Banking » Bank Review » Chime Review 2021 – Great Way to Start Your Financial Journey
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Chime Review 2021 – Great Way to Start Your Financial Journey

Chime is a great option for you if you are comfortable with online banking and want early access to your money during each pay period.

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Chime Review

Chime is an online-only company that partners with two banks to offer its checking and savings accounts.  Chime online banking is different than using a physical banking system.  Chime  provides safety and security for your online financial accounts.  It is a safe place you can safely store your money and access it without any technical issues. 

There are no monthly fees or overdraft fees with Chime; therefore you can round up your purchases to the next dollar amount and save the remainder.  You should be aware that cash deposits are somewhat challenging to navigate when using this online banking system. 

Chime offers an annual percentage yield of 1.00%, and there is no minimum balance requirement.  Chime automatically transfers 10% from your paycheck into your savings account.  This is a great way to optimize your savings and improve your financial portfolio. 

Chime is a great way to start your financial journey with its user-friendly financial tools, multipurpose application, and automated savings tools.


On Chime Secure Website

Account Types

– Savings Account
– Checking Account

No Minimum Deposit



Banking Reputation - Customer Ratings, Financial Strength

  • A+ on BBB BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as business's complaint history with BBB, type of business, time in business, transparent business practices and more.
  • 2.39/5  on BBB customers reviews (675 reviews) – BB customer reviews allow customers to post positive, negative or neutral reviews about marketplace experiences.
  • 4.4/5 on Trustpilot ( 6508 reviews) – TrustScore is also an overall measurement of reviewer satisfaction, represented numerically from 1 to 5.
  •  J.D Power Research – We considered J.D. Power’s national banking satisfaction study 2020.

J.D Power offers the most comprehensive and independent study of customer satisfaction. The study aims to help consumers and issuers to understand user opinions and ratings of the largest bank in the country. It covers customer satisfaction, products,  fee structures, digital customer experience, transparency and more.

JD Power National Banking 2020 

Here are the main products Chime offers for savers:

Savings Account


Initial Deposit

No minimum deposit

Minimum Balance




Chime also offers a savings account feature that offers a high annual percentage yield of 0.50% Annual Percentage Yield (APY)¹.  This is an optimal savings account program with its lack of monthly fees or minimum balance requirements˜.  There is no cap on the amount of interest you can earn in your savings account as long as you have at least one penny in your account you are eligible to earn interest.

Another added benefit to opening a savings account is the lack of minimum deposit requirement for opening an account.  To open a savings account you need to have at least one Chime spending account to open a Chime Savings account.  This promotes loyalty and using the added features within the Chime checking system. 

Because of the high yield interest rate of 0.50% Annual Percentage Yield (APY)¹ this is one of the best online savings accounts available.  Not only can you access high-quality features, but you will also earn the best interest rate.

Chime uses two optional programs to improve your ability to save money.  The program is Save When You Spend.  This program allows you to save small amounts when you make purchases.  Whenever you make a Chime debit card purchase, Chime rounds the transaction up to the nearest dollar and transfers the difference to your savings account⁴. 

Another savings program Chime offers is the Save When I Get Paid feature.  This feature allows you to set up a recurring transfer of ten percent of your direct deposit paycheck of $500 or more from your spending to savings account each time you get paid⁴.  This is a valuable tool for efficiently saving you money regularly and consistently. 

You can also make free mobile payments to any family and friends through Chime’s Pay Friends peer to peer system.  The monthly limit on this feature is $2,000.

These Chime features offer a great variety to your financial needs that are readily available to help you expand your finances safely and securely.    

Checking Account


Initial Deposit

No minimum deposit

Minimum Balance




The Chime checking account is known as a Spending Account.  It is a great way to build your financial standing due to its lack of fees or minimum balance.  There are no monthly account fees or minimum balance requirements. 

Chime offers a program that accelerates your direct depositsˆby making them available to you up to two days early.  Set up Direct Deposit into you Spending account and receive your paycheck up to 2 days earlier than some of your co-workers!^

If you receive a direct deposit of at least $500.00 monthly then you could be eligible to enroll in Chime’s SpotMe®service.  This optional service allows you to overdraw your account by up to $20* on your debit card purchases without any extra fees˜. 

