If you’re looking for an online bank that doesn’t require an opening deposit or minimum balance, Chime is an excellent place to bank.
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Bank rating: 4.5 out of 5.
Chime is a technology financial company that’s partnered with The Bancorp Bank or Stride Bank to offer accounts. If you’re comfortable with an online bank, Chime is excellent because it offers fee-free accounts and an award-winning mobile app.
Open an account with Chime.
Features and benefits
Since Chime doesn’t have physical locations, you can access your accounts via online or mobile banking. It has a top-rated app with more than 200,000 reviews on the Apple App Store and Google Play.
Through online and mobile banking, you can do the following:
- Mobile check deposit.
- View your balances.
- Send money to other Chime account holders with the Pay Friends feature.
- Transfer between your Chime accounts or external bank accounts.
- Send checks via mail to businesses or individuals.
- Block debit card transactions.
- Transaction alerts.
Aside from the online and mobile banking features. Chime has other benefits, such as the ability to get paid earlier.
To have access, you must set up direct deposit with your Chime account. Then, you’ll automatically get enrolled into the get paid early feature.
It allows you to access your funds up to two days earlier than a traditional bank. As soon as the money is available, you’ll have it in your account.
Another feature is the ability to automate your savings. With the Automatic Savings feature, you can save when you spend.
Each time you purchase with your debit card, it’ll round up to the nearest dollar and transfers it to your savings. You can effortlessly save for emergencies, a large purchase, or a vacation.
Checking and savings
Chime offers two deposit accounts, a checking, and a savings account. The checking account is called the Spending Account, and it comes with a Visa debit card.
The savings account currently pays 0.50% APY on the entire balance, which is higher than most banks.
Both accounts don’t have a monthly fee, maintenance fee, or minimum balance requirement.
If you need cash, you have access to more than 38,000 fee-free ATMs across the nation.
Chime also offers overdraft protection via SpotMe, which allows you to overdraft up to $100 without a fee.
Once your balance is brought back to positive, you have the option to leave a tip. Whether you tip or not, SpotMe doesn’t charge fees.
Not all Chime account holders are eligible for SpotMe. To be eligible, you must receive $500 or more in qualifying direct deposits over the preceding 31 days.
Open an account with Chime.
If you haven’t begun building your credit or need to rebuild it, Chime will help you do it with the Credit Builder secured credit card. According to Chime, you can increase your credit score by an average of 30 points.
The most interesting and important features include no annual fee, interest, credit check, or security deposit. You won’t find this at other financial institutions.
To apply for a Credit Builder, you need to have a Spending Account and direct deposits of $200 or more within the past 365 days.
To use Credit Builder, take the following steps:
- Move money from your Spending Account into Credit Builder. This gives you money to spend on your Credit Builder card.
- Use your Credit Builder card.
- Your balance gets paid by the money you moved over.
The best part is that Credit Builder reports to TransUnion, Experian, and Equifax. It’s an excellent way to build credit.
Start building credit with Chime.
Frequently asked questions
Is Chime a legit bank?
Chime partners with The Bancorp Bank or Stride Bank to offer accounts that FDIC-insured. They’re as legit as any traditional bank.
Can I declined for a Chime account?
Chime uses a third party to verify your information. If they can’t verify your information, the application will get declined.
Does Chime offer joint accounts?
No, Chime doesn’t offer joint accounts at this time.
What do I need to open a Chime account?
To open a Chime account, you must be a U.S. citizen or resident and at least 18 years old. You’ll need to provide your full name, email, home address, and social security number.
Banking with Chime is straightforward and modern. It has great features that help you build up your savings account and keep your accounts secure. If you want to build credit, Credit Builder is one of the best ways to do so.
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Featured image courtesy of Chime.
About David Em
David Em is the founder of More Money More Choices, which he launched to help you take control of your finances and build your dream life. Before More Money More Choices, David worked in leadership positions in the finance industry.