Chime Online Checking & Savings Review for 2024

If you're new to checking and savings accounts or want a different way to manage your money, check out Chime. Compare rates, see the pros and cons, and find out how Chime works.
Editor's Rating
Editor's Rating
4.0
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Written by Peter Andrew
Financial Expert
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Managing Editor
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Chime is an online financial technology company that opened for business in 2014. While Chime is not a bank, it is partnered with banks with the aim of providing helpful, no-cost, basic banking services to consumers.

With more than 5 million accounts opened, Chime is already breaking records as a result of its innovative and customer-friendly approach to banking.

How does Chime stack up against other banks? Read on to see how Chime’s checking and savings accounts compare to the offerings from other online banks and learn more about Chime’s features and pros and cons.

Chime Top Features and Benefits

Although it’s often called a neobank or a challenger bank, Chime is more a technology company than a financial institution. Here are some of the top features of Chime’s checking and savings accounts, which are referred to as spending accounts by Chime.

Which Banks Have the Lowest Checking Account Fees?

Compare fees and features of some of the best checking accounts to see how Chime stacks up:

Chime Banking Pros & Cons

Pros

  • Checking and savings accounts offered
  • Higher APY than the national average
  • Deposits are FDIC insured
  • Chime offers other banking services such as checking and a secured credit card
  • Get paid early with direct deposit

Cons

  • Consumers must have checking in order to get savings
  • Other online banks offer a more competitive interest rate
  • No branch banking is available
  • Customers can’t deposit money directly into savings

Compare Chime to Other Online Banks

While Chime offers the same banking products as other banks, business is conducted entirely online. While some people find this convenient, others may not be comfortable with this arrangement. But how does Chime stack up against other banks?

BMO Harris

Like Chime, BMO Harris offers a variety of banking products geared to many different audiences, but it also offers over 500 brick-and-mortar branches in several states.

While Chime does not offer dedicated branch banking locations, customers can do their banking electronically or visit any Green Dot location for some in-person transactions.

Synchrony

Synchrony Bank offers online banking, including checking and savings.

Chime doesn’t have any banking branches, but Synchrony does have one located in New Jersey.

While Chime offers a robust banking app that really takes digital banking to the next level for some, Synchrony Bank’s app isn’t quite as robust. For people who don’t rely heavily on apps, this isn’t a big deal.

How to Compare Chime With Other Checking & Savings Accounts

Every bank offers their deposit products, such as checking and savings, a bit differently. This is why different banks appeal to different consumers.

When you are deciding on a bank account and are weighing these factors, be sure to consider the following information about Chime to make sure you’re well informed.

How Chime Works

Technically, Chime isn’t a bank. Chime is a financial technology company that offers money-saving and spending services. There are several online personal finance management companies that offer similar services. Since Chime isn’t a bank, it partners with established, mainstream banks to deliver many of the banking aspects of its offerings.

Chime’s partners are The Bancorp Bank and Stride Bank, N.A. For example, your Chime debit card will be issued by Bankcorp Bank, while the Chime Visa® Credit Builder Card is issued by Stride Bank.

Interest Rates

Chime offers an annual percentage yield (APY) well above the average national savings account rate, according to the Federal Deposit Insurance Corporation (FDIC).

Chime’s APY is typically at least eight times higher than average. While it’s a very competitive rate, you may be able to find a much better interest rate from other online banks.

Interest is accrued each day and is credited to your savings account on the first day of the month.

Fees

There are no monthly fees on Chime savings or checking accounts. Chime states that it doesn’t believe in making a profit from its customers making mistakes.

There are no overdraft fees up to $100 for Chime checking. Use your debit card to get up to $200 overdrawn, and you won’t be charged, providing you make at least $500 in monthly direct deposits and qualify for Chime’s “SpotMe” feature.

Chime does charge a withdrawal fee of $2.50 per withdrawal when customers use an ATM that is out of network.

In-network ATMs include any Allpoint, Visa, or Plus Alliance ATMs and MoneyPass® ATMs located in 7-Eleven, Inc. locations.

Account Opening Requirements

You must have a Chime “spending” (checking) bank account in order to open one of its savings accounts. There don’t seem to be any rules about how much you use either account, so this may not be a big burden.

Build Credit

Chime looks out for consumers who need help building or fixing their credit.

Chime’s credit builder program enables checking account customers to get a secured credit card. Some of the money from a savings account with Chime can go towards securing a credit card that can be used just like a regular credit card.

Chime reports the credit card activity to the credit bureaus, so your on-time payments and responsible use of the card can help build or rebuild your credit.

Tools to Save More Money

If you so choose, you can painlessly top up your savings account by setting up automatic transfers from your Chime spending account. Automatically round up your debit card purchases to the nearest dollar or transfer funds when your salary arrives (or both).

Is Chime Legitimate?

We can see zero reasons to question Chime’s legitimacy or bona fides. And there are many grounds for believing it’s a sound and good company, including its:

  1. A+ BBB rating
  2. Partnership with established banks
  3. The small number of CFPB complaints
  4. Lack of lending products – It’s unaffected by rising bankruptcies and increasing financial distress within the population
  5. Five-million-strong customer base – With new customers signing up at a rate of hundreds of thousands a month, according to the company

Bottom Line: Is a Chime Account Right for You?

If you like bundling your checking account and savings account together and appreciate the marriage of banking and high tech, you’ll appreciate Chime’s comprehensive and digital approach to banking.

Likewise, if you are just starting out and need tools and instructions for how to manage your finances, you’ll like Chime’s personal finance tools and features.

Chime also has a “second chance” checking feature, which is for consumers who may have run into trouble with a checking account in the past.

About Author
Peter Andrew
Peter Andrew is a seasoned expert in personal finance and enjoys helping readers navigate the world of money matters. With over a decade of experience, Peter shares practical insights on topics like personal loans, mortgages, and credit cards. He aims to make finance less intimidating and more understandable for everyone. You can find his valuable advice on trusted financial websites like HSH.com, Fox Business, TheStreet, Investopedia, The Motley Fool, and MSN Money. Peter’s dedication to providing clear and reliable financial guidance has earned him a reputation as a go-to expert in the field.
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