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Chime Bank Review: Checking and Savings

Nov. 1, 2018
Banking, Banking Basics, Banks & Credit Unions, Checking Accounts, Savings Accounts
chime bank review
cheatgame.info adheres to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.
4.0 cheatgame.info rating

Where Chime shines:

  • No monthly fees, no overdraft fees.
  • Large free ATM network.
  • Multiple automatic savings options.
  • Get your paycheck early with direct deposit.

Where Chime falls short:

  • Low interest rate.
  • Cash deposit is difficult and may cost you.

Where Chime shines:

  • No monthly fees, no overdraft fees.
  • Large free ATM network.
  • Multiple automatic savings options.
  • Get your paycheck early with direct deposit.

Where Chime falls short:

  • Low interest rate.
  • Cash deposit is difficult and may cost you.

Where Chime shines:

  • No monthly fees, no overdraft fees.
  • Large free ATM network.
  • Multiple automatic savings options.
  • Get your paycheck early with direct deposit.

Where Chime falls short:

  • Low interest rate.
  • Cash deposit is difficult and may cost you.

 

The bottom line

Chime

at Chime,

Member, FDIC

Chime is a mobile-only bank, so it’s not like your traditional neighborhood branch. But it still has all the fundamentals and, with FDIC insurance, it’s a safe place to keep your money. It has a “spending” account, as well as a savings account. When you buy something with your bank card, you can have Chime round up the amount to the nearest dollar and deposit the difference in savings. Chime has no monthly fees or overdraft fees, but its interest rate is low. And checks and cash can be difficult to deposit.

Best if: You’re looking for free checking and savings that you can set to autopilot.


Read on for details on Chime’s checking, savings, app ratings, ATM fees and more.

Checking

4.5 cheatgame.info rating

Chime’s spending account is free: It has no monthly fee and no minimum balance requirement.

More upsides:

No foreign transaction fees: This fee (at other banks, typically 1% to 3% of the amount of your purchase) can add up quickly when shopping or withdrawing money from ATMs while you’re overseas.

Get a jump on payday: You can receive your paycheck up to two days earlier than at a traditional bank if you set up direct deposit — Chime processes your employer’s check immediately instead of waiting like other banks may.

Thousands of ATMs: You’ll have access to over 38,000 fee-free MoneyPass and Visa Plus Alliance ATMs.

Here are some downsides:

Out-of-network ATM fee: Chime charges $2.50 per transaction.

Depositing checks, cash can be a pain: Though mobile check deposit is available, putting cash into your Chime account will require you to go to Green Dot cash deposit locations. Green Dot may charge a fee.

No checks: If you need to send a check, Chime will send one on your behalf through its Checkbook feature. There’s no limit on how many checks you can send, but you’re limited to $5,000 per payment and $10,000 in a calendar month. Your account must be open for at least 30 days to be able to use the feature.

How does Chime compare?

Chime

Spending Account

cheatgame.info Rating

at Chime,

Member, FDIC

APY

N/A

Monthly Fees

$0

Bonus features

No Monthly Fee

No overdraft/NSF fees

10,000+ ATMs

Simple

Fee-Free Checking Account

cheatgame.info Rating

at Simple,

Member, FDIC

APY

0.01%

Monthly Fees

$0

Bonus features

No overdraft/NSF fees

No Monthly Fee

10,000+ ATMs

Discover

Cashback Debit

cheatgame.info Rating

at Discover,

Member, FDIC

APY

N/A

Monthly Fees

$0

Bonus features

No Monthly Fee

10,000+ ATMs

Live help 24/7

Not for you? Read more bank reviews

Savings

2.5 cheatgame.info rating

Chime’s savings account is one of its top draws, although it suffers in our rating because of one major drawback.

Easy ways to save: Chime rounds up every purchase on your Chime card to the nearest dollar and deposits that difference into your savings account. Or, have the bank automatically transfer 10% from your paycheck into your savings account. Both features are optional.
The savings account’s star rating is dragged down because of its low interest — an annual percentage yield of 0.01%.

 

If high rates are a priority, check out cheatgame.info’s best savings accounts.

Overdraft fees

4.5 cheatgame.info rating
Chime doesn’t allow overdrafts. If you don’t have the funds, transactions will likely be declined except in some instances, such as when you pay for gas at the pump.
Sometimes it helps if you can dip a little in the negative and pay the bank back with interest if it means making important payments. Chime currently does not offer this service.

Bank experience

3.5 cheatgame.info rating
Highly rated apps: Chime’s mobile app excels where it counts — customers have rated the iOS version 4.7 stars out of 5 and given 4.4 stars, also out of 5, for the Android app.

Helps you stay on top of your money: Daily balance updates and real-time transaction alerts can help customers stay on top of their spending. And if your card goes missing, you can block transactions using the Chime app.

Second chance banking: On top of its low fees, Chime doesn’t use some screening tools that can lock people out of bank accounts who’ve had them closed in the past. That can make it a useful tool if you’re trying to restart your financial life.

Chime is a mobile-only bank. Customer service, however, is available via chat in the app, by telephone or via email.

 

Chime

at Chime,

Member, FDIC

» Ready to take the next step? No monthly fees, no transaction fees and no overdraft fees make banking with Chime easy. Compare it to similar banks such as Simple (see our review) or Moven (see our review) to find which one fits your needs best, or click below to get more information.

More on mobile banks and free accounts

Amber Murakami-Fester is a staff writer at cheatgame.info, a personal finance website. Email: [email protected] Twitter: @iamyams.


Ratings methodology

cheatgame.info’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, bank experience and overdraft fees.

Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.