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How Chime checking accounts compare
Chime Checking Account
Chime Savings Account
Editor’s Rating
4/5
Editor’s Rating
4.25/5
Chime Overall Rating
Chime Pros and Cons
Chime Checking Account
4/5
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Fees
no monthly service fee
Chime Checking Account
4/5
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Fees
no monthly service fee
Chime Checking Account
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Pros & Cons
No minimum opening deposit
No monthly service fees
Receive your paycheck up to 2 days early
Rounds debit card purchases up to the nearest dollar and puts spare change in your Chime Savings Account
No overdraft fees for overdrafts up to $200 with SpotMe, if you qualify
No foreign transaction fees
Request checks be sent to recipients online
Can deposit cash at select retailers
$2.50 out-of-network ATM fee
No overdraft protection for overdrafts exceeding $200
No physical checkbook
Highlights
38,000+ free ATMs nationwide through MoneyPass® and Visa® Plus Alliance
Free cash deposits at Walgreens; May deposit cash at other select retail locations but you may be charged a fee
Rounds debit card purchases up to the nearest dollar and moves spare change into your Chime Savings Account
Qualify for SpotMe overdraft protection by receiving $200 in direct deposits per month
Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
Additional Reading
Read our review
The Chime Checking Account is a good low-fee account — there are no monthly service fees, foreign transaction fees, or overdraft fees. Chime does charge a $2.50 for using an out-of-network ATM, though.
Early direct deposit allows you to receive your paycheck up to two days early. This helps you both access your money sooner, and transfer money into your savings account to start earning interest sooner.
Chime Savings Account
4.25/5
Annual Percentage Yield (APY)
2.00%
Minimum Deposit Amount
$0
Chime Savings Account
4.25/5
Annual Percentage Yield (APY)
2.00%
Minimum Deposit Amount
$0
Chime Savings Account
Details
Annual Percentage Yield (APY)
2.00%
Minimum Deposit Amount
$0
Pros & Cons
Competitive APY
No minimum opening deposit
No monthly service fee
Option to round debit card purchases to the nearest dollar and put spare change in savings account
Option to automatically save a percentage of your paycheck
Must open Chime Spending Account before savings account
Deposit cash at Green Dot locations, which may charge fee
Highlights
Round debit card purchases to the nearest dollar to put spare change into savings account
Set up a percentage of your paychecks to be put into savings account
Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
Additional Reading
Read our review
The Chime Savings Account makes it easy to automatically save through two automatic savings options. First, it will round any debit card purchase up to the nearest dollar and put the spare change into your savings account. Second, you can set up a percentage of your paycheck to immediately go into your savings account.
Chime is a banking platform, not a bank. However, your accounts are FDIC-insured through Chime’s partner banks, Stride Bank, N.A. and The Bancorp Bank, for up to $250,000.
Chime has a checking and high-yield savings account. You must open a checking account to qualify for the savings account.
Chime checking and savings accounts do not require a credit check, and the platform doesn’t look into your banking history through ChexSystems like most banks do. This means Chime has two of the best second chance bank accounts out there. Second chance accounts are for people who wouldn’t normally qualify to open a bank account at another institution.
Chime has partnered with Experian to provide in-app integration of Experian Boost. Experian Boost is a service that lets you use on-time bill payments to build credit. Chime members will be able to connect Experian Boost to their Chime app and raise your FICO score over time.
The Chime mobile app has 4.8 out of 5 stars in the Apple store and 4.5 out of 5 stars in the Google Play store. You can email, call, or talk via live chat with Chime representatives 24/7.
Is Chime Trustworthy?
Chime has an F rating from the Better Business Bureau. The BBB grades a company based on its honesty in its advertising, transparency about business operations, and responsiveness to customer complaints. The BBB states that Chime has a poor grade because it has a high volume of customer complaints, has not responded to some of these complaints, and takes a long time to respond to some complaints.
There has also been government action against Chime. Chime used the URL “Chimebank.com” as well as using the words “bank” and “banking,” even though the company is not licensed to operate as a bank in any jurisdiction. In a 2021 settlement with The Commissioner of Financial Protection and Innovation, Chime agreed to make it clear in future advertising that it is not a bank.
Some of Chime’s main downsides are that it doesn’t have joint accounts, and it pays a lower savings rate than many other online high-yield savings accounts.
Chime may be worth it if you’re looking for a strong checking account — the Chime Checking Account doesn’t charge monthly service, overdraft, or foreign transaction fees. It’s also worth it if you have a poor credit or banking history. It doesn’t check your credit score or banking history when you apply for an account, and it has several tools to help you boost your credit score.
Chime has a free overdraft protection program called SpotMe. This program allows you to overdraw by up to $20, and your limit may go up to $200 depending on your Chime account history. SpotMe has its pros and cons. On the plus side, it’s free, and you don’t have to link to a savings account for overdraft protection like you do with many banks. But you can only qualify for SpotMe if you receive at least $200 in direct deposits per month.
You may withdraw up to $500 per day from an ATM with Chime. You can also make a total of $2,500 in debit card purchases per day.
We look at ethics, customer service, and the mobile app when rating each bank account. Other factors considered depend on which type of account we’re reviewing. For example, we evaluate interest rates for savings accounts and overdraft fees for checking accounts.
How Chime Compares
Chime vs. Ally
Chime and Ally both have free checking and savings accounts, but Ally currently pays a significantly higher savings rate. Ally also offers CDs and a money market account, and you can open joint accounts.
Chime might be a good choice if you’d like to deposit cash easily into your checking account, because you can visit a Walgreens location and deposit cash. Ally doesn’t offer a way to deposit cash.
Chime is also the better option if you have a poor credit or banking history, because it will accept your application and help you increase your credit score.
Chime and Varo have similar structures: Each offers a checking and savings account that pays an above-average interest rate, and both require you to open a checking account to qualify for the savings account.
They also both offer credit-builder credit cards, and they don’t do hard credit pulls or look at ChexSystems when you apply for accounts. Basically, they’re both good options if you’re working to build your credit or don’t qualify for accounts at other banks.
Varo does have a couple of advantages over Chime, though. First, you can earn up to 6% cash back at certain retailers with either your Varo debit or credit card. Second, you have the potential to earn a higher rate with Varo. You’ll earn 3.00% to 5.00% APY, depending on your balance and qualifying activities.
Laura Grace Tarpley (she/her) is a personal finance reviews senior editor at Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, investing, retirement , and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider’s “The Road to Home” series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for seven years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@insider.com. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »