Banking » Reviews » Chime Banking Review 2022 – Great Way to Start Your Financial Journey
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Chime Banking Review 2022 – 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.

You can trust the integrity of our unbiased, independent editorial staff. We may, however, receive compensation from the issuers of some products mentioned in this article. See how we make money.

Chime Review

Chime is an online-only company that partners with two banks to offer its checking and savings accounts. Chime offers an annual percentage yield of 0.50%, 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. 

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 is a great way to start your financial journey and vuild credit with its user-friendly financial tools, multipurpose application, and automated savings tools. However, for those who are managing heavy accounts that can get high discounts from traditional banks – it may not be a good choice.

Chime can be a perfect fit if:

  • You want a secured credit card
  • You want to build your credit
  • Fee free overdraft is necessary
Chime logo
Banking Services
Credit Options
Savings Accounts
Checking Accounts
Government Mortgage
Credit Cards
Money Market Account
Debit Card
Investing Capabilities
Personal Loans

Customer Experience

Chime has an easy-to-use website that allows you to access support and guidance on a variety of finance topics as well as browse the product line. This ensures a great user experience, especially if you're not sure which online banking services and products are best for you.

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. The Chime app has a rating of 4.8/5 on Apple and 4.7/5 on Google.

Chime also has a toll-free number that is available 24 hours a day, 7 days a week, so you can contact the customer service team at any time.

App Rating (iOS)
App Rating (Android)
BBB Rating (A-F)
WalletHub (+1,000 reviews)
Consumer Affairs (+1,000 reviews)
Contect Options

High Rates on Savings Account


Initial 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.

How Chime Savings Programs Work?

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.    

Quontic High Yield Savings

  • 1.58% APY on savings
  • Interest is compounded daily
  • No Monthly Service Fees

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Checking Account


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 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.

Top Checking Accounts From Our Partners

Axos Rewards Checking

  • Up to 1.25% APY
  • No monthly maintenance fees
  • No overdraft or NSF fees

SoFi Checking & Savings

  • 1.25% APY
  • No account fees
  • Cash bonus of $50 to $300

Chase Total Checking®

  • $200 bonus for new customers
  • Pay bills securely from anywhere
  • Send & receive money with Zelle

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Chase Total Checking®

  • $200 bonus for new customers
  • Pay bills securely from anywhere
  • Send & receive money with Zelle

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The product offers that appear on this site are from companies from which this website receives compensation. 

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No Certificate Of Deposits (CDs) & MMAs

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.

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.   

Credit Cards

Chime only has one credit card. This is, however, a secured card designed to assist you in building your credit. There are no annual fees or credit checks required at the time of application. You will need to provide a security deposit, but Chime does not set a minimum requirement.

When you use your card, Chime will report your monthly repayments to the major credit bureaus, allowing you to begin building your credit. In fact, Chime claims to have helped its members improve their scores by 30 points on average.



How to Open a Checking Account on Chime

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.”

Should You Consider Chime?

Chime is a great option for you if you are comfortable with online banking and want to build your credit.  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.

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.

On the other hand, it may not be a good fir for those who have already established their credit and managing a large sum of money – those can get much better conditions in traditional banks such as Discover and Capital One.

Chime Banking FAQs

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.

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.

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.

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.

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.

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.

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.

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.

Online Banks For Starters - Alternatives

sofi logo
APY Savings The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
Checking Account Fee The monthly fee on checking account
Checking Minimum Deposit
Mobile App Rating
4.8/5 on iOS, 4.2/5 on Android
4.8/5 on iOS, 4.6/5 on Android
4.7/5 on iOS, 4.5/5 on Android
BBB Rating

Review Online Banks

Compare Alternative Banks

Axos Bank offers home improvement loans as well as checking and savings accounts online. Because Axos is a low-cost online lender, it is able to pass on significant savings to its customers. Axos waives many fees and reimburses ATM and rewards checking fees.

Chime is an online-only company that works with two banks to provide checking and savings accounts. Online banking with Chime is not the same as using a traditional banking system. Chime secures and protects your online financial accounts. It is a safe place to keep your money and access it without any technical difficulties.

Read Full Comparison: Axos VS Chime: Which Online Bank Is Better?

Chime differs from many banks and other financial institutions in that it screens customers in an unusual way. If you don't have perfect credit or are still building your credit history, this may make it easier to open an account with Chime.

Varo, a mobile-only bank, was established in 2015. As a result, there are no bank branches. To use Varo's services, first download and sign into the bank's Apple and Android mobile apps. Varo offers a lot of functionality for on-the-go users, which may entice you to go online.

Read Full Comparison: Chime vs Varo Comparison: Which Online Bank Wins?

Aspiration and Chime both have a fairly streamlined banking product offering. Aspiration offers only one hybrid account with a $7.99 per month upgrade option and one credit card option. Chime offers a savings account, a checking account, and a credit card. The product lines' premise, however, differs.

While Aspiration is a banking service aimed at assisting people in living a more environmentally friendly lifestyle, Chime's products are aimed at assisting those who want to build their credit. This will help you decide whether Aspiration or Chime is a better fit for you.

Read Full Comparison: Aspiration vs Chime: Which Banking Service Wins?

There are some key differences between Current and a traditional checking account. Current, for example, allows you to access direct deposits up to two days faster and manage your account completely through the mobile app. Keep in mind that Current does not have any physical locations, so you will be unable to deal with any banking issues in person.

Online banking with Chime is not the same as using a traditional banking system. Chime secures and protects your online financial accounts. It is a safe place to keep your money and access it without any technical difficulties. You can round up your purchases to the nearest dollar amount and save the difference because Chime has no monthly or overdraft fees.

Read Full Comparison: Chime vs Current – Which Banking Service Is Better?

Marcus, a Goldman Sachs Bank division, provides online savings accounts, CDs, and personal loans. Marcus has no physical locations, so you can only access your accounts through the Marcus website, mobile app, or phone-based customer service.

In addition to assisting you in avoiding typical bank fees, Chime includes useful new features such as early direct deposits and automatic saving. While Chime does not provide credit cards or loans, its savings options and competitive interest rates make it an excellent choice, especially for younger people.

Read Full Comparison: Chime vs Marcus: Which Online Bank Wins?

Ally has a robust banking product offering that rivals that of a traditional bank. Savings accounts, checking accounts, CDs, investments, retirement products, personal loans, auto loans, and mortgages are all available.

Chime's product line has been simplified. All Chime products are designed to assist customers in rebuilding or establishing credit. There are only two savings accounts, one checking account, and one credit card available.

Read Full Comparison: Ally vs Chime: Which Banking Account Wins?

SoFi's online Spend and Save account, like the Chime online checking account, is fee-free, but it has some different checking account features. Chime, for example, offers a $200 fee-free overdraft facility subject to terms, whereas SoFi provides cash back if you have recurring direct deposits of $500 or more each month.

Read Full Comparison: SoFi vs Chime: Which Online Banking Wins?

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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.

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