The offers on this page are from advertisers who pay us. That may influence which products we write about, but it does not affect what we write about them. Here's an explanation of how we make money and our Advertiser Disclosure.

Chime review (2024)

Chime is a fintech company that offers an affordable alternative to traditional banking.

Yahoo Personal Finance· Associated Press
Ivana Pino
·Senior Writer
Updated 5 min read

Summary: Chime is a San Francisco-based financial technology company that offers banking services provided by its partner banks (The Bancorp Bank, N.A. or Stride Bank, N.A., which are both FDIC-insured institutions). It offers a checking account, savings account, and a secured Visa credit card.

Chime does not have any physical locations, but it does have a network of more than 60,000 fee-free ATMs. It also provides 24/7 customer support. Customers can do all of their banking online or from their phones via the Chime mobile app.

Here’s a closer look at the products and services Chime offers:

  • Chime online checking account: Chime offers an online checking account for customers who want a fee-free account with no monthly fee, minimum opening deposit, overdraft fees, or minimum balance requirements. This account does not earn interest, but it does offer other perks, including early direct deposit, a “SpotMe” program that allows account holders to overdraft up to $200 with no fees, and a Chime Visa debit card. In fact, Chime’s checking account made our list of the 10 best free checking accounts available today.

  • Chime high-yield savings account: The Chime high-yield savings account offers a fee-free way for savers to grow their balances at a rate of 2.00% APY (that’s more than four times the national average rate for a savings account). This account doesn’t charge a monthly fee or require a minimum opening deposit or minimum balance. Savers can also round up purchases and automate their deposits to grow their savings over time.

  • Chime Credit Builder Secured Visa? Credit Card: Customers looking to build or improve their credit score can do so with the Chime Credit Builder card. This is a secured credit card with no annual fee and no minimum security deposit. There is no credit check required to qualify for this card, and it’s up to the customer to set their own credit limit based on how much they deposit into their account.

See our picks for the 10 best online banks in 2024>>

Chime does not charge any fees to open or maintain your account. However, there are a few fees you could incur depending on how you use your account.

If you’re considering banking with Chime, here are a few of the major pros and cons to consider:

Pros:

  • No monthly fees: Chime doesn’t charge any monthly fees for its product options, which can be a major bonus if you’re looking for a fee-free checking or savings account.

  • Large fee-free ATM network: Chime provides access to a network of more than 60,000 fee-free ATMs, making it easy to access your funds and withdraw cash without incurring ATM fees.

  • Early direct deposit: Customers can access their paychecks up to two days early by setting up direct deposit through Chime.

Cons:

  • No physical branches: As a fintech company, Chime operates solely online and has no physical branches. This isn’t always a drawback for those who prefer online banking. However, if you prefer to resolve banking issues in person, this is an important factor to consider.

  • Limited product offerings: Chime offers a few basic banking products, which may be enough to cover your banking needs. However, if you’re looking to invest, explore savings vehicles outside of a high-yield savings account, or want a larger variety of credit card options to choose from, this bank may not be the best fit.

Customers can’t visit a physical branch for in-person help. However, it is possible to contact a customer service representative 24/7 via telephone or the Chime mobile app’s live chat feature.

The Chime mobile app is available for download for Apple and Android users on the App Store and Google Play — it has an average rating of 4.8 and 4.6 stars, respectively. With the Chime app, customers can check their account balances, pay bills online, transfer money to and from external bank accounts, and more.

Chime gives back to the communities it serves in a few different ways. For instance, the Chime Scholars Foundation (CSF) is a nonprofit organization that awards scholarships of up to $5,000 to low-income students.

The “Chime in for Changemakers” program is a separate initiative that partners with organizations working to champion financial empowerment for all. Each Changemaker is provided with support to increase their reach and impact. This includes financial investment, the use of Chime’s brand voice, employee resources, and more.

Chime has also partnered with SBP to help natural disaster victims and reduce the time between disaster and recovery in its members’ communities.

Chime is a financial technology company, not a bank. It offers banking services through its partner banks: The Bancorp Bank, N.A. and Stride Bank, N.A.

Accounts you open through Chime are FDIC-insured up to the standard maximum deposit insurance amount of $250,000 through Chime’s partner banks.

The routing number for your Chime account will depend on which partner bank services your account. For accounts serviced by The Bancorp Bank, the routing number is 031101279. For accounts serviced by Stride Bank, the routing number is 103100195.

Chime offers a secured credit builder card with no pre-set credit limit. Instead, you decide how much money to move into your secured account, which becomes your credit limit.

Chime was founded in 2013 by Chris Britt and Ryan King as an alternative to traditional banking.