Chime also can increase your SpotMe® allowance up to $100* based on your account history.  You can constantly check your SpotMe® limit on your mobile app. This offers a great way to promote reliability between you and Chime.  You can build your credit and financial independence with this consistent program. 

Another benefit of using the Chime checking account system is the option for using paper checks.  You can create a paper check with the mobile app and then it can be sent in the mail to you.  This a great option if you require physical proof of your financial standing or any other official or unofficial reasons.

Certificate Of Deposits (CDs)

Chime does not offer any CD savings program, but there are other accounts and services you can use to build and achieve long term or short term savings options.  Chime offers a Credit Builder secure credit card that is available to you without a credit check. 

If you are working to build your credit history you can add money from your Chime Spending Account to your Credit Builder account.  This is secure care that offers a zero percent apr. 

You can also make free mobile payments to any family and friends through Chime’s Pay Friends peer to peer system.  The monthly limit on this feature is $2,000.

These Chime system features offer a great variety to your banking needs to are readily available to help you expand your finances safely and securely.    

Money Market Accounts

Along with the lack of CD savings plans, Chime also does not offer any money market accounts.  Although you may think this offers you a disservice for financial planning, Chime offers other significantly beneficial ways for you to build your savings and access your finances on the go. 

Chime is designed to be used mainly through its mobile app.  Therefore the app is convenient to use for balance notifications and transaction alerts.  This helps you manage your purchases and payment plans.

Chime is a great place to land on your feet financially through their various banking services.  The financial tools are at your disposal. 



Application Process

step 1: Visit the Chime homepage and then click on “Get started.” 

step 2: This brings up the next page, where you are expected to fill in your full name.

step 3: Other pages come up requiring you to fill details such as your date of birth, phone number, and residential address, fill them and then click “Continue”.

step 4: Next, create a password and then verify your identity.

step 5: Next, talk about your activity, by answering the questions under that category. 

Lastly, tick the agreement boxes, and click “Submit application.”

Chime Banking FAQs

Does Chime build credit?

Chime can help you to build your credit history if you don’t have a credit file or have poor credit. The Chime products are designed to help you recover your credit, so you can access a greater variety of financial products in the future.

Does Zelle work with Chime?

Currently, Chime does not have Zelle integrated natively within the app, but it is possible to use Zelle with your Chime account. Since it isn’t integrated, the transfers will not occur as quickly as they would if it were directly integrated, but it is still possible.

Once you sign into your Zelle account, you’ll need to use the “don’t see your bank” link when you try to find your bank. This will allow you to manually enter your Chime card information.

How does Chime make their money?

Chime makes its money by charging interchange fees for each transaction on your card. This includes ATM fees. However, these fees are paid by the Visa network rather than being charged to the customer.

Which is better: Chime or Current?

Like Chime, Current is an online only banking tool where you can access your money and manage transactions via its mobile app. However, Current has a maximum balance of $10,000 across all of your accounts. This means that while you can set up different savings pods and accounts, you need to watch your balances to ensure that you don’t go over.

Chime is far more user friendly. While there are limited product options, there are some very helpful tools to assist you to save and increase your spending visibility. Additionally, Chime offers very competitive rates, despite being a completely free service.

Is Chime better than SoFi Money?

While they may appear similar, there are some key differences between Chime and SoFi money that give Chime the edge over which is better.

While SoFi allows you to keep all savings and checking funds in one account, Chime allows you to have multiple separate accounts. This makes it easier to manage your money.

Additionally, while you may earn 0.25% on all funds in your SoFi account, you’ll earn 0.50% on your Chime savings. So, just be sure to transfer any excess funds across to your savings account to earn interest.

Which is better: Aspiration Bank or Chime?

Both Aspiration Bank and Chime are online banks offering low fee banking services. While they both offer similar services and rates, Aspiration commits to positive environmental change, by taking actions when you “round up” your purchases.

The other advantage that Aspiration has over Chime is that you can enjoy one fee free ATM withdrawal outside the US each month.

