Banking » Bank Review » Chime Bank Review 2021 – a great way to start your financial journey
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Chime Bank Review 2021 – a great way to start your financial journey

Chime banking 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 Bank Review

About Chime Bank

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

Chime bank review

On Chime Secure Website

Account Types

No Minimum Deposit



Here are the main products Chime bank offers for savers:

Chime Bank Savings Account

No minimum deposit

Initial Deposit


Minimum Balance



Chime also offers a savings account feature that offers a high annual percentage yield of one percent.  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 savings account.  This promotes loyalty and using the added features within the Chime checking system. 

Because of the high yield interest rate of one percent, 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 account. 

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 paid.  This is a valuable tool for efficiently saving you money regularly and consistently. 

Chime Bank Checking Account

No minimum deposit

Initial 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 banking offers a program that accelerates your direct deposits by making them available to you two days early.  Once you establish a direct deposit into your Spending Account you are eligible to receive your early payment as soon as your employer deposits it. 

If you receive a direct deposit of at least $500.00 monthly then you are 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.

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

Chime 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

Visit the Chime Bank homepage and then click on “Get started.” 

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

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”.

Next, create a password and then verify your identity.

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

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

Alternatives Banks For Consideration

Here are our alternatives to Chime Bank:

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 banking 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 Banking 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 Banking 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