an account, it can be suspended during the review. Boccelli also says that the account review teams can request information from a customer without suspending the account. Chime isn't the only company that has suspended accounts as a response to potential fraud.
» Shop around: See banks and credit unions that are great on mobile
4.0
NerdWallet ratingChime doesn’t charge overdraft fees, and for certain customers who make a debit card purchase that drops their account as low as negative $100, the company will cover it without a fee. Your next deposit will be applied to the negative balance. You need to receive at least $500 in monthly direct deposits to be eligible for this program, called SpotMe®. Outside of that, if you don’t have the funds, transactions will likely be declined. See below for more information from Chime.
But unlike many banks, Chime doesn’t offer overdraft protection transfers or a line of credit, so customers who overdraw outside of the SpotMe® program or past its limits can’t get transactions covered. See below for more information from Chime.
How does Chime compare?
Member FDIC | Deposits are FDIC Insured | |
---|---|---|
APY0.50% With $0 minimum balance | APY0.40% With $0 minimum balance | APY0.20% With $0.01 minimum balance |
BonusN/A | BonusN/A | BonusN/A |
RATING METHODOLOGY
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Frequently asked questions
Chime offers online-only banking services in partnership with two banks that are FDIC insured, so you won’t lose your money if either of the banks, or Chime, goes out of business.
You can add money to your Chime account through direct deposit, mobile check deposit and electronic transfer from another bank account. You can also add cash to your account at third-party retailers, such as Walmart, Walgreens and 7-Eleven. These third party services may charge a separate fee.
Chime partners with two banks, The Bancorp Bank and Stride Bank, to offer its services to customers.
The Chime card is a Visa debit card that comes with a Chime Spending Account. The account has no monthly fees.
You can withdraw cash for free from a MoneyPass or Visa Plus Alliance ATM. (For non-network ATMs, there's a $2.50 fee per transaction). You can also present your debit card at any bank or credit union and ask a teller for a withdrawal, but there is a $2.50 fee per transaction. See below for more information from Chime.