Chime Reviews

Account Types

Chime keeps things very simple with its different account options. You will have standard savings and checking accounts available, as well as an option for credit building. Chime does not charge monthly fees through any of these products. Here’s a breakdown of the other characteristics of these accounts:

Chime Checking Account

The Chime Checking Account gives you access to a debit card, with no minimum balance fees, or monthly charges. This personal account allows you to activate your cards through the Chime mobile app, as well as disable transactions if you happen to lose your card.

Chime has relationships with three different ATM networks, which means you can make withdrawals for free from these participating machines. There are 60,000+ such ATMs dotted around the country, which is more than many traditional banks offer.

Accountholders will be able to get their paycheck up to two days earlier with the direct deposit option and you can set up notifications to instantly know when the payment arrives. Chime offers a fee-free overdraft for sums of up to $200, with any transactions surpassing this total getting automatically rejected. Therefore, you will never pay an overdraft fee at Chime.

Chime Savings Account

You also can open a savings account if you have a Chime Checking Account. This sees you earning an Annual Percentage Yield (APY) APY of 2% on your balance. There are also some interesting features that help you meet your saving goals.

‘Round Up’ allows you to round up a debit card payment to the nearest dollar, with the difference going into your savings account. Then you have the ‘Save When I Get Paid’ feature which sees you being able to automatically transfer 10% of any direct deposit of at least $500 towards your savings account.

Secured Chime Credit Builder Visa® Credit Card

The final type of product that Chime offers is a secured credit card. You can add money to your Credit Builder account by transferring it from your checking account. People use the Credit Builder when making normal daily purchases.

You can automate the account payments if you wish to make sure you don’t miss out on any payment deadlines. The advantage of this type of account is that it can help people with a poor or sparse credit history start building their credit in a safe manner.

You will need to have made a qualifying direct deposit of at least $200 to your Chime Checking Account to apply for Credit Builder and there won’t be any credit checks.