While Chime does have some solid products, if you like the idea of dealing with ethical companies and assisting positive environmental and social change, Aspiration is likely to be a more appealing choice for you.

Is Discover checking better than Chime?

Both Discover and Chime offer fee free banking with a variety of products. However, Chime does have daily spending and withdrawal limits and no overdraft protection.

The main advantage of Chime is its Pay Friends feature. This allows you to instantly send money to others. All you need is the name, phone number or email to transfer up to $2,000 per month.

So, if you do frequently send funds to family or friends, you may find Chime a better option.

Which is better Axos Bank or Chime?

While Chime does offer no monthly maintenance fees, the main advantage of this platform is that you can pay friends using the mobile app. This makes it a less comprehensive banking service compared to Axos, where you can choose a variety of accounts with competitive rates.

So, unless you frequently need to send money to your friends, you are likely to find Axos Bank far more appealing for your day to day banking needs.

Alternatives Banks For Consideration

Here are our alternatives to Chime:

Chase bank is a national US company that offers in-personal and online services for investment and lending activities. It provides checking accounts, savings accounts, certificates of deposit (CDs), mortgages, commercial and business banking.

Checking accounts have no withdrawal charges, free ATM charges, mobile check deposit options, no monthly maintenance fees, and no minimum balance. There are two savings accounts; chase savings with $25 minimum deposit and a 0.01% APY, and chase plus savings with $100 minimum deposit. CDs have a minimum deposit of $1,000 with an APY of 0.01%, however, customers with a linked checking account may be entitled to an APY of 0.02%. Chase bank CDs have no monthly charges. Clients have the option to choose in-person banking or to transact via the mobile platform. Also, they may be entitled to special sign-up bonuses.

Clients may have to submit certifications to open a checking account like name, residential address, contact info, citizenship details, social security number, driver’s license and state identification card. 

Chase bank deducts monthly charges up to $12 and offers interest rates that are much lower than other savings accounts. CDs have a $15 for inbound wire transfers from other banks.

JD Power ranked Chase bank at a second position with a score of 846 for customer satisfaction in 2019. Better Business Bureau awards an A+ for customer support.

You can say that Associated Bank found its niche in the Midwest and it has proven very advantageous to them.

By concentrating around its birthplace, the bank has positioned itself side-by-side with the larger banks servicing the states of Illinois, Minnesota, and Wisconsin. It now boasts of around 176 locations all over the three states with a physical branch, drive up, ATM or a combination thereof.

Of course, their partnership with MoneyPass Network has extended their ATM coverage not only within the 3 states but throughout the United States and other countries as well.


Chime is a great option for you if you are comfortable with online banking and want early access to your money during each pay period.  Chime allows you to open an account regardless of past banking mistakes, which is a reassuring assessment.  Chime also eliminates overdraft fees and other fees from your life, making it a consistently reliable source of your finances.

Chime is a customer-focused banking system that optimizes technological protective measures that protects your account and your assets.  Chime is a fantastic option if you are looking to restart your financial life because of its minimal fees and assistance with spending and saving suggestions.

Chime is a high-quality option that you can rely on to safely guard your financial assets and make long term and short term investments in your financial future.

After carefully considering what Chime has to offer, this is a terrific banking system that is great for anyone needing a fee-free debit card and fee-free checking account.  This is a highly recommended banking system due to its alternative to making cash back credit card purchases. 

Also, the checking account system is a great alternative to banking fees.  Chime has amazing automated savings tools that you need to take advantage of because the interest rates are too great to pass up

Chime is a financial technology company. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC

˜ Out-of-Network cash withdrawal fees apply. Third-party and cash deposit fees may apply.

^ 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.

* Chime SpotMe® is an optional, no fee service that requires $500 in qualifying direct deposits to the Chime Spending Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases initially, but may be later eligible for a higher limit of up to $100 or more based on member's Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime's discretion. SpotMe won't cover non-debit card purchases, including ATM withdrawals, ACH transfers, Pay Friends transfers, or Chime Checkbook transactions. See terms and conditions

¹APY—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.

⁴Round 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.